Friday, April 9, 2010

State of the Market - 4/9/10

Another up session today on Wall Street - what else is new?   There were some choppy moments early on in the sessiobn, but the market just chugged its way higher as the day went on and really got legs in the final ten minutes or so due to some likely short covering before the weekend.  The count is now at 32 for the number of days the two major indices have spent above their 9 day moving averages.   I got an email today (Marder on the Market) that stated the QQQQ has been above its 10 day moving average for now 40 days in a row, which is the most since this ETF was established in 1999.  Certainly this is a crazy move but it keeps going so why fight it?  Volume today was quite low.

I made a few trades today - I was stopped out of CSIQ at $24.95 for a 3.1% gain and stopped out of USEG (which didn't act great today) at $6.85 for a 4% loss.   That in hindsight was a really careless trade to make at the end of yesterday's session.  I entered two new long positions today - XJT at $4.04 as it poked its head above a downtrend line and showed some heavier volume, and DEER at $11.75 on a pullback reversal.   SEED popped early and looked good but faded late and I don't know how high my expectations are for it now.  CISG keeps chugging slowly higher and I am up about 8% as of now in that one.

There were others on the watchlist from yesterday that moved nicely - ROYL was up over 5% and PAP was up over 10%.  Both charts were shown here and on Twitter yesterday.  I was not able to enter ROYL this morning because Scottrade would not allow purchases online - the message said to "call your local branch".   That is absolutely ridiculous.   Another stock that was shown in Wednesday night's video (LIWA) was up over 14% today after a secondary.   A big gap up made this entry much harder however.   So there are stocks moving out there a good bit - it's just still a bit tricky deciding which ones to go with.

I'll end it here since the weekend is upon us.   I'll be back at some point with a video.  Until then take care and enjoy the time off.

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