Day Trading Post #60

So, I've been in the process of studying for the series seven, and I am almost through with the study material. Besides that, I have held off on trading this week because the market is a bit overbought on the daily chart, so the market is in need of a pullback. We have broken through some major areas of resistance in the past few weeks, and at this point, I believe that the minor pull back we have seen / are seeing is just people taking profits. After that, we are good to go for a break to the upside (I think things look good to about 1150 on the S&P Cash but I have to check the charts again... this number is just off the top of my head right now from what I think I remember seeing).

Anyway, SYMC is setting up nicely, and we have had a little pullback of 50-60 cents from my entry, but it has retraced and I am even on the trade. I plan to add to this position at a break of $15.70, and looking to fill the gap on the daily chart. SLM looks like it is coming back down to the bottom of the falling wedge pattern, and I am continuing to hold. I will only get out if we significantly break the lower trend line on the chart (see post #59). Otherwise, I plan to add to this position when we touch the bottom trend line.

As for my penny plays, SIRI looks great! All of the nay sayers out there are just scared of some minor pull backs. The weekly chart looks amazing, the daily chart is decent, but overall I am loving the fact that we are holding above 50 cents. I would only begin to worry about this position if we broke down below 40 cents. Other than that, I am now deciding whether or not I should add more shares to my current position, or if I should just hold and maintain my average price of 42 cents. Time will tell, but I believe we will see this push up in the next few days or weeks to come! Finally, there is CNB. This is an important week to watch. The bad news that came out has taken its toll on the stock, although if we see some good news by the end of this week in regards to the investigations that are being conducted, we could see a big pop. If this happens, I am out! If not, and we see a continuing decline, I will be out as well at a break of 40 cents.

Interesting week, and a slow one at that. At least I have my study materials to keep me company as I watch red and green candlesticks form on quotetracker charts...