Thursday, March 8, 2012

Nice Rally, Will We Reach Recent Highs?

A very nice gap up this morning, was followed with a shallow pullback. And then we got ourselves a beautiful trendday up. After lunchtime, there was a shallow pullback, but no harm done. After some consolidation, we broke higher again. Near the close we saw more selling, mostly daytraders that are taking profits I guess.
Many people will be watching the NFP-report tomorrow before the open...

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Metals, euro, oil: not that surprising, all were up today. They all traded more or less in line with indices.

I bought 3 more stocks today, BONE and LNKD shortly after the open and INSP about an hour later. They all went higher on very good volume. And so did AIS, bought yesterday. All 4 stocks were trading >100% of their average volume before halfway through the day.

Entries and stop-losses:
BONE: long 3.20, SL3.00 (raised to 3.10)
LNKD: long 87.50, SL85.25 (raised to 87.50)
INSP: long 12.18, SL11.98 (raised to 12.07)
Stop in AIS raised to BE (2.75)

These are all meant as swing trades, so wide stops are used. But I like today's action and the daily charts of these stocks. I expect some pullbacks tomorrow. We saw some profittaking near the close. Quite normal with such big gains, daytraders are getting out with nice gains.

Articles for tonight:
We've Been Here Before...
Time To Sell Gold?
Do not spend time mastering the shakeouts

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