Day Trading Post #58

So, my postings haven't been as frequent but as I've said, I am studying for the series 7 and I've been dealing with the registration process with FINRA... what a headache.

Anyway, updates... GE!!! Hell yea! GE hit my GTC orders last week locking in +1.50 points of profit. I still have 1/3rd of my position in there as a runner and things look good. Also, SIRI was hanging around the 37-41 cents range and looked like a great buy on the daily so I kept adding to it on the pull backs. I am now holding 4k shares and have just over $0.10 profit per share... not too shabby! Finally, LDK is looking good and my trade in FSLR went great where I locked in an average of 17points. Unfortunately with FSLR there was a huge pop when earnings came out where I could have locked in 30 points profit, but that window of opportunity only lasted for about 30 minutes before FSLR fell down from $190 to the $150 range. I'm glad I got out with the profit I had (entering with an average price of $147.32 and exiting with an average price of $164 and change).

Anyway, I am holding SIRI into earnings which is in 2 days (Aug. 6) and anticipating a pop! We'll see how it goes, but so far so good. I've also taken 2 more trades today. I really don't like buying when things are already moving up ( I don't like to chase or average up) but I found some setups I like. The 2 trades I like are: FWLT and SYMC (charts below)

FWLT: Inverse head and shoulders on the daily chart where we are breaking the neck line, nice volume (slightly above average), Stochastics are in an uptrend and have some more room to push up, and it looks as if there will be a 20/50EMA crossover.




SYMC: See chart for comments... I like the gap play in this one, and I am anticipating the stochastics to cross over to the upside shortly. Looking to fill the gap with a small risk of 90 cents or so.




Other than that, I am currently holding LDK, GE, SIRI, SYMC, and FWLT.

My only loser is CNB (married this one a long time ago but the loss doesn't hurt any more)

Also in my previous post I pointed out the formation of an inverse head and shoulders on the weekly S&P Cash, and it is really playing out. That "Head and Shoulders" that was pointed out by the media and many other 'professionals' about 2 or 3 weeks ago was a very weak pattern in my opinion and as we can all see now, it did not play out. All those preaching Armageddon and calling a top in the market were wrong. It's important to look at the bigger picture all the time!

That is all for now!