Wednesday, March 14, 2012

Sideways Action

After the recent gains, especially after yesterday's huge move, some consolidation was to be suspected. And that's what happened today, mostly sideways action. No big pullback, so far I still see bullish action. The only underperformance came from small caps, losing 1% where Dow and tech were trading in the green.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
The euro moved more or less in correlation with indices. Oil did the same, although intraday it broke down through the 105.50-105.65 level which often has been support.
Metals got a kick in the teeth today; copper and silver lost over 1.5%, silver dropped +3%.

I sold BONE (average @3.29, +2.35%) since it wasn't moving the last few days (not even yesterday). And with earnings coming for this stock (03/22), I didn't want to hold on to it for too long.

I bought some more LNKD on the pullback this morning @92 but with a rather tight stop. Out on the new position per 91.25, but still holding a big part of the original buy from 03/08 (in 87.50).

Still holding INSP which is acting strong and is my biggest winner from the last two weeks.

Articles for tonight:
What's Next for Gold?
All tells eventually die, case study, the Euro
Are You An Overconfident Trader?

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