| Mar 2, 2010 |
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Daily Insight - March 2, 2010 3:30pm Markets couldn't maintain its intraday gains and is soft going into the close. For now, the "consolidation at the high" continues and more of the same sloppiness is expected till 4:00pm. "Day Trader" had no trades with LXK and lost $0.52 cents on IBM. He will discuss his selections after the close. Swing Trading - March 2, 2010 3:30pm "Swing Trader" will maintain all positions and targets on PCLN as it continues Monday's Day-1 spike with today's Day-2 "continuation vector." Stops are now raised to 235.00 to protect a ten-point gain and seen below is how the stock is in position to power higher if the market backdrop allows.
"Swing Trader" has bought LXK at 34.72 with a first target at 40.00 and initial stops pegged to 32.95 which is about twenty cents below the turquoise-colored 20-day moving average. This is shown below as the stock remains in its "consolidation at the highs" mode.
After 4:00pm - March 2, 2010 Broad market index SPX.X squeaked over the 1115.00 trendline and is "consolidating at the highs." Depicted below is how the index did notnegate Monday's long up vector, is seemingly taking a breather, and noted is that midpoint support is rising up to meet prices.
Tech and bio-tech index COMPX is also taking a break to digest its recent gains and higher prices are still expected. Illustrated below is how the index is on track towards testing its 52-week highs as prices trend between its midpoints and upper TFTF boundary.
"Day Trader" has no trades for Wednesday as a lot of stocks that closed down exhibited a new high, (since February 1st), but closed lower than the opening while those that finished up for the day had their close near the opening price. In other words, the daily vector is weak and/or "pausing" and is missing both upside and downside momentum for a strong trade on Wednesday. Trade Summary - March 2, 2010 Feb 26 Buy PCLN @ $224.70 ...... Stops @ 235.00; Target @ 250.00 Mar 2 Buy LXK @ $34.72 ...... Stops @ 32.95; Target @ 40.00 Week's Recap No trades |
