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Steve's Trading Diary - January 2007


1/23 Bought PNTR on the positive open as it stayed up above the 50 day moving average. It can still be bought. It's forming somewhat of a Fry Pan Bottom off the 50 day moving average and has the possibility of coming up and testing the recent high, somewhere around the $15.50 level. If it breaks out through there, it has plenty of room to move higher. 1/24 It consolidated a little bit on Wednesday but it wasn't anything to change the uptrend. In this type of pattern, anticipate that it will open higher and start moving higher on Thursday. 1/25 It held up reasonably well and stayed above the 20 day moving average on Thursday. It's still in a nice Rounded Bottom formation. It needs to show a positive open to start breaking out to the upside. 1/26 It didn't do what it should have but it came back down and tested the 20 moving average. It's still forming the Fry Pan Bottom but it needs to stay above the 20 day moving average. A close below the 20 day moving average would start to negating this Fry Pan Bottom pattern. 1/29 It didn't show the strength we wanted coming out of the Fry Pan Bottom. It traded a little bit indecisively on Monday, but it definitely needs to open higher and start trading higher on Tuesday to stay in this position. If it opens lower and starts trading lower, close out the position. 1/30 it had an indecisive trading day. It came back up and traded a little bit positive on Tuesday. Look for it to still maybe round out the Fry Pan Bottom, which means it needs to see a positive trading day on Wednesday. Anything lower would start indicating that this was failing, and it may be in a sideways pattern. 1/31 It formed a Doji on Wednesday, which was not impressive with a 100 point move in the Dow and a 20 point move in the NASDAQ. However, it's still trying to form a Fry Pan Bottom. We definitely need to see an up-day on Thursday. 2/1 It should be closed out on Friday on a weaker open. This one needs to see immediate buying to stay in this trade. It's starting to flatten out, eliminating the Fry Pan Bottom concept. 2/2 It didn't do much of anything on Friday. It may not do anything until the stochastics get into the oversold area. If it trades significantly lower, especially if it comes back down through the recent lows, close out the position. This one needs to show positive trading to keep the Fry Pan Bottom action in progress. 2/5 It had a good bullish day with a little Kicker-type signal back up through the 20 day moving average. The stochastics are curling back up. It's still in a rounding pattern, continue to hold the stock. We don't want to see it close back below the recent lows at this point. That would make the Rounded Bottom pattern too flat. Now we need to see it turn back up and move in a positive direction. 2/6 It had a nice strong day, bouncing up off the 20 day moving average up to the 50 day moving average. If it opens higher on Wednesday, it will be above the 50 day moving average as well as breaking out above the recent highs. At that point there will be very little resistance. The next possible resistance level will be at the $15.50 area. 2/7 It got a little bit sluggish as it hit the 50 day moving average but continue to hold. If we see a couple of more positive days where it breaks out through the 50 day moving average, it would not only break through the 50 day moving average but also the recent highs, and there should be a good little pop higher at that point. 2/9 It came up through the 50 day moving average on Thursday and backed off a little bit on Friday, but it's nothing to change the slow uptrending system it's in. Continue to hold and look for a higher open on Monday with an immediate positive move. 2/12 It opened lower and traded down but traded right to the 50 day moving average. It's still in a Fry Pan Bottom / Rounded Bottom pattern. It needs to hold the 50 day moving average on Tuesday. Otherwise it would be<

 

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