Hi everyone!
Awesome week in the markets last week as there was a nice bounce on 4 out of 5 days. The whole “buy the dip” philosophy still seems to be working within this range so I’ve just been trying to nail some swing longs when we’re at the bottom of the range and sell them near the top. At the top I try to find extended charts and day trade them short. Last week I actually did mostly swings and it worked out really nicely with AMDA being a huge gainer again, and starting to work into a position on CMCM. I also added more money to my Scottrade account so I can swing w/ more size. I’m trying to work in a mix of swings and day trades since the market is still up and down and very volatile within this sideways consolidation, but overall I think it’s working, lol. Anyway, for next week I am going to continue working my CMCM position (I have a $34.60 average now after booking some profits on Friday from $33.89 buys intraday), and I’m back to just 1/3 size on it. I plan to average in another 1/3 on Monday and then play the same game again…sell that 1/3 for profit during the day so I just systematically work my average down til the trade finds support in its daily flag, and then I will start adding size for the breakout over $36-37. Of course this assumes that no news comes out that forces me out of the trade or anything like that. I also really like LOCO for a bounce tomorrow, maybe on a pullback toward $21-21.20 and the goal being a $22-23 target. My other main watch is RGSE. This one slipped off my scan because the chart got messed up due to the split, but when I looked at a split adjusted chart (check freestockcharts.com for split adjusted) it looked beautiful! So I’ll be watching for strength in the $3.10-$3.20 area for an ultimate $3.30 breakout to $3.50-3.75, which would be about $.20-.23 pre-split. It may encounter a little resistance at the 50dma around $3.39 but should have no problem pushing through that as long as it has volume.
Gonna keep it short and sweet tonight. Also keeping an eye on GDP for a parabolic bounce next week as it’s down 7 days in a row and approaching a 50% loss and a round number at $1.50. I suspect $1.50 may act as support like $1.00 did on REN and these energy names seem to be bouncing well lately.
By the way, if you haven’t yet had a chance, check out my new blog post on understanding FOMC announcements (posted elsewhere in this sub so won't relink)
Thanks y’all, have a good night!
Chris
Submitted June 22, 2015 at 12:19AM by ghostofgbt http://ift.tt/1H7YS5R
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