Skiracer's stock slopes

[skiracer]

CHART ChartTrader's Premarket Notes -Technical-
I have noticed that several times I have caught stocks on their day off, so-to-speak, in between sharp moves. The thesis here, which we all know in an abstract sense but which I plan to learn in an applied sense over coming sessions, is that momentum can sit and stew for a day or two. To really appreciate what I am talking about, see the MEE chart over the past three sessions. I simply caught the coal players on the wrong day. Another point to keep in mind more and more as this bull move wears on is that we're right to keep playing heavy on the long side, but there will be one day when we're wrong. A correction is way overdue here. My strategy is to keep the pedal pressed until I see a turn underway. However, the key idea is, all of the momentum long set-ups may become short set-ups in a correction. Stocks with long-side momentum are also, many times, overextended. Next, note that I have no short set-ups simply because I couldn't find any bearish momentum. Another golden statement for the contrarian mind. Addtionally, this morning the oil stocks started to push their way onto the scan. It may be time for a correction here. I have UCO and GRP on the list today to that effect. We will need to keep an eye on crude and the OIH here. Finally, I don't have any retail or software, which may be a costly oversight. Do yourself a favor today and keep an eye on the RTH and the $DJUSSW or SWH, or some representative stocks. Also, the divergence between the BBH and $BTK will be a drama to keep an eye on today.

I thought that first 3/4 of this statement was pretty much right on an what you have to contend with when trading over the short term. That's why they have stops. This guy is one of the traders over at Briefing.com's site. Just one of a few guys who write a thing over there.

[skiracer]

I just took ACOR short at 17.00. I think that it will sell off pretty good this afternoon on profit taking and the Friday/weekend effect. Intraday 15 min. chart is beginning to stall and look weaker.
FMD is anything but a short today. Hustling in the other direction earlier this morning but now seems to be stalling out some. I still love it short but will wait for it to show me.

[peanuts]

I just took ACOR short at 17.00. I think that it will sell off pretty good this afternoon on profit taking and the Friday/weekend effect. Intraday 15 min. chart is beginning to stall and look weaker.

Ski,

It will sell off, but I think it might be able to close above $15 and then make IBD's 100 list at a high ranking. I would be cautious of holding a short position over the weekend.

Nice entry, now let's see what happens at $16.70...

[skiracer]

Ski,

It will sell off, but I think it might be able to close above $15 and then make IBD's 100 list at a high ranking. I would be cautious of holding a short position over the weekend.

Nice entry, now let's see what happens at $16.70...

I think the text is running long because you quoted that one post that was before I consolidated my spreadsheet. I think you have to go back and delete that post to get my thread back to it's normal size.
I don't know if it is a good entry or not yet. I like the fact that it breached the 20 ema at 17.33 and soundly it seems. I wanted to see it go through that first so 17 was in the back of my mind beforehand. We'll see how it goes.

[Runner]

Ski, is there a symmetrical triangle look on ACOR's 15min. chart? I see the lower highs.

[skiracer]

Ski, is there a symmetrical triangle look on ACOR's 15min. chart? I see the lower highs.

Runner,
I guess you could have some ground to stand on with calling it a symetrical triangle but I don't use the 15 min. intraday chart for that type of pattern that I think requires a longer lengtth of time to use as judge of what direction it is going to move in. I always use at least the daily. I'll use the intraday 15 min. for a drop or gap up or down for a quick entry if I see that something is making a strong move off of it.

[Runner]

Ski, you will also notice the same set up on a 60min bar chart. Price did violate the lower trendline. It now should not get back above that lower line. Measured move should take her to around the 15's. I would get nervous of a move over 17.20 short term.

[skiracer]

Ski, you will also notice the same set up on a 60min bar chart. Price did violate the lower trendline. It now should not get back above that lower line. Measured move should take her to around the 15's. I would get nervous of a move over 17.20 short term.

Runner,
I definitely see the symetrical triangle. I thought this one was going to fall out of bed but it's turning out to be a stubborn son of a bitch. It's like a child that's is so sleepy that they want to go to sleep but just won't and stay up crying just to annoy their parents. This one is far and away extended and will drop either today or this coming week in my estimation.

[skiracer]

Not a bad week at all for this watchlist and the plays from it. I usually have my favorites out of the list to start the week that I feel will do the best but I'm always suprised by the end of the week with the ones that end up doing the best. ECOL really made the week for the list this week with a couple of days of nice gains. Yesterday and today really put me over the top. No stocks ended the week in negative territory to give the list a 100 % gain this week. No way you can complain about that. I didn't close any of the open trades this week and am carrying all 6 of the open positions over the weekend. I'm looking for these open positions to do really well this coming week. ECOL would probably be the first one to be trimmed back or to take the profit off the table. I'm waiting to see what Monday brings to the list.
One stock that I will be adding to the list for sure is FMD and the play will definitely be to the short side. It surprised me today by starting out looking weak and then adding to the plus side. It didn't hold the strength and weaked by the end of the day and I'm convinced that it is overbought and will consolidate and pull back this coming week. I feel the same way about ACOR. Started to show weakness and fall, then strength and move up but the truth of the matter is that there is alot of profit to be taken out of it and at the end of the day it began to show it's need to consolidate and pullback. This is not anything to do with weakness in the fundamentals of the stock but the normal need to consolidate gains and for profit to be taken out when it is there after a considerable run up over a month or two. I'm looking at taking a couple off the list and have a few more that I will be adding to it.
Average gain for this continuing watchlist after three consequtive weeks of trading is: 57.26
Here is the spreadsheet for the final day of the week with the totals for the week:

[skiracer]

I was thinking that an interesting idea would be for whoever would go along with this proposal to post their current short term or long term positions and their entry points in each position. Just to give a glimpse of what everyone is doing or holding. Just the stocks that you are currently holding in your trading portfolio. Don't include those in your forever term retirement acct. unless you want them included in the discussion.

I will start it off with mine which are:


ACLS - long - 7.50
ACOR - short - 17.00
ECOL - 20.30
KLIC - long - 9.04
LIOX - long - 7.66
MED - long - 10.10

[Gwhiz]

ASVI 15.24 up
GROW 24.23 up
IAAC 25.13 down
CKEIE .0249 down (only bought 60 dollars worth)

all are longs

[billyjoe]

MO 78.46
MOT 25.11
SAI 17.80
LRW 19.38 * this went up ,then down over 45% in afterhours trading in one session I couldn't get out. Holding with a little over 8% loss has been recovering slowly

----------billyjoe

[Gatorman]

Trading Portfolio

ET - long- 21.28
CSCO -long- 22.71
ECOL- long- 21.40
CMVT- long- 21.50
CDNS- long- 17.79

[skiracer]

This is a great start guys and thanks for participating. I wanted to be able to take a look at what other forum members are trading or holding and to start some dialogue on what brought each of us to these stocks initially and to have some discussion on how they are doing and if they are living up to your expectations. Or anything else that anyone might have on their minds regarding these stocks. After all these are the stocks that are the most important to each of us right now.
I think all of you know that my strategy lies in short term swing trading based almost 100% on the technical side of the coin. But I also like to know that fundamentally the stocks I am trading are somewhat solid and have something going for them in that vein. I always take a look at the fundamentals to a degree.
You can feel free to ask me anything you want about any of the stocks on my list and anything regarding how I go about my trading regardless if it's in agreement or disagreement. I'm going to do the same with each of yours. I think it's a good thing for others to understand the why behind what we are doing and hopefully this will enlighten and add to each of our knowledge bases in some way.
At least it will open up some new avenues for discussion knowing what each other owns and the reasoning behind the plays. Thanks again.
As an afterthought I was thinking that I would put these in an Excel format spreadsheet, not to track how they are doing, but to have them all in a formatted list where anyone else on the forum would be able to see them all at once instead of having to cruise through my thread looking for them. I'll keep it updated and all anyone will have to do it to take the time to post here if they exit a positon or add a new one. Like I said I'm not interested in seeing how well or bad they are doing as much as what and why we are doing it. My only motive in this is for all of us to better understand how all of our minds work in what we are doing by having our positions available to each other and open for discussion.

[Runner]

Ski this is all I got open
BLUD 22.79
PNRA 60.34
SCHW 17.55 stop out on gap down for loss
RTN 49.44
AKAM 50.77
MTW 50.10
WMT short 48.70
Positions taken last week were ½ size as I feel things are getting crazy as the S&P is hitting 3-year upper channel. I only buy pullbacks out of bases or stocks trending and pull back. I size each position based on volatility and risk is normally 1%.
I will most likely not open anything this coming week… Despite what I think I can’t argue with the bullish action as the trend has been up.