For those of you following along, I just wanted to update a few of the trades that I have been making. $OVTI fell hard this morning on rumors that it lost its key Apple business to Sony. Of course, I care more about the price action and chart than I do the news. However, the the chart suffered some damage on the right side of what could have been a sound base to propel it higher. The selloff today is also on heavy volume. I was already slightly down on the position before today, so I sold out of the rest. Remember: Winners add winners, losers average losers. With the way the market is showing signs of life today, I have zero patience for positions in the red.
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My two new longs, $HMIN and $NOG, are looking good. I featured $HMIN on Sunday night as one of my top setups for this week. $NOG is a name that I have had my eye on for a while now, but have missed my entries. As the daily chart shows below, the stock made a double bottom and has since formed a fairly tight base, not unlike $BZ before it broke out.
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Nice work as per usual Chess. What are your thoughts on BZ, waiting for a move above 7 on strength or something along those lines?
I am still holding–riding the momo at this point. When PPT says OVERBOUGHT I will scale out.
Thanks.
I also dumped OVTI after it bounced off the 100. Usually I would probably keep this around since the 100 provided support, but am trying to learn some new moves from you. Better to put that money to work in something running strong I suppose.
Yeah. My style is to just cut it if it treats me like shit.
I like it