Interesting Setup in Merck (MRK)

This was brought up on Fast Money tonight. You can get long and stop out below $36.80. I'm going to wait until it breaks through the downtrend line.

Financials Forming a Base

If you want to trade the financials on the long side, stop out below yesterday's lows. 50DMA is no longer sloping down. XLF has tested these levels several times this year.

Day Trade to the Short Side in ESLR

Breaks below support on high volume. Support becomes resistance. Gravy train.

MOS Up Huge

MOS was up over 7% today on decent volume. If you check out the chart, you'll see that yesterday MOS dropped down and touched a long term trendline - one that has been in place for 9 months. Within the next few sessions we should see the outcome of the bull flag that is currently forming (much like the one that formed in March). My bet is that it will resolve to the upside. If you want to get long MOS now, I think you'll be ok - just stop out below the lows set on Tuesday ($113.50).

Taking a look at the intraday action, MOS offered a good long setup this morning. It formed an ascending triangle and then broke to the upside with increased volume. It then found support at the former resistance line, and the rest of the day was just riding the gravy train. Sweet, sweet, agricultural gravy.

How about that surge of buying at the close? I bet this thing goes higher tomorrow.

RIMM Breaks Out, Along with all Tech

The huge surge in volume that accompanied this breakout makes this a no-brainer long entry.

NUE - Nucor

In response to Steve Abraham at thebulltrader.com, here's my analysis of Nucor. A 6 year, weekly chart shows a clearly defined uptrend - so for the long term, I'm bullish.

Shorter term, however, is a little more dicey. Check out the huge volume last Friday - NUE hasn't seen that much daily volume in about 5 years. It sliced right through the 50DMA. I think you could start buying NUE, and stop out if it closes below Friday's low. It wouldn't surprise me if NUE sinks down to $65, a 10% drop from here. Below shows a 9-month, daily chart.

Easy Stop in GLD

I think I'm going to start a short position in GLD. The obvious place to stop out is a close above $94.

GLD is trading above the 50DMA, but the 50DMA has a negative slope, and thus it should weight GLD down.

Nice Intraday Opportunities in RIMM Today

The chart shows two great short setups. Then RIMM decided it would turn and go the other way. A couple of good places to get Long then came about.

PCU Day Trade

PCU, like the rest of the market, sold off hard yesterday at 2PM. Volume came into the market as it fell lower. This was a great opportunity for day trades on the short side.

DD Intraday Breakout

Nice Long setup here.

AAPL Intraday Breakout

AAPL broke to new intraday highs on strong volume this morning. This was a great set up to get long.

Yet Another Ascending Triangle Breakdown in RIMM

This was yesterday. The chart speaks for itself.

LONG 50 QQQQ @ 48.50

Just picked up 50 shares of the Q's in my Roth Account. My stop is around $46.

Bullish:
-Just broke through downtrend line.
-Above 200DMA.
-There seems to be a rotation out of commodities (Oil, Ag, GOLD, Metals) and into Tech, Financials, and other sectors.
-The DOW just broke through 13,000.

The Art of Selling

Buying is a Science. Selling is an Art. Apparently I suck at selling. I bought 15 shares of PCU at the beginning of April at $113.69. Last week it reached $125, a 10% gain. I watched that 10% gain evaporate before my eyes, and today I sold at $113.59 for a $1.50 loss, plus commissions. Nothing to cry about really, and the stock could head lower - so maybe it was the right move.

So what's the lesson learned here? Don't let a 10% gain turn into a loss. There's absolutely no excuse for taking a loss on this trade. I just wasn't watching this trade close enough. If your profitable trade starts to falter, exit with some profit, or at least at the break even point.