23 March Update

So the $DOW had a nasty sell-off at the end of the day, but still remains in an uptrend.  Meanwhile, the S&P, which also sold off, is starting to flatten out a bit.  Overall, I’m cautiously bullish.  If the trend of the last few trading sessions plays out, we can expect a white candle tomorrow.

Real Account Update:

Reviewing yesterday’s trades, $DD was up slightly. I was able to get into the trade around the lows of the day.  I bought the stock outright, rather than buying calls.  $DD held the ascending trend line and still looks healthy.

$EXPE sold off with the rest of the market.  I was hesitant to get into the trade, due to the volatile open.  $EXPE sits on solid resistance, so this is an even better bullish entry with less risk and more reward.  I’m not sure I will take the trade, but I’m very interested to see how the stock moves tomorrow.

What I’m looking at:

$JNJ

$JNJ has been in a down trend since the end of last year.  However, a double bottom may be in (see chart below).  If we close above the “neck line”, I like $JNJ long; first target ~$106.50.JNJ

$PFE

PFizer just closed at its all-time high today.  You can see that MACD is about to turn positive and volume was strong on today’s breakout.  The long wick is a little concerning, but this entry provides low risk/high reward.  First target is $36.03.PFE

$VLO

Lastly, Valero is on the cusp of a breakout to all time highs with MACD just starting to turn bullish.  If this one breaks out, I like a medium term target (approximately 1 month) of $68.45.VLO

  On My Radar:

$COH, $MA, $SBUX, $TIF, $WFC, $AAPL

Just a quick note on $AAPL; although it gapped up slightly, the candle was still one of indecision.  I’m still looking for the $129.50 entry.

That’s all for tonight.  Happy trading!

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