Oversold, Light Volume Bounce

{+++}The street was dead today and there will be no new additions this evening, after the initial spike up, the market completely went flat line the rest of the day. Today was a religious holiday and the volume was anemic, I expect us to be back to normal volumes tomorrow. Our shorts continue to cooperate, NAV, MCO and MHP and we caught a break on MELA today as it gapped up on a positive Barons mention over the weekend. SIGA bounced a bit and the pattern looks fine. If we follow through to the upside tomorrow I may add some longs intra day on the site, so stay tuned.

For those of you who took my “only” long term play ever issued, PLNR, check out the bull flag on the daily chart, it’s a beauty, it’s a very light volume stock, but I like it right here.

I’ll see you in the morning, if you have any requests for a chart read send them in as I will be on StocktwitsTV tomorrow at noon, they promise me everything will run smoothly this time around.

Also, please note the new TAB at the top of the blog called “Joe’s Rules”, it’s kind of an FAQ, but also a brief thumbnail sketch of how I view the market.

Date Symbol Buy Price Short Price Stop Action Result P/(L) Triggered
9-24-09 WYNN 67.86 70 no
MCO 23.00 23.50 Sold 1/3  sold 1/3 +2.00


MHP 26.19 26 Sold 1/2 +2.00 yes
NAV 40.31 42 Sold 1/3 +1.30 yes
QSFT 16.30 16 Sold 1/2 +.80 yes
SIGA 8.43 7.65 yes
MELA 10.50 9.25 yes
9-28-09 COCO 17.29 18.25 no
ZION 17.39 19.00
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