Take note that either a symmetrical triangle or ascending triangle is taking form. The upper and lower ranges are drawn out on the charts below. It will be wise to actually wait for a breakout or breakdown, because I find no hard edge benefiting one side (in an obvious way) right now. We could head higher or lower, and the odds are pretty much the same. That’s why is continue to stress careful selection.
At this time, my goal is to preserve my gains. In a few days, I will rid myself of all of these $1-4 stocks that I own and let the general market consolidation continue. If you noticed, my picks that did not follow the market…are starting to follow it. The dynamics have changed since Monday and the end is near for these stocks if the market takes a plunge.
Holdings include FEED, CAR, FIG, RUTH, and an initial scale-in of the devil’s ETF going by the name of FAZ. If done right, everything should hold steady, and I will be able to close out April with my largest monthly gain ever (over 60%). I find it interesting how March (with a gain of 2%) was my worst month in 2009. Perhaps, the souvenirs I bought for dirt cheap in Cancun made a difference. In any case, I hope you’ve had just as much success following my plays this month.
Congrats on your month/year … you’re very talented.
CA,
How do you let futures drive the analysis on something like this. Because the futures have broken out to the upside on the triangle, but of course if it opens lower it will look like it never happened. Is this a leading indicator traditionally or just me bored at 7:13am.
Well done sir
futures – only when the gap is extremely large and it lands outside of support/resistance.
very good
RUTH sold, all of it $2.67
Looks like close to peanut butter-jelly time, here.
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wow…what a trade on RUTH…nice work
ruth went even higher… DAYAM.. you are on a roll… any other picks???
Goodlord. Wow.
It’s time: http://www.youtube.com/watch?v=n_1rSm2MDM4
Enig – just holding onto what I have right now, but will look for more breakout plays.
RC and I killed it this month. No joke.
yea my bearish stance since March has made me miss out big time…do you think we’ll retest March lows again? Any opinions more intermediate term (3-6 months)?
CA, How’s KFN looking?
Care to post an analysis/chart for FAZ with support/resistance and targets?
KFN – has a good chance, but the chart is really choppy.
Enig, I don’t have an opinion for 3-6 months out. That’s too far. Short-term, there will be continued consolidation. Have to selective in picks.
FAZ – doesn’t have any support actually, it’s making all time lows. The next support depends on where the market hits resistance, possibly a 875 SPX retest.
If we close above 860 are you going long into the weekend?
take a look at GSI i think it’s ready for it’s next leg up.
also still like BC…rode it up from 4.50 today…
I still like BC.
I am willing to hold my positions over the weekend.
Do you post / publish your previous picks or holdings anywhere btw?
where the hell have you been for the past 3 weeks?
CA,
you are awesome!
do you think the rally of the financials is over?