I'm back ready to give this blog another go. I've had a few things come up and involvement in some organizations has limited my time but I view this as important enough to work in. For this entry I'm looking at the coming week, which seems to be very promising for the active trader.
Blue Nile (NILE) and Priceline (PCLN) report tomorrow but besides that I don't have many reports I'll be watching.
As for a few charts:
PALM is making higher highs and lower lows both in price and rsi. RSI broke out of its range that it had previously established as well (30-60). It's also not filled a recent gap from back in November. I'm looking at probably .75 or around 5 percent move up to its 200 sma as a trade.
FIG will probably be rather volatile after its IPO on friday. If the action is monitored closely and nothing is bought all at once, there could be some profit in it.
FXI is coming back down to touch its 50 sma for the second time in a month at around 103.30 ish. You could buy it off the 50 sma, however be very watchful of indicators such as bollinger bands if there is any break of the 50 sma. I'd probably wait for a break out either way (down or up) before I bought. Either way, the consolidation pattern is huge and could bring with it huge implications on the stocks future movment.
Oh by the way, looking back at my first call SHLD, its outperformed all the averages about 3 to 1 (7.5% to 2.5%) since my call. Not too shabby. Friday it tried to break out of consolidation but was brought down with the afternoon market downturn. Did not close where it needed to. So the consolidation continues it looks like.
That's it for right now, i'm looking forward to the week and i'll try to keep this updated.
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