{+++} My plan was to get a video out on some bull wedges and bull flags, we will also discuss some flags and wedges on the bear side as well in coming days.
We may or may not have seen a short term top today and I have adjusted stops accordingly, we also sold a few things today just to bank some profits in case the bears follow through tomorrow. I started a small position in SRS and TZA today and will press that bet if things look like they will roll over. Our shorts look good, especially MCO, MHP is beginning to break down.
The chart to the left basically “IS” my strategy, I will post more in the coming days, it is commonly referred to as the “Holy Grail” and involves buying or shorting soft touches to the 20 day exponential moving average, notice the light volume as the stock price touches down softly to the 20 day EMA. The chart is an example of a long entry on these light volume pullbacks, the EXACT reverse is done on the short side as you would short the 20day line using the same set up. I usually take a half position at the line and when it pops I add the rest, it is a very high probability trade for me.
Please note the changes in stops, let’s manage what we have until things shake out. HAVE A GOOD NIGHT.
LONGS (THAT HAVE TRIGGERED)
EXEL- sold first half for 10%, second half today for 15%
RMBS- 18.48 stop 17
HMIN-buy at 29.44 stop 29
ENER- BUY AT 13.50-13.60 STOP 12.70
OREX- (sold half +.80, sold balance today for +2.00 pattern fine, but I’m a little concerned about market action today)
MELA- long at 10.50 STOP AT 9.25
QSFT- 16.25 stop 16.60 (sold half for +.80)
CRY $7.50 stop 8.00 (sold half +.80)
SGMO- 8.95 STOP 8.25 ( we sold down about 40 cents today, didn’t react well to good news)
OVTI- 16.95 STOP 16.40
FOR- 16.37 STOP 16.40
SIGA-8.43 stop 7.65
GGC-33.50 (SOME MAY HAVE BOUGHT THE TRIGGER AND SOME IN MORNING SO I WILL ENTER PORTFOLIO AT 33.50) stop 28 (aggressive only)
FFIV-BUY THROUGH 39.76, STOP AT BOTTOM OF FLAG AROUND 38-38.25
JAZZ- 10, STOP 9.25 (triggered today)
HGSI- BUY TRIGGER 20.63 STOP 19.30
SHORTS THAT HAVE TRIGGERED
MCO-SHORT AT 23, STOP 24 ( looks great)
MHP-SHORT 26.19, STOP 28 (breaking down)
NAV- SHORT AT 40.31 STOP 42 (still good, daily chart is horrific)