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Issue #96 
November 02, 2008 | Newsletter
The newsletter with chart analysis for stocks and stock indexes |
Stock Indexes Analysis/Evaluation
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| Indexes Likely in a Corrective Phase!
DOW Friday close at 9325
The DOW closed out the week 954 points higher than last week's close and in the process generated a "classic" reversal week with lower lows, higher highs, and a close above the previous weeks high. Classic reversal weeks usually signal continuation of the week's trend the week after they are seen and are indicators of short-term strength.
On Friday, though, the status of a "classic" reversal week became a battle between the bulls and the bears in the last hour of trading. Closing above or below the previous week's high at 9285 was in question right up to the last 2 minutes of trading. The bears aggressively tried to prevent such a reversal by selling the index down 250 points in the last hour of trading. Nonetheless, in the last 2 minutes of trading there was enough buying and strength in the bull camp to rally the DOW 120 points to close above the 9285 level. Such action was a statement that the bears are no longer in total control of the market.
In all trends there will be a time when a corrective phase will occur as all markets generally have peaks and valleys within a trend. With the DOW having been beaten down 3907 points (33%) over the last 8 weeks, it seems highly likely that a correction phase is ready to occur and may have already started. With this week's rally and reversal status, the probabilities are now high that the index is now in a corrective phase. Corrective phases in well-defined trends generally take anywhere from 4-8 weeks from trough to apogee. With the trough (low) in this particular case having occurred the week of October 6th, it seems likely that further upside will be seen for the next 1-5 weeks.
On a weekly closing basis, resistance will be decent between 9758 and 9825. Generally speaking, in well-defined downtrends, the previous major weekly support that was broken will act as strong resistance. In this case, those two levels represent the previous major support level broken. Above that level, the 10,000 area will be a major psychological resistance. Major previous high weekly close resistance is seen up around 10625. On a daily closing basis, resistance is strong at 9388 (highest daily close since index broke down) and then nothing until the 50-day MA is reached up around 10270. On an intra-day basis, resistance is very strong at 9794 (most recent intra-day high). On a weekly closing basis, support is decent at 8851 and decent at 8451. Strong support will be found at 8379. On a daily closing basis, some minor support will be found at 8852, then stronger at 8558, stronger again at 8451, and major at 8176. On an intra-day basis, there will be some minor support at 9000 (20-day MA as well as psychological support) and then nothing until 8144-8198 is reached.
The DOW did break above the 20-day MA this past week and has confirmed the breakout with a second close above the line. In addition, the rally on Friday seems to have been a breakout of a mini flag formation and if that is the case, a rally above Friday's high of 9454 would give an objective of 10300.
In looking at the chart action this past week as well as the possible upside objectives of a corrective phase, it seems likely that the index will continue to go higher this next week. On a weekly closing basis, though, the area between 9758 and 9825 will likely give the index lots of trouble. Nonetheless, on an intra-day basis, rallies up to test the psychological resistance up at 10,000 are possible. In addition, if the index is able to get above 10,000, rallies up to around the 10200-10300 level are possible. Either way, it is likely that this coming week further strength will be seen. Moves below 8850 would be negative.
Possible trading range for the week could be 8,970 to 10,030.
NASDAQ Friday Close at 1721
The NASDAQ had an inside week with higher lows and lower highs than last week. Inside weeks are not generally indicative of anything. Nonetheless, the low of the move down was tested this week (1494 vs. 1504) and the index did close 166 points higher than last week. In addition, the NASDAQ did close on Friday above the most recent weekly high close at 1711, thus giving a short-term buy signal. With all these additional positive signs, as well as a close near the high of the week, it seems likely that further upside will be seen this coming week.
The NASDAQ is in dire need of a corrective phase as the last 6 weeks, and 10 of the last 11 weeks, the index has had lower highs than the previous week. With the close near the highs of the week, it is highly likely that the index will be having a corrective week this coming week.
On a weekly closing basis, there is some minor to decent resistance from previous low weekly closes between 1720 to 1757. Above that level, though, there is nothing until the gap area at 1905 is reached. The NASDAQ is the only index that can ever show daily or weekly gaps and they can be indicative. That gap area must be considered strong resistance. On a daily closing basis, there is decent resistance at 1770 and strong at 1844. Above that there is nothing until the 1980 level is reached (50-day MA). On an intra-day basis, there is decent resistance at 1783 and then very strong at 1897. On a weekly closing basis, support is minor at 1650 and major at 1552. On a daily closing basis, support is strong between 1628 and 1645, and major down at 1552. On an intra-day basis, there is minor support at 1672 (20-day MA) and then nothing until 1566 (strong).
The NASDAQ, like the other indexes, closed above the 20-day MA on Friday. There is some intra-day resistance up at 1783 that could be bothersome, but with the breakout above the 20-day MA, it is likely to be taken out. Next resistance of consequence would be 1897. The index did give a small buy signal on Friday when it closed above the previous high daily close at 1711 and therefore further upside is expected this coming week.
The NASDAQ is the only index that can show gaps and there is a major one up at 1905-1947. In the last 13 years there has only been one previous weekly gap back in 2001 and that gap was closed. Nonetheless, because of the fundamental problems affecting the market on this occasion, closure of this gap is likely to be a bit more difficult than it was back in 2001.
It is also important to note that on the monthly chart, the 200-month MA is up at 1804 and that level will also be in the minds of the traders. If the index is able to get above that level there is no reason why a rally up to 1900 would not be attempted. Nonetheless, if unable to get above 1804 in the next couple of weeks, It is possible that the index would break below this month's low at 1494 before the end of the month.
For the next week or two, though, further upside is probable. Possible trading range for this coming week could be 1566 to 1804 or 1666 to 1904.
S&Poors 500 Friday close at 968
The SPX was able to generate a weekly close above the previous weekly high close at 940 level and therefore gave a short-term buy signal. In addition, the index closed above the 20-day MA on Friday. Though the 20-day MA is not normally a an important line, when an index or a stock is in a major trend, like the indexes presently are, such a break generally indicates a correction phase.
In addition, the SPX did test successfully the previous low close at 839 with a close at 845, but also tested the 828-840 weekly closing level of consequence that was important back in the last recession in 2001. The close on Friday at 968 was also above an important previous low close in 2001 at 965, If there is follow through to the upside this coming week, it will leave the door open for rallies back above the 1000 level.
On a weekly closing basis, resistance is non-existent until the low weekly close of the last 6 years at 1064 is reached. There is a minor high weekly close resistance at 1053, making that level a possible objective of a corrective rally. Psychological resistance should exist at 1000, but there is no previous resistance seen at that price. On a daily closing basis, resistance is decent at 985 and strong at 1003. On an intra-day basis, there is decent resistance at 985 and then nothing until 1044. Above that level there is nothing until the 50-day MA is reached, presently up at 1100. On a weekly closing basis, support is now decent at 940, decent again at 899, and strong at 872. On a daily closing basis, support is strong at 898-907 and then major at 848. On an intra-day basis support will be found at 944 (20-day MA) and then nothing until the 852-865 level is reached.
On Friday, the SPX did get up to a very decent resistance level at 985 and if that high is broken this coming week, the index should generate a rally up to the next intra-day high at 1044. The index also show a probable flag formation that if the 985 level is broken, would give an objective of a rally up to 1053. On the weekly chart, the probabilities are also strong that if a break above 985 occurs, that a rally up to the 1044-1053 level would occur. With two different reasons being shown on the chart, for such a rally to occur, the probabilities of it happening are high. Nonetheless, it also makes the 985 level a strong pivot point.
Possible trading range for the week could be 940 to 1053.
With the classic reversal week having being seen on the DOW as well as the positive close on Friday of all the indexes, the probabilities are high for further upside being seen this coming week. In addition, the battle fought at the end of the day on Friday between the bears and the bulls, regarding the weekly closing price, seems to have been won by the bulls. Under normal conditions this would give the bulls the upper hand for the coming week.
Nonetheless, it is important to remember that this past week the market was being supported by the "window dressing" that was likely to be seen, due to the end of the month factors. This means that Monday and Tuesday will likely be important days for the indexes as it will become evident very fast whether the correction will continue or whether the bears will once again become aggressive to the downside.
The probabilities favor continuation to the upside as the battle fought late on Friday was not important to the "window dressing" factor. In addition, a corrective phase is way overdue and now that some of the fears have been allayed of further forced liquidations as well as panic selling are over, it seems likely that traders will want to explore just exactly where the major resistance now lies. The risk/reward ratio for the bears is not clearly defined at this time.
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Stock Analysis/Evaluation
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CHART Outlooks
Even though it is likely that there will be some follow through to the upside this coming week finding stocks with good risk/rewards ratios is difficult, on either side of the trade. The mentions this week are in stocks with good risk/reward ratios and generally decent probability numbers. Nonetheless, they all depend on the indexes showing follow through to the upside this coming week.
GIGM (Friday close at 5.99)
GIGM reached a strong psychological support level when it dropped down to the $5 level. Nonetheless, the move up from that level has not yet been impressive or indicative of much further upside. Nonetheless, the stock is on the verge of a break above the 20-day MA and on the weekly chart shows enough room to the upside, before running into any resistance of consequence, to make the trade attractive. In addition, the stock does show some clearly defined levels of support, on the short-term chart, that offers a decent risk/reward ratio on the trade.
On a weekly closing basis, support is strong at 5.47. On the daily closing chart support is strong at 5.28. On the intra-day chart, support is strong at 4.96, again at 5.18, and very decent up at 5.85. On the 10-minute chart, support is decent at 5.85 and again at 5.70. On the weekly closing chart, there is minor resistance at 6.51 and again at 6.92 from a previous weekly closing low. Nonetheless, above that level there is no decent resistance until 8.88 is reached. On a daily closing basis, there is minor resistance at 6.37 from the 20-day MA as well as from several previous daily low closes. Above, that level there is minor resistance again at 6.96 and at 7.30, and then nothing until 8.20 and the 50-day MA is reached. On an intra-day basis, there is some resistance at 6.98 and then a bit strong at 7.88.
GIGM is likely to break above the 20-day MA this coming week and generate a rally up to at least the most recent intra-day high of consequence up at 7.88. It is also likely that the 5.85 level of support will hold up, but even if it doesn't, the stock does show a breakout on the 10-minute chart above 5.70. This means that a stop-loss can be placed close-by with decent probabilities of not getting hit.
The weekly chart does show good possibilities that the rally could extend itself up to the 9.50 level where the 200-day MA is currently located. The numbers make this trade a decent risk/reward play with a decent probability number as well.
Purchases of GIGM between 5.85 and 5.90 and placing a stop loss at 5.61 and having a minimum objective of 7.88 will offer a 7-1 risk/reward ratio.
My rating on the trade is a 7 (on a scale of 1-10 with the strongest probability rating being 10).
ITG (Friday close at 20.41)
ITG reached a major level of support on the weekly intra-day and closing chart this past week when it reached the $20 level. Over the past 10 years the $20 level has been a major pivot point and having reached that level this past week, at a time that the market seems be getting into a corrective phase, likely will cause a short-covering ally to occur.
In addition, the stock made a new 2-week low on Friday but failed to generate strong selling and ended up closing at the low of the last two weeks. If there is any follow through to the upside this week, that action will be seen as a failure-to-follow-through signal. Such action would generate enough short-covering action to make the trade into a good risk/reward ratio play.
On a weekly closing basis, support is major between 19.58 and 20.43, with the 20.43-20.10 level being the most recent and strongest. On a daily closing basis, the support between 20.35 and 20.75 is considered very strong. On an intra-day basis, the drop on Friday down to 19.76 must be considered support as well. On a weekly closing basis, there is minor resistance between 23.67 and 24.44. Nonetheless above that level, there is little resistance until the 28.29 level is reached and that resistance must be considered minor as well as it is from a previous low weekly close. On a daily closing basis, resistance is found at 23.30 from the most recent daily high close as well as from the 20-day MA. Stronger resistance will be found up at 24.49 from a daily closes of some consequence, and then nothing of consequence until the 50-day MA is reached, presently up around the $30 level.
Though ITG did not participate in this week's index rally and made new lows at a time the market was showing strength, it is important to note that the level that was reached is of major importance and support. In addition, the stock did try to generate a failure-to-follow-signal on Friday that was not quite successful but will be if there is any rally in the stock this week.
In addition, the downside level reached on Friday can now be used as a stop loss point in the trade thus offering a good risk/reward ratio on the trade if the stock just generates the minimum rally.
Purchases of ITG between Friday's close of 20.40 and 20.03 level and using a stop loss at 19.66 and having a minimum objective of a rally back up to the most recent intra-day high up at 23.67, will offer a risk/reward ratio of around 4-1. Should the stock be able to break above the 23.67 level intra-day high as well as the 20-day MA at the same price, rallies up to at least 26.15 will likely occur, thus making the risk/reward ratio more attractive.
My rating on the trade is a 6.5 (on a scale of 1-10 with the strongest probability rating being 10).
SNDA (Friday close at 27.65)
SNDA is a stock that has been basically untouched by the downturn of the market during the past 2 months. On August 16th of this year SNDA was trading at the same price as it traded on Friday, and yet the DOW was trading over 2000 points higher than where it traded on Friday. By the same token, the rallies in the DOW during the past few weeks have not aggressively helped the stock rally either.
It is evident that SNDA has been in a sideways trend between 31.02 and 22.86 during the last 14 weeks and at this time there doesn't seem to be any reason to think that will change over the next few weeks. The stock is presently in the middle of a short-term rally and near the top of the trading range. Such a rally seems to present an opportunity to short the stock should the indexes rally this week, as anticipated.
On a weekly closing basis, the 29.68-29.98 level seems to be very strong resistance. On a daily closing basis, resistance is strong at 28.96 and very strong between 30.03 and 30.74. On an intra-day basis, resistance is strong at 29.00 and then strong again at 29.58 from a previous high as well as from a gap left open between 29.58 and 30.02. Major resistance will be found at 30.95-31.02. On a weekly closing basis, support is minor to decent between 26.44 and 26.68, stronger between 25.00 and 25.40, and very strong down at 23.37 and at 22.73. On a daily closing basis, support is decent at 26.49, strong at 24.40-25.13, strong again at 23.47, and major at 22.06.
It seems likely that if the DOW is heading higher this week that SNDA will follow as well. Depending on the strength in the indexes, the stock could be looking to rally up to the 29.00-29.58 level of resistance, or go up to close the gap at 30.02 and test the resistance up near 31.00. Either way, though, when the index correction is over, it is also very likely that the stock will be heading back down to test the supports between $22 and $25.
Trading the range seems to be the way to go with SNDA as there seems to be no reason at this time to think this stock will be breaking above or below the recent highs and lows.
Sales of SNDA between 30.01 and 30.40 and placing a stop loss at 31.12 and having an objective of 23.48, will offer a risk/reward ratio of over 6-1. If the DOW does have problems getting above the 9794 level this week, you could attempt to sell SNDA between 28.85 and 29.00 and use a stop loss at 29.68 and having the same downside objective would offer a risk/reward ratio of over 5-1. If stopped out, you could then re-institute the short on rallies up to the 30.40 level.
My rating on the trade is a 7.5 (on a scale of 1-10 with the strongest probability rating being 10).
EBAY (Friday close at 15.27)
EBAY is another stock that seems to be building a solid bottom from which to start generating rallies. Nonetheless, the stock has not yet broken above its resistance level as well as its 20-day MA and therefore still offers a good entry point where the risk is small and controlled. The probabilities of a breakout occurring this week, if the indexes do show some strength, are high.
Over the past 2 weeks the stock has been able to set a short-term bottom and re-test it on several occasions. In addition, the stock has been in a small and clearly defined trading range where the volatility has been subdued. With the stock still being in a very oversold condition, such action offers a trade with limited risk, good profit potential, and a decent probability rating.
On a weekly closing basis, support is now last week's close at 14.89. On a daily closing basis, support is very strong at 14.87 and major at 14.53. On an intra-day basis, support is also the most recent 6-year low at 13.69 and the again at the successful re-test low of 14.17. On a weekly closing basis, there is no resistance whatsoever until the previous low close of consequence between 23.98 and 24.20 is reached. On a daily closing basis, resistance is decent at 15.87 from the most recent daily closing high as well as from the 20-day MA. Above that level, there is no resistance until a daily high close of consequence is reached up at 18.10. On an intra-day basis, there is decent resistance at 16.09 and then nothing at all until 18.04. Above that level there is also decent resistance up at 18.75 from a previous intra-day high as well as from an open gap between 18.93 and 18.75.
EBAY is showing signs that it is ready to break above the 20-day MA and generate a rally back up to the runaway gap area at 18.75, if the indexes can show further signs of recovery this week. This rally would only be a bear market short-covering rally and not a bullish sign. Nonetheless, such a rally offers a trade with good risk/reward numbers.
Purchases of EBAY between 14.69 and 14.89 and placing a stop loss at 14.07 and having an objective of 18.04-18.75 will offer a risk/reward ratio of at least 4-1.
My rating on the trade is a 7 (on a scale of 1-10 with the strongest probability rating being 10).
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Updates
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| Monthly & Yearly Portfolio Results
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Open Positions and stop loss changes
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| Status of account for 2007: Profit of $9758 per 100 shares after losses and commissions were substacted.
Status of account for 2008, as of 9/30 Profit of $8736 using 100 shares per mention (after commissions & losses) Closed out profitable trades for October per 100 shares per mention (after commission)
AMZN (short) $235 AMZN (short) $316 BA (long) $1278 STP (long) $103 AXP (long) $736 GE (long) $20 SGR (long) $219 ' AMZN (short) $26 MT (long) $767 AMZN (short) $46 VLO (long) $218 SGR (long) $288 K (long) $325 VLO (long) $10 Total Profit for October, per 100 shares and after commissions $4627 Closed out losing trades for October per 100 shares of each mention (including commission)
KGC (long) $1068
RIO (long) $74 ELON (long) $183 FCEL (long) $229 IGT (long) $78 RIO (long) $274 KGC (long) $59 WDC (long) $184 AMZN (long) $120 WDC (long) $31 X (long) $194 X (long) $90 STP (short) $36 AMZN (short) $78 TRA (long) $24 NUAN (long) $61 RIO (long) $74 AMZN (long) $192 WDC (long) $35 MT (long) $433 KGC (long) $14 MT (long) $54 TRA (long) $38 Total Loss for October, per 100 shares, including commissions $3623 Open positions in profit per 100 shares per mention as of 10/30
TRA (long) $861
Open positions in loss per 100 shares per mention as of 10/30AXP (long) $1121 SGR (long) $257 VLO (long) $365 RIO (long) $138 ELON (long) $77 BA (long) $590 NUAN (long) $70 Total $3479
CAG (long) $198 MT (long) $540 AA (long) $1461
Total $2199
Long-term open positions. Decrease in equity from last month's close as of 9/30
Status of trades for month of October per 100 shares on each mention after losses and commission subtractions.
NUAN (long) $608 Total $608
Profit of $1676
Status of account/portfolio for 2008, as of 10/30Profit of $10412 using 100 shares traded per mention.
NUAN was finally able to generate this week, a higher weekly close than the previous week, after 11 weeks of basically straight down action, such a turn to the upside likely means that a short-term bottom has been found. Nonetheless, the stock now faces a strong weekly and daily close resistance at the $10 level, which is going to be difficult to be broken at this time. In looking at the weekly chart, though, if the stock is able to close above the 10.36 level, rallies up to 11.73 (200-week MA) or even up to 13.48 (major previous resistance) are possible. Nonetheless, between 8.79-8.86 there is some minor support that if the indexes show strength, should hold up. Should the resistance up between 9.80 (20-day MA) and 10.09 (most recent intra-day high) get broken, the stock could run up to the 50-day MA and previous gap area at 12.41.
AA is reaching an area of some importance up at 12.41. At that price the 20-day MA is currently located as well as the most recent high daily close. A close above 12.41 is likely to generate further upside. Support should now be decent at 10.51 and if the indexes rally this coming week, that level should not be broken. Above 12.41 there is minor intra-day resistance up at 13.07 and then absolutely nothing until the 15.00 level. This means that a close above 12.41 will likely generate a move of at least $2.50 to the upside. Resistance will be strong at the gap area between 15.86 and 16.71, but if the gap is closed, there is no resistance to be found until the psychological $20 level is reached. Initially much will depend on what the indexes do, but once the stock gets going above 12.41, the rest should come on its own. Below 10.51 the stock will be in trouble. AXP confirmed a break above the 20-day MA on Friday with a second close above that level. In addition, the close above 26.39 was a buy signal. Nonetheless, the stock also has another daily close resistance up at 28.19 that is still overhanging the stock. Nonetheless, a close above 28.19 will likely generate a rally up to 31.64 (most recent previous intra-day high) or to 32.50 (previous intra-day high as well as 50-day MA). Other than the daily close at 28.19, there is little to stop this stock from rallying higher. If the indexes follow through to the upside this week, it is likely the stock will get up to the 32.50 level. A daily close below 25.21 would weaken the chart. CAG seems to have found a temporary bottom but the stock faces decent resistance up at the 18.00-18.24 level, from major previous weekly closing lows as well as from the 20-day MA and the most recent daily closing low at 18.17. Rallies up to the 18.00 level are highly likely but a close above 18.17 is needed to generate further upside. Some resistance at 18.50 but then nothing until the 50-day MA and several previous daily closing lows of importance up at 19.20. Support should now be strong at 17.18. TRA has now closed 3 days in a row above the 20-day MA but the stock still has a daily closing resistance at 22.35 that is an obstacle. There is a gap between 23.40 and 23.08 that is now an objective that with the rally above the previous intra-day high at 22.44 on Friday (high was 22.75) is now likely to be reached. On a daily closing basis, strong resistance will also be found at 24.36 (26.49 intra-day). The 26.49 level is also strong resistance as it is where a strong gap between 26.49 and 28.00 exists. Nonetheless, if that gap gets closed there is no resistance until the 50-day MA is reached up at 32.30. The psychological support at $20 should now hold up on dips. MT almost closed the gap up at 27.06 with a rally up to 26.99 on Friday. The stock did have a "classic" reversal day on Friday with higher highs, lower lows and a close above the previous day's high. Such action will likely generate further upside this week. Should the gap at 27.06 be closed, there is no resistance until the 20-day MA at 28.70 is reached. On a daily closing basis, there is no resistance until the 31.20 level is reached. A close above 31.23 would likely generate a move up to close a second gap between 32.60 and 33.29. If that happens, there is no resistance until the 38.32 level is reached. Friday's low at 23.90 should now be seen as support, though minor in nature. No other support of consequence until the low at 19.14 is reached. Rallies up to the 31.12 are likely this week. VLO closed above the 20-day MA as well as above the most recent high close at 20.11 on Friday. Such action can be considered a short-term breakout. There is another daily close resistance at 21.90 but if the stock closes above that level there is no resistance of consequence until the 50-day MA is reached up at 27.30. Support, on a daily closing basis, is now 18.30 and again at 17.52. Now that the stock got above the most recent intra-day high at 21.00, it shows no resistance until the 23.80 intra-day high is reached. There is a gap between 25.46 and 25.32 that will become a magnet should the stock get above 23.80. RIO now has 2 closes in a row above the 20-day MA and the only obstacle of consequence above, is the daily closing price at 13.82. An intra-day rally above 13.94 will close the gap up at 14.04 and should generate a rally up to the intra-day high at 16.96. Resistance, on a daily closing basis, will also be found at 15.49. Above that, though, nothing at all until the 50-day MA up at 18.50 is reached. Support at 11.86 (12.06 on a daily closing basis) should now hold up. WDC had a strong breakout above the previous daily close resistance at 15.92, in addition to 3 daily closes in a row above the 20-day MA. There is absolutely no resistance until the intra-day high at 17.96 is reached. Nonetheless, on the daily closing chart there is no resistance until the 50-day MA up at $20 is reached. The support at 15.27 should no longer get broken. Strong support down at 13.42 should that happen.
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1) NUAN - Averaged long at 12.20 (3 mentions). No stop loss at present. Stock closed on Friday at 9.15.
2) SGR - Long at 15.32. No stop loss at this time. Stock closed on Friday at 17.89.
3) TRA - Averaged long at 19.12 (3 mentions). No stop loss at present. Stock closed on Friday at 21.99.
4) AXP - Purchased at 22.63. Averaged long at 23.76 (3 mentions). No stop loss at present. Stock closed on Friday at 27.50.
5) VLO - Long at 16.91. No stop loss at present. Stock closed on Friday at 20.58.
6) AA - Averaged long at 18.805. No stop loss at present. Stock closed on Friday at 11.50.
7) RIO - Long at 11.74. No stop loss at present. Stock closed on Friday at 13.13.
8) CAG - Long at 19.40. No stop loss at present. Stock closed on Friday at 17.42.
9) BA - Liquidated at 52.04. Averaged long at 47.68. Profit on the trade of $1306 per 100 shares (3 mentions) minus commissions.
10) K - Purchased at 47.50. Liquidated at 52.89. Profit of $539 per 100 shares minus commissions.
11) BA - Purchased at 49.91 and again at 49.03. Stop loss at 46.90. Stock closed on Friday at 52.42.
12) MT - Purchased at 20.54. Liquidated at 20.16. Loss on the trade of $38 per 100 shares plus commissions.
13) ELON - Purchased at 7.36. Stop loss at 6.60. Stock closed on Friday at 8.13.
14) TRA - Purchased at 16.90. Liquidated at 16.66. Loss on the trade of $24 per 100 shares plus commissions.
15) VLO - Purchased at 16.68. Liquidated at 15.93. Profit on the trade of $28 per 100 shares minus commissions.
16) KGC - Purchased at 10.63. Liquidated at 10.63. Loss on the trade of $0 per 100 shares plus commissions.
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Encyclopedia of Chart Patterns. A must have for chart aficionados! |
The opinions and commentaries by Mr. De Vito are not a recommendation to buy or sell, but rather
a charting guideline, based on his own knowledge and experience, regarding the stocks he is following or
that are brought to him by others. Mr. De Vito does not presently offer a track record of his trading experiences.
No inference of success and/or failure should be assumed. The
information enclosed above, regarding his background, length of trading, and experience, is correct
but is not meant to suggest, state, or infer any future success in trading, based on his opinions. The information herewith included should only be used by investors who are aware of the risk inherent in securities trading. Mr. De Vito accepts no liability whatsoever for any loss arising from any use of the information and/or comments he supplies. |
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