Here is exactly what I wrote in my personal trading journal today.
March 20, 2007
Overview of last trade:
500 IBN @ $47.64 on 5-18-07.
Breakout over 4 month resistance level on strong volume and accumulating stock. Cause for concern is that new highs are formed with slightly lower RSI and parobilic 6 point move prior to new high breakout. I will place stop at breakout point ($45).
Market and Sector Notes:
Look for pullback in energy. Currently overbought. The sector has been a buy on any dip for the past few months.
Many steel stocks are close close to good buypoints but may want a little more pullback.
Indices are all extended and on or near new highs. Expect a hard correction that could happen at any time, and be prepared. Until then, continue to play the long side.
I need to continue to honor my stops and not be so quick to pull out of a trade. I’ve been tempted of late to chase some hot sectors, like energy. I need to keep my cool and wait for a pullback.
bo-pb that are ready now
JRCC, 13.68: bo, bowl pattern, pb 12.50
BTU: pb 51.50-52
MEDX: pb 15 or bo 16.20
EFD: pb 30-31
BRP, 58.91: pb 55-56 Telecom Brazil
TMX, 38.83: pb 37 Telecom Mexico
MPRW, 17.69: pb 16.50 Semi
NTG, 42.21: pb 41 Energy, Drilling
NM, 10.30: pb 9.50 Shipping
TVL, 18.88, pb 17.50
FDG, 28.65: pb 27.25
MIR, 47.32: pb 46
DK, 23.48: pb 22
CTRP, 79.48: pb 75-76
TWI, 31.58: pb 30
DDS: pb 36-36.50