Another day, another doji and another failed attempt at cracking the 50 SMA. I’m not entirely sure what this means other than the fact that doji’s represent market uncertainty. Could we be forming some sort of bearish flag? I think it’s definitely possible as volume continues to decrease, but curiously, the oscillators are ticking upward. MACD has almost crossed while Stochs have already crossed. It’s very interesting where we may end up from here. One thing to keep in mind tomorrow is that we only have a half day of trading. Markets close at 1:00PM EST and then resume on Friday. I can’t see us breaking the 50 on a half day. I think we will just meander tomorrow and leave the move for Friday or maybe more probable; Monday. Personally, I am still looking at a bearish break out, but time will tell.
REVIEW OF YESTERDAY’S PICKS
$BBY: This stock sunk like a rock today. Fortunately, you never would have been triggered in bullishly. Today looks like a tweezer top. I’m not sure what this thing is going to do. I’ll leave it be for now.
$WYNN: WYNN you would have gotten triggered in at the end of the day. I did not get in due to being so close to my first target of 125. A close below it and I would go short down to 121.
$GS: You would not have gotten triggered in at the end of the day.
$GPS: You would have gotten in and then stopped out.
REAL ACCOUNT ACTIVITY:
$POT: HOLDING (-7%) I am sticking with my stop of 38.30.
$GPS: OPENED/CLOSED (-15%) I only bought 1 contract so this loss was really pennies to my account. I’m not sure if my stop was too tight, but we’ll see within a few days if it was in a good position or if I should have kept it lower.