Buy Yourself A Christmas Present

I did.

I just received my copy of ‘Technical Analysis using multiple timeframes‘ by Brian Shannon. It’s a book I have been waiting to read, but put off buying for whatever reason. Go get it now.

I’m only through the first couple of pages, but it has already exceeded my expectations. When I’m finished, I will give a full review. But, for those intersested in Technical Analysis, it’s a must own.

The author, Brian Shannon, has also let me know that he will be sending a book to the winner of the MadStocks contest for 2008, (looks like it will be Market Monk).

Note: If you have not yet picked your stock of the year for 2009, it’s not too late. The deadline is 12/31/08, and remember the stock must be over $10, and no duplicate picks. Here’s the link to enter the contest.

I sold short PTR @ 89.89 with a stop at 95.25. See Chart

Note: I also cashed out ALL of my longs this morning, as I stated I would do earlier in the week. I will be taking Fly’s advice and starting fresh for the new year. The only positions I have on at the moment are FAZ and short PTR.

First, let me gives props to The Fly, as he nailed XOM short. I happened to have followed him on his trade, (which I do all the time), and would like to thank him for the extra coin.

A bunch of oil names look ready to fall into the abyss. Feel free to comment with your picks.

PTR: PetroChina Company Limited

USO broke $33 today:

However, Woody’s RSI(2) is showing a buy signal in oil:

A few stocks to watch if we see strength tomorrow. We’ll start with a few refiners sponsored by Jakegint:

HOC

VLO

If steel get moving, AKS is your play. The stock broke overhead resistance today and closed above the 50 day.

If you notice a few small gold bombs moving higher, HL could ramp.

If the sun is shining, LDK is your play.

I sold JASO @ 3.43, swing long from Monday.

I sold URE earlier in the day around $7, sold daytrades NVDA, SIGM, & AKS all for profits. I’m also looking to get rid of a few more longs before the new year is here.

Last night’s stock setups are playing out perfectly: NVDA, SIGM, AKS, & UYM. I have to say UYM looks great right here.

New to the watchlist: AMSC