Market Overview June 10, 2013.

Well today took me by surprise a bit.  I expected a stronger day than what we got, but the good news is that volume was low.  I’d like to say we can expect a larger bullish move tomorrow, but we will have to see.  One interesting item of note is looking what happened during the last two upward moves.  Take a look at (chart below) December 31, Jan 2 and Jan 3.  Now take a look at March 4, 5 and 6th.  Pretty similar, eh?  Now take a look at these past 3 trading days.  Almost identical!  Now I’m not saying that for sure we are going to follow similar patterns, but I think it’s a logical thought.  We are still above the MAs, but it would be nice to see oscillators start turning to support the move.  Time will tell.

Regarding my HD calls… well, I got greedy, in plain English.  I think because of my losses from CAT and BBBY, I wanted to really get a big return on HD.  I had it.  I was at 26% ROI and I didn’t lock in my gains.  I had set a mental target at 79.50, which we cleared up to around 79.68.  Instead of putting in my stop or just taking profits, I watched HD slowly decay away to where I am now sitting at 0% ROI.  Wonderful that I’m not in the hole, but such a shame to have lost all that profit.  I’m not out of the game yet, but my stop is nearby at 77.19.  I want to give the gap a chance to fill without getting whip sawed.  If I get stopped out, then so be it.  I definitely gave the trade a chance to do it’s thing, I just should have locked in profits at my target, which is something I need to be more disciplined on.  Live and learn!

As for yesterday’s picks: KO did not trigger. LOW did not trigger. SBUX would have triggered for a small profit, but I thought it opened too high, so I did not get in.  WMT did not trigger.  BA did not trigger, and TSLA did not trigger since it never got above yesterday’s close.

Stay tuned for tomorrow’s picks!



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