Wednesday, May 6, 2009

This is time stamped check out this mornings post/ the new buy channel




We had emails out telling you to buy we weren't exuberant buyers but buyers nonetheless
Our entry was 54.15 we are selling here at 56.25 at 4:30 for  the two thousand plus profit putting us at or near our weekly goal as we re-assess during the one hour break. We did not expect it to go up so much but here you see the beauty of our strategy at work. We pick entry points and adjust stops almost always letting the market turn and flatten us. We know oil is full of surprises  we use stops religiously to limit liability and adjust stops to break even as soon as we are able. If we get flattened we take another look and try to find the next best entry point be it buy or sell.We normally would keep stop adjusting but the break is 26 minutes away and we don't see the point in having a position until after the re-opening. 


The top chart is the where we are at the break -Technicians will tell you that economic data is built into technical analysis but some of this economic data seemed telegraphed to me as we said we thought the jobs would be better and inventories would be less they tipped their hand
in my opinion and The dynamic duo(Geitner and Bernanke) are so anxious to pat themselves on the back the good news on the stress tests somehow got out a little earlier than expected
that  being said though the chart looked bullish too

Secondary account action Citibank virtually explodes to 3.88 wow! We told you about that one for weeks now! Rimm up 2 as usual and X starting to do its part at 31.45