Market Overview for Friday June 14, 2013

Good evening everyone!  It looks like the market may have pulled a “gotcha” today.  We started out bullishly enough but as the day wore on, a slow sell off ensued.  With today’s candle, a clear triangle is being formed on $SPY (this is also true on $SPX and $DJIA and $DIA).  Which way this thing will break is anyone’s guess, but the oscillators MAY be giving a preview.  First, let’s look at volume.  It was very low today and generally has been decreasing ever since the pop from 5/22.  Oscillators are all bearish aside from stochastics which just crossed and are pointed upward.  Since the EMAs are getting tangled together, it may be possible that stochs iare giving an early indicator that the move will be bullish.  This is just speculation and absolutely not something we should be taking a trade based off of.  I think a trend will form once we break north of 165.40 or south of 159.72.


Real Trades:

I did not enter any trades today.  However, I am still holding FCX.  Why?  Well it’s due to dumb luck because I had intended to move my stop to $30.20 this morning, but when I checked my account I had never actually hit the “submit” button to confirm the trigger.  As a result I saved myself from getting stopped out too soon.  Looking at the chart again, I should have put my stop above the open from the candle on 6/11 if I was going to move it anywhere.  This is a good lesson learned for me on where to place my stops but to also be more careful when I enter trades and triggers on my broker account.  All that being said, I’m not crazy about this trade anymore.  I’d love for it to slide down to the low of 6/13 I’ll take a tiny profit and move on to the next trade.  For now, though I am going to place my stop at 30.35 and leave it at that.  FCX_JUNE_14_2013


Results from Yesterday’s Picks:

$COST would not have triggered.  $GOOG would not have triggered and $DE would not have triggered.  No action, but sometimes that’s how it goes.  Better not not get into a trade than violate your trade plan or get into an emotional trade.  Speaking of trade plans, while I have one in my head, it’s been brought to my attention that I should write it down.  I plan on writing up a page on this blog with my plan this weekend.  Stay tuned!

Enjoy your weekend, everyone.  I will be posting my picks for next week on Sunday afternoon/evening.


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