Just wanted to post this up before I forgot. DNR is forming a nice ascending triangle and has triple/quadruple topped out at around $33. It's right around there now on some solid volume. And, given its association with the natgas space, I expect it to breakout past the $33 resistance and for that level to then become support. Draw a horizontal line across 33 to see what I'm talking about. Making higher lows, MACD is crossing over, RSI is about to make some new highs, stochastics are heading higher. Everything looks pretty solid here. Not to mention, check out those phenomenal hammers everytime this thing touches the 200day ma... outstanding. (ps- anyone know how to save an annotated chart from stockcharts.com? can't figure it out for the life of me)
Friday, May 9, 2008
PCLN destroyed earnings and gapped up big. taking some profits on the 15% move. holding a little to play with the houses' money as i think it could hit $150 or so.
next, I want to point out a great chart courtesy of Kevin over at Kevin's Market Blog
the Japanese yen seems to trade inversely to the US market. And, since I feel we have some more downside left, the yen should appreciate. And, the chart sets up that way.
Thursday, May 8, 2008
going long CTRP on a breakout-pullback-breakout scenario. pulled right back to its former resistance (now support) level of $62.50. Stop out on anything below that
adding to V on this dip
going long CCJ for both a breakout play and because I like this as an investment (uranium, nuclear, etc). More on this one later
also, nice risk/reward setup on WFR double bottom. $62.00 is the absolute bottom so stop out on anything below that and you can get long now. If it breaks to the downside, get short.
also like PCLN here
Wednesday, May 7, 2008
Soundgarden - Spoonman? Why not
also, watch DRYS for its breakout-pullback-breakout scenario. It should ideally re-test its old resistance (now support) at around $88.50. If it holds, get long and ready for the breakout.