New longs: OPEN @ 69.90, OSTK 13.90
So, I bought OPEN yesterday, then sold it quickly today on the way up because it was extending above its 50 and 200 MAs. Then OPEN saw some big profit taking at 76. That’s a lot of taking. In fact, I’m back in again under 70. Lol. Again, I’m not getting too excited with what goes on with the overall market on the short trading week, stocks move quite fast intraday, and it’s nice to sit on the bonus trade if you can catch it. You know what I mean? In low, out high, in lower. Sweet.
Also, I’m keeping an eye on JASO. This solar stock has been hovering between a very important support level (7.70), and needs to get back above 8 soon. I have a long/short scenario setup on this fast moving stock. I’ll draw all the pretty lines for you tonight.
Finally, what’s up with the OverStock? Well, they always like to give out their holiday revenue numbers in early January (yeah, can you believe I actually followed this stock for three years), and they always underpromise over-deliver. So, I’ll see where this takes me. You actually have to go back to 2008 November-January rally, because 2009 was a rough time for the entire market.If you enjoy the content at iBankCoin, please follow us on Twitter