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Steve's Trading Diary - April 2009


4/29 Bought THOR as it broke out on Wednesday. Continue to hold. This one probably has three or four more points left in it. We don't want to see it close back below the halfway point of Wednesday's large bullish candle at the $29 level. 4/30 It had some profit-taking on Thursday but it's nothing to be concerned about. We don't want to see it close below Wednesday's low. 5/1 It consolidated but moved back up and closed at the top end of the trading range on Friday. If it opens higher on Monday, buy it immediately. It should still be moving in a very strong uptrend. 5/4 It closed right near the high end of the trading range of the last few days. It can still be bought aggressively on a positive open on Tuesday. 5/5 It came up through the resistance level and is continuing its uptrend. Continue to hold. 5/6 It consolidated and formed a Bearish Engulfing signal in the overbought condition. It came back and tested the T-line. It needs to trade higher. Notice that it's starting to move up in a 45 degree angle. At this point hold on to it as long as it doesn't close below the T-line. 5/7 It didn't really do anything during the day but gapped back up after hours. Be ready to buy this aggressively if it opens above Thursday's open and starts moving positive. That would form a Kicker signal. 5/8 It's getting soggy at this level. It needs to open higher and trade higher on Monday to stay in the position. If it closes anywhere below Friday's close without showing immediate signs of buying, close out the position. 5/11 Continue to hold as long as it doesn't trade at all below the T-line. If it trades below the T-line, we would have given it enough time to gain some buying strength and we would close it out immediately. 5/12 It was closed out as it closed below the T-line on Tuesday. It ran out of steam.

4/30 Bought CPX on the positive trading on Thursday coming out of the J-Hook/Cup and Handle pattern. It could move up into the $9.00 area. At this point we don't want to see it close more than halfway down Thursday's large bullish candle at around the $6.25 level. 5/1 Continue to hold. It's still showing a nice chart pattern coming out of the big Fry Pan Bottom pattern. 5/4 It moved up nicely on Monday. It's still showing a very nice chart pattern. We're still looking for the Fry Pan Bottom breakout to take it up to the 200 day moving average. 5/5 It's still in an uptrend. Even though it did a little bit of selling on Tuesday, it was nothing to change the upward trajectory. 5/6 It may be running out of steam and showing profit-taking. Use any trading below Wednesday's low of $7.53 as your stop. That would probably be telling us it's going to come down and test the T-line and form a J-Hook pattern again. 5/7 It consolidated back to the T-line but bounced back up again. Continue to hold. We don't want to see it close below the T-line. 5/8 It moved right back up. It's bouncing off the T-line. It can be bought aggressively. We anticipate that it will move up to the 200 day moving average. 5/11 It used the T-line as support. It needs to open higher on Tuesday to stay in it. 5/13 It was closed out immediately on the weaker open. With the futures being down you could have concluded that if it opened weaker, no buying would be coming in so and it would probably move below the T-line on Wednesday.

4/30 Bought YGE on the positive trading on Thursday. It opened higher and closed lower, which doesn't really change anything but we definitely want to see it at least open flat and start trading up on Friday. We don't want to see it come back down below Thursday's low at around $6.85. If it comes down through that level, it shows you the Bears are still around. We want to see it trade positive on Friday. There is still a good J-Hook pattern in progress. 5/1 This was bought on Thursday and it consolidated. On Friday it moved back up, which is what we expected after the gap up off the 34 day moving average. Notice the gap up from the Doji, which usually tells us there will be strength. It can still be bought. If it breaks out through the 200 day moving average, it should move much higher. 5/4 It moved up through the 200 day moving average very nicely. It should have a lot more room to the upside. 5/5 It broke out big time Tuesday morning and then pulled back and formed a Shooting Star type signal. We want to see it open higher and trade higher on Wednesday. If it opens lower, we suspect that it may come back down and test the 200 day moving average and the T-line before moving back up. 5/6 After Tuesday's consolidation with a Shooting Star signal, it opened positive. This told us what we wanted to know, that the Bulls were still in it and it's ready to go higher. 5/7 This is an example where, when a stock gaps up into the oversold area, a stop should be set at the previous day's close. It formed a Bearish Engulfing signal but was trading back up after hours. If it opens higher, it needs to trade higher and we would use Thursday's close as a stop. If it opens lower on Friday, close out the position. 5/8 It barely touched the T-line line and closed higher. If it opens higher on Monday, buy it aggressively. Do not stay in it if it closes below the T-line. 5/11 We reiterated a buy for this stock. If it opens higher on Tuesday, start buying it aggressively if you haven't been in this position. 5/12 We reiterated a buy of this stock. It opened positive on Tuesday so it could have been bought. It's still doing what it's supposed to do, forming a J-Hook type pattern. Continue to hold and use a close below the T-line as your stop. 5/13 It was closed out on the open. Even though it hadn't gotten to the T-line on the open, it was probably going to show weakness. With the markets heading down it was time to be out of this position.

4/28 Bought ATLS as it went positive on Tuesday after Monday's big Bullish Engulfing signal. This can still be bought on a positive open on Wednesday. 4/29 It continued to move higher. It had a nice move on Wednesday. Continue to hold with the anticipation that it will test the 200 day moving average. 4/30 It's still moving up nicely. If it breaks out from here, it could have another 3 to 4 point run very quickly, all because of the previous Bullish Engulfing signal that bounced off the 50 day moving average. 5/1 It's getting up into the overbought area but it's right at the level where it should be breaking out. Look for a breakout in this area but be nimble. 5/4 It's still moving up nicely. We're anticipating the 200 day moving average as the target. 5/5 It did a little consolidation and formed a Doji/Harami. If it opens lower, take profits. It needs to open higher and trade higher on Wednesday to continue to hold. 5/6 It's still moving up nicely. Continue to hold. At this point use Wednesday's low of $16.50 at your stop. 5/7 It gapped up. Use Wednesday's close as your stop. It needs to open higher and trade higher to continue to hold. If it opens lower, close out the position immediately. 5/8 It used the T-line as support. It's still in an uptrend. Be ready to buy it on a positive open. 5/11 It formed a Hammer signal but closed above the T-line. It needs to have a positive open on Tuesday. 5/12 It stayed above the T-line but needs to trade higher on Wednesday to continue to hold. Close it out if it closes below the T-line. 5/13 It opened lower and should have been closed out immediately. Any part of the position you had left at this point should have been sold.

4/22 Bought IBOC on Wednesday as it moved positive. It can still be bought as it is coming out of a Fry Pan Bottom. Notice how the Fry Pan Bottom patterns are working very well even though the market is getting weak. 4/23 It consolidated nicely right to the T-line. It can be bought aggressively on a positive open on Friday. It's still in a Fry Pan Bottom breakout pattern. 4/24 It can still be bought on any positive trading. It's in a Fry Pan Bottom breakout. 4/27 It's still moving in an upward direction out of the Fry Pan Bottom pattern. Continue to hold. 4/28 It didn't do much one way or the other. Continue to hold as long as it closes above the T-line. 4/29 It moved up nicely out of the Fry Pan Bottom pattern. Continue to hold. Use the T-line as your stop. 4/30 It's still in a nice uptrend but it formed a Shooting Star signal on Thursday. This doesn't necessarily negate the breakout from the Fry Pan Bottom but it may be starting a J-Hook pattern to come back down and test the T-line. It needs to open higher and trade higher to continue to hold. If it trades back below Thursday's low of $13.16, take some profits and see what it does when it hits the T-line. 5/1 It pulled back a little bit after the big Shooting Star of Friday but it's still in a Fry Pan Bottom pattern. If it opens lower on Monday and starts trading down, you might want to come out of it and see if it uses the T-line as support. Otherwise, any positive trading should take it up toward the 200 day moving average. 5/4 It moved up nicely on Monday. Continue to hold. The obvious target is the 200 day moving average. 5/5 It did some backing and filling but it didn't do anything yet that told us it was reversing. However, use any trading below Tuesday's low of $13.75 as your stop. That would probably be telling us that it was going to come down and test the T-line before moving back up. We're anticipating that it's in a Fry Pan Bottom breakout so we'd like to see it open higher and trade higher on Wednesday. 5/6 It's still in a steady uptrend. It looked like it might have been consolidating on Tuesday but the Bulls are still in the position. The nice Fry Pan bottom pattern is helping continue the uptrend. 5/7 It gapped up. You could've used Wednesday's close as your stop. It formed a Bearish Engulfing signal. It should be closed out on a lower open, which would take it down below the T-line. It needs to open higher and trade higher to stay in it. 5/8 It held at the T-line and formed a Bullish Harami. It can be bought aggressively on a positive open. 5/11 It's still in an uptrend and is using the T-line as support. Close it out if it closes below the T-line. 5/12 It closed right on the T-line. If it opens higher, stay in the position. If it opens lower, close out the position. 5/13 It was closed out immediately with it opening below the T-line after Tuesday's Doji that closed right on the T-line.

4/29 Bought IMN. It could have been bought on Wednesday after the big Piercing signal. It traded up a little bit. If you didn't buy it, put a buy stop at $10.60. If it comes up through the $10.60 level, it shows you the Bulls are back in control. If you've already bought it, use a close below the T-line as your stop. 4/30 It isn't showing any strength. As a matter of fact, it may be showing more weakness after hours. If it opens below the T-line on Friday, close out the position. 5/1 If you closed it out as it opened below the T-line on Friday, that's fine. Just be ready to buy it back if it breaks out through the $10.60 level. Set a buy stop at $10.60.

4/23 Bought CELG on the positive open on Thursday. It consolidated but came back up and closed above the T-line. Continue to hold. It can be bought aggressively on positive trading on Friday. We don't want to see it close below the T-line. 4/24 This has been reiterated as a buy if it opens positive and trades positive on Monday. 4/27 This could have been bought again on the positive trading on Monday. We're looking for the next target to be the 50 day moving average. If it breaks through that level, look for it to move up to the 200 day moving average area. Continue to hold. 4/28 This was reiterated as a buy on Monday. Continue to hold. It's still moving in the right direction. 4/29 It continued to move higher. It closed right on the 34 day moving average on Wednesday. We're still anticipating that it will test the 50 day moving average. 4/30 It came up and barely touched the 50 day moving average on Thursday before doing some consolidation. If it opens lower on Friday after touching the 50 day moving average on Thursday, you'll probably want to take some profits immediately. 5/1 This is a classic case of closing out a position immediately on lower trading following a Spinning Top that hit a major resistance level. This should have been closed out on Friday.

4/28 Bought HUM as it traded higher on Tuesday. It closed at the lower end of the trading range but it should still be an uptrend. If it opens positive on Wednesday, you can be a buyer. 4/29 It has been disappointing after the gap up. Give it one more day. It needs to have a strong move to the upside. Otherwise, come out of it and find a better place for your money. 4/30 This one is disappointing. It's not breaking out yet after the gap up off the 50 day moving average. If it doesn't show any strength on Friday, close out the position and move your money elsewhere. 5/1 Give it one more day. If it can't break out to the upside after the gap up, close out the position and use the money elsewhere. 5/4 It should have been closed out on Monday. It had enough time after the gap up the other day to move higher but it didn't. It could possibly be a good buying opportunity on the next bullish candle, but for the time being let's move the money somewhere else.

4/29 Bought CSTR as it went positive on Wednesday. It had a nice move up. Continue to hold. We don't want to see it close below the halfway point of Wednesday's large bullish candle at the $33 level. 4/30 It had a fairly nice day. It gapped up through the recent highs. This tells us it's probably heading for higher levels. 5/1 It needs to open positive and trade positive. It formed somewhat of a Tweezer Top but the stochastics are not in the overbought area yet. It needs to break out from here. If it opens lower below Friday's low, close out the position. At that point the Tweezer Top would have told us that it was at the top of the trend. 5/4 It's getting a little bit "iffy" but continue to hold. At this point we don't want to see it close below Monday's low of $35.72. If it closes below that level, it tells us the Bears are starting to take control. 5/5 It should have been closed because it was trading lower and was forming an Evening Star type signal. Now watch to see what it does if it comes back down to the T-line.

4/30 Bought LVS. It gapped up on Thursday and then came back down and closed right near the previous day's close. It's forming somewhat of a Meeting Line signal. This one should be breaking out but there was no indication of that on Thursday. If it opens lower on Friday, close out the position and then be ready to buy it back if it comes up through the halfway point of Thursday's bearish candle. To stay in it, we want to see it open higher and trade higher on Friday. 5/1 This can be bought aggressively on a positive open on Monday. It's still in the nice uptrend coming out of the big Fry Pan Bottom pattern. If it can break out through the highs of the Fry Pan bottom pattern, it should be bought very aggressively. It could run up at least another five or six points. 5/4 It's breaking out very nicely. Continue to hold. We suspect that this can move into much higher territory such as the $18 to $20 area. 5/5 It had another nice day. It reported earnings with a bigger loss than everyone expected so it was trading down a little bit after hours, but it wasn't anything major. Continue to watch this to see if earnings were already built-in and to see whether the prospects for new business will continue to keep this stock rising. 5/6 It had some profit-taking like all of the Casino stocks on Wednesday. It may be coming back down to test the T-line. If it opens lower and starts trading down, close out the position. We'd like to see it open higher and start trading higher to continue the uptrend. We suspect that it will because it's coming out of a Fry Pan Bottom and is showing a very strong price move. 5/7 It was closed out on Thursday as it came back down below the low of the previous day. However, the chart pattern is still a Fry Pan Bottom. Look for a J-Hook pattern and be ready to buy on the next buy signal.

4/24 APOL was not shorted on Friday because it opened higher and traded higher most of the day. Strength came into the markets early on Friday.

4/23 Shorted MOLX on the lower open on Thursday. It closed slightly positive but didn't do anything to change the downward trajectory. It can be shorted aggressively if it comes back down through the $14.86 level on Friday. That would definitely tell us it's moving toward the 50 day moving average. 4/24 It should have been closed out as it closed above the T-line.

4/23 Shorted GENZ as it opened weaker on Thursday. It closed positive but didn't change the force of the breakdown. If it opens lower and starts trading down on Friday, it can be re-shorted. It can definitely be shorted if it comes back down through Thursday's low. If it opens higher on Friday, close out the position and wait for the next sell signal. 4/24 It should have been closed out as it traded positive on Friday.

4/27 WRI was not bought. It backed off on Monday. They are deciding to cut their dividends temporarily just to make sure they keep their cash flow in check. We would still be a buyer and accumulate this stock.

4/27 IMN was not bought. It needed to trade higher. This can still be bought if it comes back up through the $10.50 level.

4/27 THO was not bought but it came up nicely to the top end of the trading range by the end of the day. If it starts trading higher on Tuesday, you can start buying it. Monday may have only been a consolidation day.

4/23 Bought LYV on the positive open on Thursday. It pulled back a little bit but the upward trajectory didn't change as it's coming out of a Fry Pan Bottom. Continue to hold. We don't want to see it close more than halfway down Wednesday's bullish candle or especially below the T-line. 4/24 It can still be bought on any signs of positive trading. It's coming out of a nice Fry Pan Bottom and is getting right to the area where it should be breaking out. Continue to use a close below the T-line as your stop. 4/27 This can be bought aggressively on a positive open on Tuesday. It's using the T-line as support. 4/28 It was closed out as it barely closed below the T-line. You can buy it right back on a positive open on Wednesday. Look for a Cup and Handle type set-up.

4/28 Shorted EWW on the weakness on Tuesday. It came up and almost went positive but closed slightly lower. Continue to stay short. We don't want to see it close above Monday's open at around the $31.50 level. Use that as your stop. 4/29 It should have been covered on Wednesday on the positive open. The futures were up Wednesday morning and the stock gapped up. It should have been closed out.

4/24 Shorted IOC on the lower open. We don't want to see it trade above Friday's high of $31.19. It should still be breaking down as a result of the previous Bearish Engulfing signal. 4/27 Remain short. We're looking for it to head down to the 50 day moving average. 4/28 It opened lower but came back up. It didn't do anything to change the downward trajectory. Continue to stay short. Use the halfway point of Monday's bearish candle at around $29.95 as your stop. 4/29 With the market acting stronger and the stock gapping up, it should have been closed out on the open.

4/15 Shorted GWW on the weakness. Continue to stay short but it should not trade at all above Wednesday's high of $81.25. If it moves up through that level, get out of the trade. 4/16 Be ready to cover this short position on any positive trading on Friday. It's acting too strong for a big reversal. 4/17 It should have probably been closed out by now. It's not showing the weakness needed to stay in the position. If it opens higher on Monday and starts trading up, close out the position. There is too much risk at this point.

4/9 Bought LDK on the positive open. It consolidated but came right back up. It's still coming up out of a nice J-Hook type pattern. This can still be bought aggressively on any positive trading on Monday. Any movement above $8.22 would show us the Bulls are still in this position.4/13 It opened lower but moved up. If you bought it as it traded positive on Monday, that's all right. We are now reiterating it as a buy. If it opens positive on Tuesday and moves up, you can continue to buy it. It's showing a nice breakout pattern. 4/14 This could have been bought again. Continue to hold. 4/15 It consolidated a little bit but is still in a nice uptrend. Continue to hold. 4/16 It's getting a little bit soggy but it's nothing to change the upward trajectory. Continue to hold. Use a close below the T-line as your stop. 4/17 It should have been closed out on Friday as it traded lower after a couple of dark days. Even though it hasn't produced a true sell signal, it's showing that there isn't a lot of interest coming into the stock. If you still own it, continue to hold it but it needs to open higher and trade higher. We don't want to see it trade back down to the T-line.

4/6 Bought CETV as it came up through our buy stop on Monday. It came down, supported on the T-line, and came back up and started trading higher. It's still a viable purchase on a positive open on Tuesday. Continue to hold and be ready to buy more on positive trading. 4/7 It held up well. It's still trying to break out of a J-Hook pattern. Continue to hold. Use the T-line at around the $13.20 level as your stop. 4/8 It's still trading flat but could be setting up for a pop to the upside. 4/9 Continue to hold this as long as it stays up above the T-line. The chart looks like it's setting up for a nice breakout to the upside. 4/13 It broke out nicely as we anticipated. It's coming out of a J-Hook type pattern. It should move much higher from this level. 4/14 It continued to move up nicely, which was nice to see on a day when many other stocks were selling off. A few positions in the portfolio trading positive can greatly offset the ones that decline. 4/15 It's still in a nice uptrend. Continue to hold. 4/16 It consolidated but moved right back up again. Continue to hold. 4/17 It should have been closed out on the weakness on Friday. It should have been stopped out as it came down through the body of Thursday's Hanging Man signal and closed lower. It might come down and support on the T-line but we don't know that yet. Just keep an eye on it. If it gets to that level, just watch to see if it's time to buy back in.

4/20 DRYS was not bought. With the morning futures down and the stock opening lower, it would not have been executed. If you bought it on Friday's close, it needs to open higher and trade higher to continue to hold. If it closes below the open of Friday's candle, close out the position.

4/20 IBOC was not bought because it opened lower. It can still be bought if it comes back up through Friday's close. That would show us the Bulls are still in it and the Fry Pan Bottom would still be in progress.

4/20 MGM was not bought. With the morning futures down and the stock opening lower, it would not have been executed.

4/17 Bought PANL on the positive trading. It consolidated a little bit on Friday but came up nicely on the close. It's forming a J-Hook pattern. Look for it to move into the $15 area. 4/20 It should have been closed out on the open as it opened below the previous day's open.

4/17 Bought ERII on the positive trading after the Kicker type signal. Anytime you see a trend reverse like this and it gaps up, it tells you a lot of force is coming into the stock. Continue to hold. It should move up into the $10.50 to $11 area. 4/20 It should have been closed as it closed below Friday's open, even though it wasn't in the overbought area. When it showed that it was going to form a Bearish Engulfing signal on the close, it should have been closed out.

4/16 Bought WRI as it came up through Wednesday's close. It might be down a little bit on Friday. They announced some new financing. They're trying to get longer-term financing and not have to depend on the mortgage industry. 4/17 It continues to move up very solidly. We're still anticipating the next target as being the 200 day moving average. 4/20 It opened lower. Traders should have closed the position as it opened near the lower end of Friday's trading. Long-term investors can continue to hold as long as it stays above the T-line.

4/16 Bought DLLR on the positive open. It's forming a J-Hook pattern. Continue to hold. We're anticipating that it will go right through the 200 day moving average. 4/17 It sold off but didn't form a true sell signal. It came down, used the 20 day moving average as support, and came back up. It needs to open higher and trade higher on Monday to stay in an uptrend. 4/20 It should have been closed out on the lower open on Monday. If you own a stock like this that needs to show strength on the open and it opens lower, close it out immediately.

4/15 Bought COCO on the positive open. It moved almost up to the T-line. It's still a good trade. Now we want to see it go through the T-line in the next day or so. 4/16 It had a nice move up on Thursday. Continue to hold. We're anticipating that it will move up to the top of the trading channel at around $20.50. 4/17 It came up nicely above the 34 day moving average. It's still an uptrend. Just watch to see what it does when it gets to the 50 day moving average. 4/20 It should have been closed out on Monday with it closing lower. If you didn't close it out, it should be closed out if it opens weaker on Tuesday.

4/14 Bought WYNN as it traded positive on Tuesday. It had a nice day for part of the day and then came back down. Continue to hold. Use Tuesday's open as your stop. If it comes back down through that level, the sellers are probably back in control. 4/15 It moved up nicely on Wednesday. Continue to hold. Use the T-line has your stop. 4/16 It moved up nicely. Continue to hold. Use the T-line as your stop. 4/17 It got a little bit toppy. Get ready to sell this, especially if it comes back down through Friday's low at around $32.16. It needs to open and stay above that level to continue to hold. 4/20 It should have been closed out as it opened lower on Monday. After the little Hammer type signal, it needed to show strength. The fact that it opened lower told us the Bears were still in control.

4/13 Bought FAS as it came up through the T-line on Monday. Even though it was up big on Friday, the gap up through a resistance level told us there was more upside movement to come. We are still anticipating a lot more movement to the upside. 4/14 It sold off hard on Tuesday. The true stop should have been at Monday's open. If you still own it, it should not close below the T-line to continue to hold. It may have a couple of days of profit-taking but keep an eye on it to see if it has a Doji day and then starts moving up again. 4/15 It got back most of what it gave away on Tuesday. Tuesday's signal was not a sell signal, it was only profit-taking. It's still in an uptrend. 4/16 It opened higher and came back down but didn't do anything to negate the upward trajectory. 4/17 It's acting well, just like a lot of the other bank stocks. Continue to hold. It's in a nice steady uptrend. The longer this continues to the upside, the more confidence it will give investors. 4/20 It gapped down on the open below the previous day's close. It should have been closed out on the open on Monday.

4/13 Bought BAC on the positive trading on Monday. It's coming off a Kicker signal that broke out through a resistance level. 4/14 It had some profit-taking but it wasn't major. It's at the halfway point of Monday's candle. If it opens lower and you're very nimble, you may want to take some profits. 4/15 It moved up nicely after testing the T-line, which is what we suspected. It closed positive. Be ready to buy it aggressively on a positive open on Thursday. 4/16 It consolidated. If it gaps open on Friday at anything above $10.80, buy it aggressively. It would be moving up hard at that point. 4/17 Continue to hold as long as it doesn't close below the T-line. 4/20 It gapped down from a Doji. It should have been closed out immediately on the open on Monday.

4/2 Bought SINA. 4/3 Continue to hold. Look for $32 as the next target. 4/6 It consolidated on Monday but is still in a nice uptrend. It can still be bought on a positive open. We're anticipating the 200 day moving average as being the next target. 4/7 It closed lower but didn't close below the T-line. Use the T-line as your stop. 4/8 It moved back to the T-line but traded positive. It can be bought aggressively on a positive open on Thursday. It's showing good consolidation in this uptrend. 4/9 It's still in a nice steady uptrend. It staying up above the T-line. We're looking for it to move up to the 200 day moving average. 4/13 It's still moving toward the 200 day moving average. Use the T-line as your stop. 4/14 It backed off but didn't do anything that would warrant selling it just yet. Continue to use the T-line as your stop. 4/15 It consolidated and came back down to the T-line. It's still using the T-line has support. We're looking for it to move positive from this level. 4/16 It's still moving up nicely. Continue to hold. We're looking for the 200 day moving average to be the next target. 4/17 It's in a slow steady uptrend. Continue to hold. 4/20 It should have been closed out on the lower open on Monday after the Doji type day on Friday.

4/21 ALTH was not bought on Tuesday. However, it formed a Doji so if it opens higher on Wednesday and starts moving up, it can be bought. It would still be coming out of a nice pattern and staying above the T-line.

4/21 Shorted LMNX on the weakness on Tuesday. Notice it formed somewhat of a Tweezer Bottom and then started trading back up. It should have been closed out on the close because, if it was doing a Dumpling Top breakout to the downside, we should've seen selling on Tuesday instead of any buying coming in. It can still be shorted but only if it comes down below Tuesday's open.

4/22 Bought DRYS on the positive trading but it should have been closed out on the close. It closed right at our stop. As you can see, Wednesday's trading did not result in a strong signal by the end of the day. They can always be bought on the next buy signal.

4/22 ATI was not shorted. It opened positive and moved positive all day. This can now be considered as a buy. This can still be bought, especially if it trades above the 200 day moving average on Thursday at around $30.17.

4/9 Bought WMGI on the positive open. It had a nice bullish day. We're looking for it to come up at least to the 50 day moving average. If it breaks through there, it should come up and test the bottom of the previous gap. If it breaks through there, it should move up to fill the gap. It has gapped up twice over the last two days which is a very strong price pattern. 4/13 It moved up nicely. Look for it to break out through the 50 day moving average. If it stalls at this level, take some profits. 4/14 It closed above the 50 day moving average on Tuesday. It's getting toppy so watch it closely at this level. If you see a confirmed sell signal or any weakness on Wednesday, you should take some profits. 4/15 It formed a Bearish Engulfing signal right at the 50 day moving average. You should have closed out at least half the position. If it opens lower on Thursday, close out the other half. The only way to stay in the position is if it opens and immediately starts trading higher on Thursday. 4/16 It held up nicely on Thursday. Be ready to buy this on positive trading over the next couple of days. We're now looking for the next move up. 4/17 It supported on the 50 day moving average very nicely. Get ready for the next move up from here. Use a close below the 50 day moving average as your stop. 4/20 It formed a Bearish Harami and didn't do anything dramatic as far as changing the upward trajectory. However, it needs to open higher and trade higher to continue to hold. If it opens lower and trades below Monday's low of around $15.40, close out the position. 4/21 It pulled back on Tuesday but traded indecisively and stayed above the T-line. It needs to open higher and trade higher to stay in it. If it opens lower on Wednesday and comes down through the T-line, close out the position. 4/22 It should have been closed out on Wednesday. It opened higher and then closed below the T-line. It tells us the buyers are gone.

4/14 OFG was not bought. The market was trading down most of the day. When this went positive, it wasn't doing it with force since the market was selling off.

4/15 DRYS was not bought on Wednesday because it opened and immediately started trading down as the market itself was trading off early. This should not be bought until it comes up through the $6.00 area. That would tell us it's breaking out of its sideways pattern.

4/15 TNDM was not bought because it opened lower. It moved positive for a little while but the market wasn't showing any strength. It should not be bought until it comes up through Wednesday's high of $25.59.

4/8 Bought CVH on the positive open on Wednesday. It traded up and down but closed at about even. It's still showing strong wave one, wave two, and wave three action. Use the T-line as your stop. 4/9 It's still moving up nicely out of the J-Hook pattern. Continue to hold with the anticipation that it will test the recent highs. 4/13 It's still in a nice, slow, steady uptrend. Use Monday's low as your stop. If it trades at all back down through there, close out half the position. If it closes back below that level, close out the other half of the position. 4/14 We would have taken off half the position as it came down below Monday's Doji. It came back up and closed at the high end of the trading range. Close out the other half of the position if it comes down below $14.45. 4/15 It should have been closed as it traded back below Tuesday's low. It formed a Doji so be ready to buy it back if you see it move up through the recent high levels.

4/2 Bought AGO. 4/3 Continue to hold. Look for $11.50 as the next target. 4/6 It consolidated and formed a Bearish Harami. It should be closed on Tuesday if it trades lower, especially if it closes back below Monday's low. It needs to open higher and start trading higher to continue to hold. If it opens lower, it needs to immediately start trading higher. 4/7 It opened lower but started moving up immediately. It didn't do anything that would create a sell signal. Continue to hold. 4/8 It consolidated but didn't do anything to change the upward direction. 4/9 It's still in a nice uptrend. We're targeting the 200 day moving average. Continue to hold. 4/13 It's still moving up and is consolidating nicely every day. We're still targeting the 200 day moving average. 4/14 It came right back down to the T-line. Be ready to close it out if it doesn't open positive and trade positive on Wednesday. 4/15 It was closed out on the open as it opened below the T-line. It can be bought back on any positive trading that brings it back up through the T-line.

4/13 Bought MGM on the gap up open on Monday. It can still be bought on a positive open on Tuesday. It's forming a nice J-Hook pattern and could be setting up for a big breakout type situation. Any time you break out through the 50 day moving average, pull back, and then break out again through resistance levels, it tells you there is a lot more to come. 4/14 It moved up nicely on Tuesday and formed a Doji but it's not in the overbought area. Consider the uptrend still in progress. 4/15 It's getting a little weak at this level but didn't trade off too much. It is showing a Shooting Star/Doji/Bearish Engulfing signal. The only way to stay in this one on Thursday is to see it open higher and trade higher immediately. 4/16 You should be out of this position. Wednesday would've been a good day to take half the position off and with it trading lower on Thursday you should be out of the other half. Now watch to see what it does when it gets to the T-line.

4/6 FAS was not bought. It opened lower on Monday because of a downgrade by one of the analysts in the banking area. However, notice that it formed a Doji and stayed above the 50 day moving average and closed higher than where it opened. This makes the decision very simple. It formed a Doji so if it opens higher on Tuesday, start buying it immediately. It should still be in an uptrend. Monday was just a setback.

4/6 PL was not bought. It opened lower and came back up. It should be bought on a positive open on Tuesday. It has a nice J-Hook potential right at the 50 day moving average. Be ready to buy it on any strength.

4/2 Bought VPHM. 4/3 Continue to hold. It's still in an uptrend. 4/6 It was closed out on Monday as it closed below the T-line. That's not where it should have been. Now watch to see if it gaps back up. If it comes back up through the T-line on Tuesday and continues to show strength, you can probably buy it back.

4/7 MAS was not bought. It opened lower on Tuesday and never came back up. Now it's forming more of a Double Top. We don't want to even consider this one until it comes back up through the $8.00 area.

4/7 TSL was not bought. It opened lower and used the T-line as support. It should not be bought unless it comes back up through Monday's high at around the $12.50 area.

4/7 SAY was not bought because it opened lower and traded lower. However, it can still be bought if it comes up through the $2.80 level. That would tell us the Bulls are back in control, which is likely after the breakout formation.

4/3 Bought X on Friday as it came up through our buy stop. Continue to hold. It is forming a nice J-Hook pattern off the 50 day moving average with a gap up. It should move up toward the $35 area to fill a previous gap. At this point use the 50 day moving average as your stop. It should stay above the 50 day moving average to continue to hold. 4/6 It opened, came down, used the 50 day moving average as support, and came right back up. It closed 4 pennies higher than where it opened on Monday. Be ready to buy it again on a positive open. 4/7 It sold off near the close. It gapped down and closed below the T-line. This told us that we needed to get out. Now watch for another buy signal to form at the 20 day moving average.

4/2 Bought FSYS. 4/3 It's still in a nice uptrend. Continue to hold. It can still be bought on a breakout through the current congestion area. 4/6 It backed off a little bit on Monday but came back up. It closed above the T-line. It needs to show some strength on Tuesday. Use a close below the T-line at around the $14.20 level on Tuesday as your stop. 4/7 It closed back below the T-line. It should have been closed out.

4/8 TNA was not shorted because it opened positive and traded positive all day. Now it can possibly bought on a positive open on Thursday as a long position.

4/3 Bought OVTI. It did break out and came up nicely through the resistance level. Continue to hold. If it opens up above the 200 day moving average on Monday, you can buy it aggressively. That would tell us the 200 day moving average was not acting as resistance and it could move up another 3 to 4 points. 4/6 It continued to move up above the 200 day moving average. This tells us the 200 day moving average is not acting as resistance anymore. Continue to hold. 4/7 It closed back below the 200 day moving average with a Bearish Harami signal. This would have been a case where you could have closed out half the position. If it opens lower on Wednesday, close out the full position. It needs to open flat or positive and start moving up to stay in it. 4/8 It traded lower and should have been closed out on the weakness on Wednesday. It can always be bought back if it comes up through the top of Wednesday's trading range at around $8.57.


 

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