Don't pay dollar to keep 2 cents when wrong. Cut your losses quickly. Trade what you see, not what you think.
Joined Oct 26, 2011
719 Blog Posts

Time to follow the Smart Money?

Awhile ago, I did an analysis of The Fly’s Smart Money Top Pick list and one of the stock was $CVI.

This morning $CVI announced positive earning result and price zoomed up accordingly.  By the time I checked the chart later in the day, I was missed the run-up.  Nevertheless, after analyzing the chart a bit more, it is my contention that today is just the beginning of an uptrend.  I believe $CVI will test the previous high of $62.50 in the near future if general market continues to rally.

Take a look at the $CVI daily chart below:


Today solid green bar is a good mojo sign and there is also a bullish divergence in the momentum indicator below. LBR indicator reflects a favorable turning the corner with the fast line getting ready to breakout of the mid-line.

I bought a starter position and will add if price continues to advance in the near future.

My 2 cents.

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