Friday, March 5, 2010

State of the Market - 3/5/10

Quick post today as it is Friday and I am going out with the family tonight for dinner. Today was a very strong day for the bulls as the jobs number was taken as good news and the bulls ran with it. We are extremely overbought and volume was not very heavy at all today, so I don't know how much farther we can go without a pullback, but I guess you keep riding the trend until it stops.

I did make some trades today as I liked some of the charts I saw early on. I went into CFSG at $15.05 - this has an inverse head and shoulder pattern and had a lot of resistance to deal with around $15.20 (I have posted this chart before - it was also listed in yesterday's post). Once that was overcome, I thought it had some room to run, and it did act fairly well today. Volume was rather heavy early on and that's why I went in before the breakout. Soon after I went into SEED at $10.32 and USEG at $6.23 - both were anticipatory trades and probably made due to other successful trades I had going. Neither did anything and I may be out of both soon.

My one bad move today was getting rid of NFP at $12.54 early in the session. I did end up with a 4.2% gain there, but it ran further after I sold it. I didn't like the volume of the previous two sessions and with the market overbought, I decided to take profits. Oh well. I am still holding AMCF from $7.25 and have a decent sized gain in it as of now, but am hopeful it may run a bit more.

I will be back this weekend with a video or more thoughts - I plan on getting rid of most of my positions Monday morning, hopefully on a little gap up, as I do think we really need some rest. I would not be chasing longs if you are not already in positions. Enjoy the weekend.

3 comments:

positiontrader said...

Hey Mac!

Am glad to see that you are back to your winning ways again!

Enjoy the weekend.

Adam said...

Looking forward to your stock picks this weekend!

Mads said...

Just want to say that I enjoy your posts. I have made it a habit reading your posts every day now. Keep up the good work and good luck with your trades. Thanks!