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Steve's Trading Diary - November 2007


11/23 OPTM was not bought even though it came back up. Be ready to buy this on a positive open on Monday, at anything above $8.00. Use a close below Friday's open of $8.75 as your stop.

11/20 Shorted IEX as it traded lower even though it had a Doji type day on Tuesday. Continue to hold. We don't want to see it trade above Tuesday's high of $34.41. This one needs to stay in a downtrend after the Kicker signal. 11/23 It was closed as it traded above Wednesday's high at the $34.41 range. If you didn't cover your short position on Friday, be ready to cover this one on any positive trading on Monday.

11/16 Bought JASO on the positive open. It consolidated a little bit but then took off to the upside. It moved up through the 20 day moving average after bouncing off of the 8 day moving average. Continue to hold. It could possibly test the recent highs in the $70 area. We don't want to see it close back below Friday's open of $55.41 at the T-line. If it came back down through there, it would tell us the Bears are back in control. 11/19 It sold off on Monday. It didn't reverse the trend but probably sold off with the market after a nice up-move over the last few days. Continue to hold but if it forms a severe sell signal, meaning closing much lower like below the 34 day moving average on Tuesday, close out the position and wait for the next buy signal. 11/20 It traded a little bit lower on Tuesday but it wasn't anything to warrant closing out the position. If it closes below Tuesday's low of $54.05, close out the position and wait for the next buy signal. 11/23 It was closed out. Be ready to buy this on a positive open. Its forming a double bottom bouncing off the 50 day moving average.

11/16 Shorted CBK on the weakness on Friday. It should be closed out if it trades above the 200 day moving average on Monday. Also, this could be the second test of the 200 day moving average. It should be covered and possibly bought as a long position if it continues higher. 11/19 It failed at the 200 day moving average. It sold off and closed below the T-line. Remain short on this one. The lower moving averages can now be looked at as targets. We don't want to see it trade above Monday's open of $16.01. 11/20 Continue to stay short. Use any close above the T-line at $15.45 as your stop. This one needs to open lower and continue down to stay short. 11/23 The short position should have been stopped out as it came up through Wednesday's high. Now watch this to cover the short position and possibly buy it if it opens positive on Monday. It's doing a perfect J-Hook pattern set-up.

11/26 ABK was not bought on Monday with it opening higher, right at the T-line, and immediately selling off. This was one where you had to watch to see what it did immediately after it opened.

11/26 TGIC was not bought. It needed to open positive on Monday, which it didn't do. It opened lower and traded down so it would not have executed. Now it looks a little bit weak with the stochastic starting to turn over.

11/8 Shorted VQ. Continue to stay short. 11/9 It formed a Bullish Engulfing signal and closed below the T-line. If it opens positive on Monday, get out of the position immediately. That would bring it up above the T-line. 11/12 It formed a Bullish Engulfing signal on Friday but gapped down on Monday and closed just above the 34 day moving average. Stay short but use any trading above Monday's high of $21.19 as your stop. It formed somewhat of a Spinning Top but the stochastics are heading down.  It should go lower. If it closes above $21.19, it tells us that it supported on the 34 day moving average. 11/13 It dropped dramatically on Tuesday and came right down to t

 

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