Its been a while since i’ve seen any decent chart patterns in the stock market as since september the price movements in stocks were completely irrational and nearly impossible to predict as some new PR would cause hysteria in the markets just about every other day swinging the market in either direction yet mostly down.
Now it seems we’ve found some stabilization as stocks have cooled off a bit and chart patterns are beginning to normalize instead of looking at a chart and saying… What the fuck am i supposed to do with that?
Small cap Stock Pick Numero Uno : ????
Looking back at this chart since since there wasn’t much you could do with this stock chart as it was gapping up and down all over the place… Any short term trade that was a success was a matter of luck… Yet now we’ve had some “normal” price movements in the past couple weeks which havbe formed a bullish ascending triangle in this case. Looking at the chart here i think its very possible we could see this move back up and re-test the $100 resistance zone which would post a nice gain from here around $80. I’m going to fill a 1/2 position here Wednesday morning to test the waters and see what kind of action we can get using technical analysis here starting in 2009.
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Small Cap Stock pick #2 - ????
Next stock pick we’re looking at broke out from a symmetrical triangle pattern breaking out of resistance around $4/share horizontally. Though this made a pretty large move tuesday so will be looking to buy a position in this stock on a pullback near the midpoint of the breakout candle, which would be around $4/share. Volume was significant on this breakout indicating a higher probability of a continuation north from here. Looking to buy this wednesday on a pullback near $4/share
I went short today in HIG for an extremely quick daytrade as the market collapsed in the later part of the session. The last hour of trading these days is highly volatile and highly unpredictable making it difficult to trade as well as well to follow.
HIG had been trending down for most of the session on the intraday 5 minute chart and was breaking down its latest bull flag pattern which signaled to me this was a good time to go short and that another leg down could follow. Apparently i was right and the market tumbled in a matter of minutes bringing HIG down with it. I went short HIG at 17.73 and covered for a quick profit at 17.11
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The market was pretty flat today surprised to see just a double digit move it the market for once. Although it was still highly unstable irraticating up and down in swings that were triple digit sometimes in a matter of just 15 minutues. Hard to satisfy any directional movement in the market playing short term swings as we swing up and down and all around, looking good one minute and completely opposite the next.
But in any regards we scored some points today for our Black Service stock picks that are up over 120% this year while the market has tanked!
Stock Pick – TBSI
This was the only stock that i traded today as there just wasn’t much set ups of interest today. I went short on the breakdown of the intraday symmetrical triangle pattern that was formed on the 5 minute chart at 8.42 and notified black service members to do the same. From there TBSI fell sharply in the low 8′s where i took profits on 1/2 of this position at 8.16 to ensure some gains. I held onto the second 1/2 position for a short while to see if the had anymore downside pressure after a short term rebound but eventually got stopped out at 8.46 when it was breaking to the upside of a consolidation pattern which is why it is always important to take some money off the trade when you have profits to ensure some profits. TBSI ended up closing at 8.60.
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Tags: Day Trading
Dec 13, 2008 Small Cap Stock Picks
ok. Doing one more theme revision here to see what i like the best. First two were the black and pink theme/white.
Now im going with black and the twitter blue color. I’m kinda diggin the twitter blue yah?
New Black and Blue:
New Black Background theme:
Futures are getting hammered currently as im right this at 11:17pm thursday night and are down 272 points currently. They were even down around 340 points not too long ago but have rallied somewhat. I wasn’t expecting this rally as of late in the market to hold for very long which is why i shorted DSX and EXM yesterday for some huge gains as well as went short in another stock today thats only veiwable to Black Service members which is our premium service that is up over 120% this year.
Its highly probable that we will see a huge gap down in the morning with some heavy volatility. As well as a you know what load of profits on are short stock pick i called today as we headed into the close. Bank of America announced today that they are cutting 35k jobs which is probably weighing heavily on the market. Been seeing more and more PR’s of job cuts but none near as big as 35k. Theres gonna be an ugly chain reaction from all these job cuts as more and more people are gonna be broke and struggling to get by in this depression. Consumer spending will fall, more people are gonnna go bankrupt, and a shit ton more of forclosures for people who have lost there jobs and can’t make their mortgage payments anymore… What i crappy we’re living in. Can’t wait to get out of this crap hole. But we’ll do our best to not die in the hole and get ourselves out of it!
The last two trades i just closed to in DSX and EXM had certain setups that I love trading. I found this other set up today in ???? that has a very similar pattern and looks worthy of trading. And with the DOW breaking down its short term pennant formation today it would appear that that chances of us falling tomorrow are greater than rallying.
I took up a short position in this stock at 6.72. If you want to know what stock pick this is along with getting my real time trade alerts via live video, chat, and email sign up for Black Service! Holiday Special!
This stock has continued to try and rally for the 3rd time today but higher prices have not been warranted by the market. Now with today as the first down day in the rally and a bearish candle. Its likely that this will fall Friday.