Swing Traders focus on two key elements when assessing a stock's trend, volume and price action. Volume often precedes price action as the big players leave footprints that are tough to hide.During oil's parabolic downtrend, volume has consistently shown a distribution pattern while basing before it's next leg down. However, the current volume pattern has... Continue Reading →
I entered 600 shares of DXO at $2.65. This is a new, leveraged oil ETF. Price is near lows (support), stochastic is oversold and RSI shows a positive divergence. I consider this somewhat of a speculative trade with limited risk.
Here are 5 interesting energy stocks. I've included longer term charts. Each has a slightly different pattern and can be played in multiple ways. RIG (Transocean, Inc.) is looking good right now. We've got a support converging at both the breakout point and the 50 day moving average. My only concern is there doesn't look... Continue Reading →
No surprise here, oil tycoon Boone Pickens is an oil bull. According to Mr. Pickens, we are not near a top, although there could be a short term correction. I'm looking to buy on a pullback to the mid 70 range.MT TradeBuilding a Better Watchlist
I sold 1000 shares of QID at $56.55 (entry at $53.82) for a $2730 gain (+4.8 %). To be honest, I probably would have held on if it was not for the fact that I had a limit order in place overnight. So I re-entered a few minutes ago.I bought 500 shares of QID at... Continue Reading →
Today I went short on CAL, an airline stock, and went long USO (U.S. Oil Fund). Most likely, this trade is either going to pay off handsomely or hurt badly. I don't see much hope for any middle ground, as the stocks have had an inverse correlation over the past month. Oil goes up, airline... Continue Reading →
I re-entered a 500 share short position in CAL at $41.60. This is an aggressive play, as the stock has not yet broke the forming head and shoulders pattern.I also bought 500 shares of USO at $46.80. My target is $50, which is just under the 50 day moving average. The MACD and RSI look... Continue Reading →