Wednesday, January 6, 2010

INDEX UPDATE / TRADE REVIEW: STEC

The upload speed on the show was too slow due to internet connectivity issues. I am getting that resolved. I posted charting requests on Chart.ly and answered the Q&A questions on my twitter.

The indices are, again, at different stages of development. For example, the SPX is forming the apex of a another more steep rising wedge. The DJIA is in a tight ascending channel. The COMP is the best performer with a solid b/o in Dec, needs follow-through action to carry the other indices. I am impressed with the RUT as it pushed passed the weakness at the end of last year and broke to a new daily high. Keep an eye on these four indices and any changes that they may exhibit.






Here is a half-day chart of STEC. I traded it in the morning, but couldn't post it. I provided the buys/sells below as well. As liquidity improves, I will go back to increasing my position sizes to my standard size. The entry was at the breakout of the opening's high. Another entry would have been the pullback from the breakout. My first exit with a 75% position sell was at $19.60 and my second exit with a 25% position sell was at $19.88.



I used the daily chart as my targets to exit and to scale out. The entry was determined by the intra-day breakout.

That's pretty much it. Have a great trading day folks.

2 comments:

fortune8 said...

VN! And they said the 1st hours was for amateurs. HA!

John C. Lee said...

Yup. Thanks for stopping by F8