The Dow soared above 10,000 today on a wave of euphoria. We could be setting up for a serious push higher, or we could be at the edge of a major collapse. But we can only play what the market gives us, and at today's close there aren't any decent long or short setups using my system, at least on the major averages.
As for our holdings, a major ouch! goes out to today's open in FXP. We had budgeted a maximum loss of .26, to exit at 8.75 in a worst-case scenario. Today's gap down open at 8.44 meant accepting a loss of .57, or over twice our budget. That's a bad hit, not a catastrophe but definitely one of the worst gap opens we've had to accept. We also got stopped out of SRS, with a loss within budget. We got a gap up open this morning across the averages, and if you heeded my warning you would've avoided buying MPG. However, the stock itself did not gap up, so I'm including it in the table in case anyone bit.
| Current Holdings | ||||||
|---|---|---|---|---|---|---|
| Ticker | Basis | Closing Price |
Perf. | Sell-Stop | Addl Exit Guideline | Chart |
| MPG | 2.46 | 2.68 | +8.9% | 2.49 | N/A | Chart |
| SSO | 32.68 | 36.68 | +12.2% | 34.99 | N/A | Chart |
| DGP | 23.06 | 25.40 | +10.1% | 24.49 | Sell on a close < 25.24 | Chart |
While the major averages don't offer any setups long or short, some individual runners have decent long setups for tomorrow.
| Ticker | Entry | Exit A | Exit C | Chart |
|---|---|---|---|---|
| PALM (Palm) | 17.28 | 16.47 | N/A | Chart |
| PAL (North American Palladium) | 3.11 | 2.97 | 2.94 | Chart |
| CPST (Capstone Turbine) | 1.44 | 1.32 | N/A | Chart |
Please refer to "How To Trade The Ideas" (right-hand side) to read this table.
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