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.

Tech getting exhausted

Markets put in another rally in the morning but reversed midday. Tech stocks gave back most of the gains, which resulted in the Nasdaq ending right on it's 50MA. Most major indexes put in some kind of inverted hammer, not a bullish sign. A small pullback to the 20MA would be healthy.

Swingtrades
Stewies trades entered yesterday, all worked well today. PCX for a small gain, AKAM and RAX for 2% and 3%! Late in the day, we got in IAG, hoping for a bounce in gold over the weekend.

Daytrades
Only one daytrade, SRZ. In when stock bounced closeby the 9EMA and took out the ORH (opening range high). Took partial at R2 and some more under the $12-spot. Got stopped out on the remaining shares. 

Very nice end of the week, just like last Friday by the way. It's starting to get my favorit (trading) day of the week!