Thursday, May 7, 2009

overnight oil breaks through the range/Jobs are better


The good news we lost nothing the bad news we missed a a fairly nice move to the upside on the overnight.  As it turns out stop adjustments  rather than picking market tops is proof once again that this system allow for the home run. That too is relative a yesterday we did pick up 2.15 points on our trade bringing us 
to our weekly goal by midweek. Let's say we hit a two run home run but a grand slam could have been accomplished by staying with stop adjustments and letting the market tell us when the rally is over.

 Last sale 57.83 and june Oil touched 58.07 somewhere betwen 11Pm and 730 AM- This trading range lasted a long time(8 weeks of up to 55 and down to 45)and was tried and true and especially since we did not risk anything through careful stop adjustment there was a strong argument for the overnight play made. Our new buy channel should have been a hint we were to break out here as the range has ben shattered. 
As members know we have sent out entry points move stops immediately when it moves in your direction to break even and take free shots only.

As far as the overall market is concerned the teacher is the government and the favorite students are the banks. They write the rules and grade the results and it was a masterstroke letting the news out early when they of course knew it was good news. I have been saying since March 9th that the bottom is is buy pullbacks  and watch your account grow. Citibank which we have been talking about for some time has jumped 1.5 dollars in approx. a week A 3 dollar stock at 4.5  I hope you guys followed me on that one!
  If you have any questions about our trading or terminology or how to join feel free to email 
at chrgr06@yahoo.com and I will respond promptly