Merck Looking Good

MRK is starting to look good here. It is breaking through the downtrend line, although it has not yet been able to close above the 50DMA. You can get long and stop out below $34.50. Good risk/reward here.

Day Trade in FLR

Check out the buying surge near the close.

Cut the Losers

Cut the losers. Let the winners ride. Never let a winning trade turn into a losing trade.

I have had to exit four trades this year as a result of winning trades turning against me. In FXI I was up 13.5% at one point, but bailed at my break-even point as it reversed direction. The same thing happened to me in DD, PCU, and QQQQ, shown in the charts below. All four stocks are currently trading below my sell price.

Ascending Triangle in Mosaic - MOS

Pretty sweet long entry in MOS here. Breaks out of an ascending triangle on good volume. W00t!

NUE in a Triangle

Nucor Steel is forming a nice triangle on the daily chart. It should resolve in the next few days - I think it's a nice setup to play either way. My initial bias is that it will break to the upside.

Nice Long Day Trade in POT

POT set up nicely today around 2pm. It broke to new intraday highs on higher volume.

PCU Takes the Stairs Down

Multiple places to initiate intraday shorts.

Intraday Ascending Triangle Breakdown in FXI

Decent day trade setup here to the short side.

Nasdaq Broken

Here's a chart of the Q's.

The March uptrend is broken. The November downtrend reigns supreme. Support at $48 is broken. Today we closed below the 200DMA and the 50DMA. Not looking good.

I bought 50 shares of QQQQ at $48.50 in my Roth account last month. I think it may be time to bail on a small loss. This thing is oversold - hopefully we'll see a bounce and I can sell on some strength.

RIMM Explodes in Last 30 Minutes of Trading

At about 3:30pm some big volume came into RIMM and sent it flying higher - it shot from $130.50 to $134.50. Nice.

I need to develop a way to actively scan the market for opportunities such as this. I'm hoping thinkorswim will add some features to their software to make this possible.

FSLR in the DANGER ZONE

Check out the price action in FSLR since its late 2006 IPO. $30 to $300 - NOT TOO SHABBA! So what's the next move? $300 to $3000? Uhhh - not so fast.

FSLR has been in a very well defined uptrend since February 2007. Today it closed right on the line. If it makes one or two closes below the line, things could get ugly. The next few sessions will be critical - I'll be watching it closely.

Nasdaq QQQQ at a Crossroads

The Bearish:
The November downtrend is still intact. It failed at the trendline two weeks ago, and then again last Friday.

The Bullish:
The 50DMA is sloping upward from below and will probably cross back above the 200DMA soon.
The 200DMA supported QQQQ several times during May. It is now sloping upward slightly.
The March uptrend is still intact.

What to look for:
Soon we'll either break to the upside above the downtrend line, or break to the downside through the March uptrend and through the 200DMA. I got long at $48.50. If QQQQ closes below $48, I'm outta here.

LEH Ascending Triangle

Talk about a sweet short setup in LEH. This thing just bent over and took it hard.

MOS Going Higher

MOS is breaking out of a bull flag to the upside. I think I'm going to buy 10 shares and stop out below $113.50. I'm going to ride it until the 9 month trendline breaks, so this should be a long term hold if all goes well.