This morning I am experiencing egregious gains in my portfolio. Just about everything is breaking out to the upside with the S&P zooming through it’s 50 day moving average.
Today, I plan to lock in some gains, it’s been one hell of a ride. From CTIC to DXO to YHOO to GU to CPE to well you get the picture, everything is on fire.
I did happen to buy one stock this morning, and that is [[C]]. The stock has been consolidating the past few weeks and may be ready to make a move. I like the chart because it is sitting right on some key moving averages, which should provide an easy exit point should the trade go wrong. Take a look:
Here are a few small caps still worth looking at: ACAD, BEE, FNSR, PWAV, RUTH, HOV, LPX, & PAL.
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Market up 210 points rightnow..may be high risk to enter now…..
note from out there:
Technical Analysis story about SPX, SPY
The year-to-date high for the index is at 943.85, a level that we nearly breached this morning but have since turned down from. In some respects, this is a game for all the marbles as far as a bullish or bearish view goes. If the year-to-date high is exceeded, the bears lose yet another technical backstop or catalyst. Equally for the bulls, if the index turns back down from here, it will have been a failure at resistance and a failure potentially of the inverted bullish head and shoulders pattern that traders have been pointing at for the last two months as a bullish catalyst. If the bears are going to make a stand, given resistance just above and the crossing of the 200-day moving average, this would be the spot to do it. If not, it could be some time before they have another shot barring a new fundamental development that has not yet been anticipated.