Saturday, March 24, 2012

Another Dip Bought (Part 582)

Another morning dip, and again sellers were stepping in. What followed was a nice run throughout the day, back over yesterday's high. If we see some follow-through early next week, new highs are just around the corner.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
They all had a great day, especially metals and oil. Silver leading the pack. Oil spiked on news that Iran exports dropped 300k barrels a day in March.

I bought SNTS @5.51 (SL5.30) and NXPI @26.83 (SL26.00). I sold NXPI at the close (breakeven), not liking the total daily volume on it's breakout. SNTS however had great volume and looks like a runner. It does have some resistance right up ahead, I'll have to follow-up closely.

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