SPY experienced the biggest 1 day lost in yesterday this year.

 

It broke the immediate support at $113.

Currently sitting right on top of the next support, which coincides with the 50MA at $111.

This has brought the short term market down to oversold again.

 

 

VIX shows a whooping spike above the 10MA channel.

Very likely to see a snapback effect.

 

 

Some random charts ......

 

Spansion, SPSNQ, one of my friend bought it when it was trading at 8cents.

It's 15cents not, almost a 100% return in a matter of few weeks.

Technical view of it looks pretty nice.

A recent breakout above the down slope resistance trendline a weak ago.

And has been since trading upwards strongly with nice volume, and just broke out above it's 50MA.

My suggestion to him was,

- sell off 1/2 of his position, covering his initial cost

- leave the rest running.

This would have been like holding a FREE TRADE, with no whatsoever risk, but being exposed to unlimited gain.

Remember the old saying?

Cut your lost short, and let your profit run.

 

 

 

Altera, ALTR, has been toying around with it's support level for the past week around $21.5 - $22.

Yesterday, we finally saw it fended off and took off above the 50MA once again.

We need to see more upwards momentum on this for things to get back on track.

 

 

Watchlist for tonight will be PAC.

32.99,33.64,34.29,34.94,35.59,36.24,36.89,37.54,38.19,38.84,39.49,40.14,

 

(for details on how I managed my swing trades, visit here. Summary of all my trades can be found here.)

 

 

My recent trades, LECO got stopped out with -1R lost, while ACF is still opened, with a paper +3R gain. 

---

Like this post? Share it!
| | | | | | | | |

Didn't find what you are looking for?
Try searching the web