More indecision

Markets printed more doji's and spinning tops, signs of indecision. S&P is now staying in the 1330-zone for 7 consecutive sessions. Oil and copper were hot today, but most other industries didn't move much.

Intraday we had the news of a new earthquake in Japan, which caused some panic in the markets. It made most of my stocks go thru their stop-losses. Luckily these were mainly smaller positions, I already scaled out most of my positions.

Swingtrades
BGCP long 9.53, stopped out @9.25 (-3.04%)
SCI long 11.56, out 11.705 average (+1.18%)
MERC long 14.525, out 14.81 average (+1.98%)
MPEL long 8.10, out 8.37 average (+3.31%)
N long 29.24, out 29.76 average (+1.79%). Stock finally went over 30, but I was already stopped out on the earthquake-news.
All swingtrades closed now.

Daytrades
Three trades today, two in BEAV and one in NVLS.

BEAV: after a very strong opening, the stock retraced to the 20EMA on the 5m-chart. Just when the stock started edging higher, news from the earthquake came and I got stopped out. Accidentally I shorted the stock, but quickly covered that order (an extra $34 loss, so stupid).
I re-entered when markets seem to stabilize. A nice quick pop that stalled at R3. I took profit too early at 38.40 and then some more just under R3. Stopped out of last part @38.34.

NVLS came down to it's 200MA and I expected a bounce when I saw big down-volume (right before my entry) that could be signalling the end of the move. Price didn't move up a lot and we were almost near the close of day. I sold for a small loss.

Consolidation

The markets spend the whole day in a tight range, consolidating and digesting the recent move up. We're still not getting the pullback many are expecting here. The longer this consolidation takes place, the better this will be for the bulls.
Oil went up 2% overnight and precious metals also did quite well today. The semi's (SMH) are still getting rejected by the 35-level, this now for the fifth day in a row.

Swingtrades
I closed all my swingtrades on the morning strength, expecting the rally would not last with resistance just above.
Although oil and silver were doing great, I closed EXK and USO as well, happy to take good gains here.
EXK: long 9.49 - closed 9.88 on average (10 was my first target, close enough)
KLAC: long 47.95 - closed 47.76 for a small loss
N: long 28.95 - closed 29.14
SRX: long 28.34 - closed 28.54
PCX: long 25.63 - closed 26.06 on average
USO: long 41.97 - closed 42.34 on average


Mostly small gains (except for KLAC and EXK), but I'm not going to take any more risks for now. More swings will follow when market has given more clues about direction. Still long CHK with loose stop.

Daytrades
One daytrade today: CIEN. In after the bounce from the 9EMA on the 5m-chart. Out partly after a quick pop up on big volume. I left some shares on, in case the stock would regain strength, but unfortunately that didn't happen. Stopped out breakeven on the remaining shares.

Running into resistance

The S&P gapped up and slowly crawled higher until it hit resistance near 1330. The Dow even managed to come close to it's February highs. Gold and silver gapped up with the market but soon reversed, ending the day lower, but well of their lows.

Swingtrades
After scanning my watchlist I found a lot of bullish action and I deceided to put on some swingtrades. But with markets overbought and running into resistance, we need some consolidation. In hindsight, maybe it would have been better to wait for a pullback.

Here they are:
EXK: long 9.49 (PM) - SL8.85
KLAC: long 47.95 - SL46.50
N: long 28.95 - SL28.35
SRX: long 28.34 - SL27.50
PCX: long 25.63 - SL24.55
USO: long 41.97 - SL41.30

Stewie also went for a swingtrade, CHK @34.35 with SL32,00.

Daytrades
Three daytrades: BIIB, FRX and SRZ.

BIIB: in after price bounced on the 5EMA on the 15m-chart and broke the high of the previous bar. The stock based under 72 for more than half an hour. Then price shot up over 72 on big volume, only to drop without warning for over 40 cents in a matter of seconds (also on big volume)! Luckily I already moved up my stoploss, so the loss was still considerable. 5m-chart here:

FRX: in after price bounced from the 9EMA but price was still too far extended from the 20EMA. I should have passed on this one! Thru stoploss, over and out.

SRZ: the stock kept creeping up with support of the 9EMA. In on the break of HOD and moving my stop along. Then price fell thru the 9EMA, touched my stop and bounced on the 20EMA. Out with minor gains, only to see price go thru 12.40 EOD. Ouch...

I was watching CTXS when the 20EMA caught up with price, but I didn't take it. I thought I would wait for a pullback, but that never happened. Too bad, this was a huge winner. Up a dollar or more with a risk of merely 30 cent.