Thursday, April 21, 2011

Rally, Part III

Monday everything looked bad after the big gap down, but since then, the only way was up.
Today we opened with a gap up, right under resistance (for S&P that is). The Dow made new highs and Nasdaq is not far behind, right under it's high of 02/18/11.
Ideally, Nasdaq and S&P need to confirm the new highs from the Dow soon. But since we went up so fast whole week long, some consolidation would be healthier if we want to see new highs in the future.

Silver had another huge day (+3.2%), gold and oil were only modestly green.

I sold some more DANG (keeping 1/3) and added 2 positions: BSFT and WLT.

2 daytrades, BIIB and FFIV.

FFIV worked well at first, but didn't make it to my 110 target. I made the mistake to give it too much room (maybe should've raised my stop to BE) and got stopped out with a loss, after having a decent win.

BIIB was another story, I entered on top of the first bar. Ideal entry actually was after the break high of the 3rd bar. I peeled some of right under 105 and then saw price reverse just shy of my 2nd target, 107.5.
I got stopped out on the remaining part, still with an ok gain.

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