Steve's Trading Diary - September 2005
9/20 Shorted OPWV on the weak open. It came back up but be ready to continue to short it. Use a close above $19.74 as your stop. 9/21 this should have been shorted on the weakness on Wednesday. 9/22 it showed some strength on Thursday but continue to stay short. Use a close above $18.98 as your stop. 9/23 it popped up but should have been stopped out as it closed above the $18.98 level. However, be ready to re-short this on a weaker open on Monday. 9/26 we reiterated this as a short recommendation. 9/27 it was not shorted. It opened higher and traded higher but came back down to the low end of the trading range. Be ready to short it on Wednesday on the first signs of weakness. 9/28 it was shorted on Wednesday on the weaker open. Now use a close above $19.00 as a stop. 9/29 it's still in a downtrend, continue to stay short. Look for it to test the $18.00 level. 9/30 it has now moved down to the 50 day moving average. Continue to stay short but start watching for buy signals. 10/3 it did not support at the 50 day moving average. It is now getting into the oversold area. Continue to stay short but watch for a buy signal. 10/4 it's continuing its downtrend, continue to stay short. Look for possible support at the $16.70 to $16.50 level. 10/5 it formed a Spinning Top/Harami. Be ready to cover this one on any positive trading on the open on Thursday. Be ready to take profits. 10/6 continue to stay short. It formed a Tweezer Bottom. Be prepared to start taking some profits if it shows strength at this range. It is now supporting at the low of August. 10/7 it formed a Bullish Harami/Doji on Friday. Be ready to close this one out immediately on a positive open on Monday. 10/10 this one opened slightly positive but didn't show any continued strength. Since there was no new strength, you should have held on to this. If you closed it out, that is fine but preferably you should have held on to it with no follow-through buying in Monday's market. 10/11 continue to stay short but start looking for a buy signal soon. 10/12 continue to stay short. Use the 200 day moving average as your target at around the $15.20 area. 10/13 it formed a Tweezer-type bottom with a Spinning Top. Be ready to close this one out on any positive trading on Friday. 10/14 it should have been closed on the positive open on Friday.
9/28 Bought ATRS. It formed a Spinning Top/Doji right at the recent high. This one needs to see some continued buying. If it opens lower, expect a few days of consolidation. 9/29 it should have been bought again on Thursday on strength after it moved up through Wednesday's open. 9/30 it's still in an uptrend, continue to hold. Use a close below $14.80 as your stop. 10/3 it's still moving up steadily, continue to hold. 10/4 it moved up nicely, continue to hold. Now use a close below $15.50 as your stop. 10/5 it formed a Bearish Harami. Be ready to close this one out on weakness on Thursday. 10/6 continue to hold, use a close below Thursday's open of $15.50 as a stop. 10/7 it closed below the $15.50 level. This position should have been closed out.
9/27 Bought ALO as it moved up Tuesday morning. It should be closed out on Wednesday if it shows weakness. It needs to form a Doji or show positive trading to continue in this trade. 9/28 it formed a Doji on Wednesday. Now we need to see positive trading. If it opens lower on Thursday and starts trading down, get out of the position. 9/29 you should get ready to buy this on strength. It needs to open higher. If you own it, continue to hold but use a close below $24.00 as your stop. 9/30 this was reiterated as a buy recommendation. 10/3 we would not have bought this again on Monday but if it opens higher on Tuesday, look to buy it on strength. 10/4 it moved up strong. It is still a very strong buy opportunity. 10/5 it backed off on Wednesday but still be prepared to buy this one on strength. It looks like it is trying to form a Fry Pan Bottom signal. 10/6 if it trades lower on Friday, close out the position. Use any trading below $24.40 as your stop. 10/7 it's continuing its Rounded Bottom pattern. Use a close below $24.50 as your stop. 10/10 it's still slowly moving up, forming a Fry Pan Bottom. Now use a close below Monday's open of $25.20 as your stop. 10/11 this one should have been closed out as it came through the stop.