Today was a good day for the bulls, even though volume fell across the board. I like that I still see a lot of bearishness in the chat rooms I monitor. I call this climbing "the wall of worry." I see a lot of good chart patterns from tech and medical stocks, so I find impossible to understand why so many people are bearish. But that is what makes a market, the few who can follow the trend and not try to game the future always come out ahead. So if you are in to predicting what the market is going to do game, I would come over to the trend side. I see a change in the market from what we had the past couple of months.
The indexes are near resistance levels and I am sure that comforts the bears. But with all the positive charts out there and the money that the medicals have been making me I dont think those resistance levels are going to hold. It appears they might soon become support. But once again. I dont know. I am just trying to think opposite from the majority of traders I know now. Think about it: we had two dips today and both were bought and we closed near the highs of the day. That is not bearish.
And you know what my example of a bull market is: NURO (another plus 10% gain in less than a week for a medical stock after breaking out).
Now for today's swing-trade longs: KV-A NRPH LMS APT FORD BAP ACU FTO NNI OMR SBAC FSL ABB FC.
I have mentioned many of these before. Which either means they continue to go up then rebase and break out again. Or I got them on the 50dma and now they are breaking out of most recent bases. THIS IS NOT PUMPING!! This is smart trading.
Also I mentioned in the #daytraders chat room, Friday, that the ET and AMTD merger rumor is probably true, since both stocks have been tracing the same chart pattern for the past year and a half. I said this because that is what DCAI and MDKI did recently before DCAI took it in.
ALOHA this has been a great week and a half. Lots of money to be made on the long side still.
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