Friday, April 24, 2009

MARKET COMMENTARY (4-23-09)


Take note that either a symmetrical triangle or ascending triangle is taking form. The upper and lower ranges are drawn out on the charts below. It will be wise to actually wait for a breakout or breakdown, because I find no hard edge benefiting one side (in an obvious way) right now. We could head higher or lower, and the odds are pretty much the same. That's why is continue to stress careful selection.

At this time, my goal is to preserve my gains. In a few days, I will rid myself of all of these $1-4 stocks that I own and let the general market consolidation continue. If you noticed, my picks that did not follow the market...are starting to follow it. The dynamics have changed since Monday and the end is near for these stocks if the market takes a plunge.

Holdings include FEED, CAR, FIG, RUTH, and an initial scale-in of the devil's ETF going by the name of FAZ. If done right, everything should hold steady, and I will be able to close out April with my largest monthly gain ever (over 60%). I find it interesting how March (with a gain of 2%) was my worst month in 2009. Perhaps, the souvenirs I bought for dirt cheap in Cancun made a difference. In any case, I hope you've had just as much success following my plays this month.




5 comments:

Anonymous said...

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Anonymous said...

John,

WMT has been in a free fall. Any indicator on that ugly chart. Appears it is headed to $47.

Anonymous said...

Hi John,
I been following your charts for the last month or so, what is the blue line that extends to the S&P 870 mark stands for?

Thanks!

John C. Lee said...

its the lower wedge's resistance line.

WMT looks like it will hit 46-47 yes.

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