Market Review for Monday July 8, 2013

Good evening all!  I want to apologize for not posting on Friday and Sunday.  I was on vacation and unable to post.  Then, due to flight delays, I was unable to post on Sunday.  At any rate, I am back in business, so let’s get started.

Today was yet another doji, but we closed above the 50 MA again.  Volume was bland but oscillators and indicators support the bullish trend.  Ideally, I would really like to get above the bottom bullish trend line as well as resistance at 166.01.  For now, I am bullish on the market unless something proves otherwise.  SPY_JULY_9_2013

REVIEW OF PREVIOUS PICKS/REAL ACCOUNT:

$UA:  HOLDING (+3%)  This stock still looks bullish.  I like a target of 64.20.  I have my stop at 60.40. 

$MCD:  Never got triggered.  I still like this one bullish on a close above 100.90 with a target of 102.75

$XONE:  No trigger.  I still think this stock is way over extended and due for a big pullback.

$LULU:  CLOSED (-20%) This one was a technical mistake.  I should have used the wick from 6/12 and for some reason I ignored it.  Entering on a close below that wick would have been appropriate.  Unfortunately, that wick provided support at the stock bounced.  I like a bullish entry on a close above 66.85.

$AXP:  HOLDING (+10%)  I think this stock is strong, but I was not crazy about today’s close.  I may buy protective puts depending on the price action tomorrow.  For now my target is at 78.00 and my stop is at 75.00

$LNKD:  HOLDING (+11%) I think this stock is very strong.  I have my stop at 187.  I’m looking at targets of 194.60 and 200.00.

$TLT:  Would have been a nice trade on Friday, but today it rebounded.  You would have hit your target on Wednesday or Friday.

$AAPL:  HOLDING (-2%)  I am short AAPL back down to $400 with a stop at 417.

I am not going to be able to post picks for tomorrow due to time constraints, but I hope to be back in the swing of things tomorrow.  I think we will have another bullish day tomorrow.  I’m hoping AAPL continues its newly downward trend.  Good night all, and good luck!

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One thought on “Market Review for Monday July 8, 2013

  1. Hope your vacation went well.

    I would be interested in hearing how you choose your profit targets and stops. Also, I know you already sold the put, but definitely keep your eye on LULU, I don’t think you were completely wrong to go short. Other call positions look good. UA my reach $65, AXP, possibly $78.50, LNKD may reach $200, but might be at a resistance level, and I really like AAPL short.

    I was also on vacation, but I spent some time back testing again my system that I had initially started with in December. I may have already stated this to you at some point so my apologies. I was very excited with my results, and it will keep me from getting in too many positions. I am still going to use my knowledge of flag patterns as well as some trend analysis to pick the direction of my order. We’ll see. It got me into two calls (BBY XOM) on Friday and one today (NVDA). I still will not be using any hard stops, but I am buying a little less time on the option.

    Good luck Amigo!

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