Still light on trading  yet pounced on the opportunity to help us bank some extra cash when i noticed ETFC breaking out while watching its 10m intraday chart as volume was increasing. I alerted Black Service members to go long in ETFC at 3.06.

Email Trade Alert:
“In ETFC for a day trade here at 3.06. Looks like the market might run in the last hours as people are betting on the bill getting passed. Gonna follow the 13ema on this one into the close. looking to sell near 3.20 given the chance.

-fous”

Patiently we waited as it bounced near the whole #3 as well as the 50ema which are very strong levels of support. Towards the close it ran along the 13/9 ema trend on increasing volume. I took my profits at 3.16 for a nice 3.26% gain but you had the opportunity to sell it as high as 3.25. Try Out our Stock picking program aka: “Black Service” for a FREE 2 WEEK TRIAL!

Technical Analysis:

I’m still holding off on swing trading until we “hopefully” get this bill passed that the senate is voting on tonight. Its still to risky to hold stocks over night when another failed bailout plan could cause massive declines pre and post market. Looking forward to seeing what happens tonight with the Senate.

Tags: bailout, ETFC, Technical Analysis

This entry was posted on Wednesday, October 1st, 2008 at 10:16 pm and is filed under Day Trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.