| Mar 9, 2010 |
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Daily Insight - March 9, 2010 3:30pm As we always say, "consolidations at the highs" begets higher prices and that is what we are seeing today. Both the SPX.X and COMPX are moving well with the former about to challenge its 52-week highs while the latter continues to make new highs. Higher prices are expected for the major indices. NKE is faring well as it makes new 52-week highs and "Day Trader" will sell into the bell. He will discuss his selections after the close. Swing Trading - March 9, 2010 3:30pm The "pop" that we hear is LXK staging its Day-1 breakout spike and as seen below, patience paid off handsomely. "Swing Trader" will maintain all positions and targets while raising the stops to 33.77.
After 4:00pm - March 9, 2010 Broad market index SPX.X has moved higher and about to challenge its 52-week highs of around 1150.00. Seen below is how this resistance level will either be broken or we could see the formation of a double top within a wide consolidation pattern. But regardless of the eventual outcome, there is still time before any serious decline occurs as prices are way above their midpoints and double tops usually take several days to mature.
Tech and bio-tech index COMPX is moving well and on track towards its upper TFTF boundary at Wednesday's projected level of 2387.00. Shown below is how the index is in a defined uptrend as it trends between its midpoints and upper TFTF levels.
"Day Trader" will buy Agilent [A] and AMD at Tuesday's high or higher as long as they open under this setup requirement. Depicted below is how both stocks are "consolidating at the highs" and in position to stage Day-1 breakout spikes.
Trade Summary - March 9, 2010 Mar 2 Buy LXK @ $34.72 ...... Stops @ 33.77; Target @ 40.00 Week's Recap Feb 26 Buy PCLN @ $224.70 ...... Mar 3 Sell @ 235.00 (profit taken) |
