Market Update

I’ve been rather lazy about giving short market updates lately, I’ve got a ton of other stuff going on so the videos at night have been better for my schedule.  As well, you haven’t seen any charts here, mostly because they are all on Chart.ly, make sure to be checking in there on a daily basis for ideas, it’s just far easier to post there and allows me to keep a searchable archive of my charts.  If you aren’t using it already for your own trading, I implore you to start, it’s an excellent tool not only for sharing your work, but allowing you to go back and look at exactly what you saw after the trade is over.

Anyway, I’m selling stuff into the close today, we are overbought and I have large gains from the past few weeks.  My cash is above 10% now and I’d like to get it towards 20 by the end of the day, if not higher.  I’m cutting stuff that hasn’t performed and stuff that is way extended, like Ford $F was this morning, I had nice gains and it got the axe.  I’ll look to get back in there on a pullback.  $RAX was an example of the former, it just wasn’t performing, it’s gone as well.

Instead of selling whole positions I’ll probably just lighten up in a bunch, I like my book.  Two specific names that are poised to break out are $V and $NTCT, you can buy them here.

I am a little dumbfounded by the action in $AAPL, what caused that large gap this morning?  Anyway, if it consolidates above the highs I will look to take a position, the weekly chart looks too good not to be involved in this one.

Crude $CL_F is on its way now, look to buy dips.  As well, I will be looking to rotate into energy names on the next market pullback.  Let’s all say it together now…… Drill Quip $DRQ is my favorite name.  Very good, you are dismissed.

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