Friday, June 18, 2010

Another good day for the bulls

This is going to be a short post dear readers since its Friday evening and actually, there is not much to say either. I can't remember when was the last time we had an options expiry week with such little volatility. It was another solid day for the bulls and I see a lot of charts setting up nicely. I will post about setups during the weekend.

S&P is consolidating quite nicely here. And it certainly needs the pause to refuel as if the things go the bulls way, they will be facing tough resistance in the form of MA(50) soon.

Nasdaq chart looks a lot more interesting as it is already fighting with the MA(50) and got rejected at it today. So, this is the important number to keep in mind when we resume trading next week.

Personally speaking, I made just one move today and I regret doing it. Seeing my gold play, NGD facing resistance at 6.60 yesterday and earlier today, I set a sell limit order at this point and went away. Well, it got hit, leaving me with a 4.5% gain. The stock finished at 6.83. Oh well, shit happens and a profit is a profit anyway. That apart, I am pretty pleased with the way I traded this week. As the regular readers of this blog know, I didn't fancy the odds of going long earlier this week but I didn't become a prisoner of my own mind and went long as soon as I saw the market showing strength. I am even more pleased with the patience I have shown with NR so far. More on that and other stocks later this weekend.

Take care and have a great weekend!


Doctor Stock said...

Great thought toward the end... a profit is a profit. Never be disappointed with putting cash back into your pocket. Check back later. Cheers!

The Average Jay said...

Look forward to reading your posts.


positiontrader said...

Thanks for reading guys! I will try to come up with a post on gold and gold stocks later in the day. Take care.