| Mar 3, 2010 |
|
Daily Insight - March 3, 2010 3:30pm Markets are "consolidating at the highs" with its limited daily range and the fact that prices are still above support. No problems for now as today's "backing and filling" develops the uptrend accordingly. "Day Trader" had no trades today and will discuss his selections after the close. Swing Trading - March 3, 2010 3:30pm "Swing Trader" was stopped out of PCLN for a profit of $10.30 cents as it is seemingly retreating back to its rising midpoints of 230.89. He will maintain all positions, stops and targets on LXK and seen below is how the stock remains atop its midpoints while "consolidating at the highs."
After 4:00pm - March 3, 2010 Broad market index SPX.X remains "consolidating at the highs" and above its rising midpoints. Shown below is how the index is still above the 1115.00 trendline as well as its rising midpoints.
Tech and bio-tech index COMPX is also "consolidating at the highs" and for now, while prices are in between its midpoints and the upper TFTF boundary, the uptrend is intact. Illustrated below is how it is still in position to challenge the year's highs.
"Day Trader" has no trades for Thursday as a lot of techs are not in a momentum position for a daytrade and hugging important technical lines. Seen below is how TXN could break either way out of a triangular pattern but because it is churning around its midpoints, the 20 and 50-day moving average, as well as a strong red-colored horizontal trendline, the odds of staying around this area is higher than a decisive breakout.
Trade Summary - March 3, 2010 Mar 2 Buy LXK @ $34.72 ...... Stops @ 32.95; Target @ 40.00 Week's Recap Feb 26 Buy PCLN @ $224.70 ...... Mar 3 Sell @ 235.00 (profit taken) |
