Hi all. I just want to apologize for missing the last couple of days. The summer is proving difficult to keep up with work, leisure, family/friends, and stocks. As a result, the blog is slipping off the plate. Therefore, I make no promises on how often I update, but I would like to be able to update at least 3 times per week during the summer. That is my short term goal with my long term goal of updating daily once the summer winds down in a few months.
So. Today we had another all-time high close but the end of the day saw a slight sell-off. I think we are due for another turn down, draw down, whatever you want to call, but I think the bears are sniffing around. That being said, I would not enter short unless tomorrow really does sell-off.
REAL LIFE ACCOUNT:
$DIS: HOLDING (-15%) I entered this at the wrong time. I think my strategy is going to focus more on formations rather than intermediate support and resistance lines. I want to focus on strong pivot points, trend lines and patterns ready to break out. That is my new focus when looking at trades.
$HES: HOLDING (-2%) See comments on DIS. I should have gotten in early, but I was worried about an intermediate resistance that probably was something more to be aware of than to place a trade around.
$DMND: HOLDING (+11%) Finally, a good trade! I am moving my stop up but DMND looks strong to me. It’s due for a down day or two, but I think overall we are heading to 24.00
$WLT: HOLDING (+55%) This is good, but not as good as it looks. I wrote a $12 put that expires this Friday. I’d be happy to own this stock and write calls against it if it channels or declines. Similarly if it rises, I’m happy to write puts as it goes up.
Picks for tomorrow coming soon.