Day Trading Post #63

Well, as you can see, the market is bouncing back. So there is merit behind my previous posting. But, we haven't flushed out the system yet by pulling back to the support around the 960 area. Regardless, it might be a nice time to scale out / lock in some profits. As you can see on the daily chart for the S&P 500 cash, the stochastics have crossed over to the upside once again, and we are back over 1000 by 30+ points! Chart below:

Also, one trade I would like to point out is one I took in SLM a few weeks ago now. It has been in a downward channel or a falling wedge pattern (whichever you prefer). Anyway, I drew the trend lines out, tried buying / adding to my position the first two times on the breakout, only to have it pull back down into the channel pattern. The third time I added, I decided it would be best to add when we touched the bottom trend line. I now have 700 shares and am even on the trade! If I would have been adding on the bottom trend line the first two times, I would have been up nicely on this trade, but regardless, it is setup nicely for a profit target price of $9.95-$10.05. Today's closing price and tomorrow's closing prices will be important to watch... can we break out of the trendline or will we pull back into the channel??? Chart is below: