Thursday, July 21, 2011

Wednesday 07/20: Consolidating

Most indices consolidated the gains from the previous day. Nasdaq gave back most, not surprising since it also ran up most lately. Today's action seems healthy for the bulls and we may see higher prices the next day(s).

Gold and silver recovered most of the losses from Tuesday and oil seems to be basing here (ready for a move up?). In the meantime, the euro is creeping higher, due to a lack of negative news about the European debt crisis, I guess.

Although the indices didn't pullback that much, some of my stocks did and I got stopped out of RAX (-2.3%), SOHU (-3.5%), VHC (-4.5%) and CRM (-3%). In hindsight, SOHU wasn't a good entry (too high above 13EMA, hugging the upper bollinger band), last Wednesday was the ideal entry. For RAX and VHC, they didn't rally with the other stocks/indices Tuesday afternoon, which wasn't a good sign. And CRM was ok, but it got rejected by the previous high.

So I didn't take advantage of the morning gap up, mostly since my gains were too small (<1R).
I'm still holding CHKP (took 1/4 of @59.72), GMCR (took 1/4 of @92.12) and AMZN.

New positions: PCLN long 535 and I added to CHKP per 59.94.

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