The Wrap 4/12/12


In case you missed it on last night’s video (shame on you and a pox on your house), I started a new thingy on the P&L. It’s called the PB or the Pullback Buy. These are stocks that are not to be bought on the upside breakout, but are names that have shown strength, but have pulled back in an orderly fashion. On the left of the column on the P&L you will see PB, that will indicate that it is a pullback entry buy. I won’t put stops on these until they trigger, when and if they do, I will let you know immediately what the stop should be. This list may change quickly, because if a stock rallies too far too fast from the pullback entry I will take it off and replace it with a new name.

The S&P made more new highs for the year and AAPL exploded and destroyed the shorts yet again. I like to short, but I will probably never short AAPL for more than a day trade. Just too powerful.

We saw a few triggers today and took a few profits. The S&P is fast approaching the 2008 highs up around 1440 so raise your stops if you have profits. Please do this. The Nasdaq was just a little shy today of printing more new highs, but the Dow Jones and S&P managed more yearly highs. All in all, quite an impressive market.

The banks put in another good day after a little rest and energy finally perked up a bit. The materials, steel and coal need to get going though. Steel was up 2% and coal looked better however.

I don’t know how much is left of this rally, but we will try and play it the best we can. As a result of today’s action I am adding 3 longs to the P&L list tonight for your consideration. I will be a buyer myself (as I always am), if they should trigger. You can check the P&L for exact entries and stop levels. Hope you had a great day and don’t forget the market is closed on Friday.

Buy 23.08 level


Buy 74.10 level

Buy 55.10 level



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