A couple of my positions came very close to stopping out today, but the late-day strength managed to buoy the share prices of SNE and ACHN above where I wanted them. This can either be seen as good or bad, considering my nubile derriere is now exposed to the ghoulish villains from cell block six overnight. So I’m either deferring a loss or avoiding unnecessarily being stopped out. Either way, we stick to the plan, yes yes?
I was reminded by my good friend @elizamae via twitter of this old post concerning a very significant price zone. A price zone we tested today. How quickly my mind forgets old thoughts, I blame the ADD. Nevertheless, it’s worth a reread as we swim in these waters.
A humble tip of the hat to you, good sir.
The only other action today was buying some GOOG weekly calls near the LOD. I scaled one off and the other is nicely green and held close to my chest overnight. It’s mine! You can’t have it. I bought Google because it’s a support play, much like we’re looking for these prices in the big indices to behave as support. Therefore, I can extrapolate the index behavior out to the stock and allow the large tides to assist in dictating my decision process when drilled down to Google stock. Cool right?
My swing portfolio was down 1.2 percent today and cash levels are near 40 percent.
Good Monday. Let’s string together a strong week.If you enjoy the content at iBankCoin, please follow us on Twitter