Sunday, November 28, 2010

Chart of the Day

Today's Chart of the Day is ALY. Nice uptrend over the last two months with bull flags all along. An energy sector stock, which has been one of the best performing sectors of late. Nice volume on Friday considering it was only half a day of trading. Strong support at 6.40.

Take care and good luck!


billyo said...

Any thoughts about the momentum divergence on the 3/10 OSC?

positiontrader said...

Yeah, I did notice that. I got in due to the impressive volume on Friday and will get out on the first spike. With the small holding time period, the divergence should not be a concern. And the way the markets are right now, holding anything for a longer time period is a concern, short or long, if you are a short term trader. The general strategy is to take quick profits and go home with a decent cash position everyday. Not a fan of the gap ups or downs everyday.