Another upday for the three major indexes, which pushed higher on good volume.
I mentioned in last nights post that I only had one stock on my Watchlist, but that wasnt true. I still had RBA. This was a trade I took in December, which didnt work out as well as I had hoped. I entered again today, hoping for bigger gains.
Yesterdays triggers NOG and SRZ continued today.
And two other recent triggers AES and NUE moved today. I am still holding half positions in these.
The McClellan Oscillator is a reliable indicator for predicting market tops and bottoms. Even with the market moving higher, the indicator has still not reached levels which usually precede a top. This could mean more upside is still possible.
It’s funny how the market changes. The second half of 2011 was terrible for swing trading. This month, if you picked a random stock and held it, you’d likely be holding onto some gains. I don’t know how long this market will continue to push higher, but I don’t plan to sell until stopped out.
Tomorrow is Options Expiration and I am holding more stocks than I have in a long time. I am not anxious to add more stocks, especially since good charts are now hard to find. I still have TRLG on my watchlist, but that may become a better short. I am not adding any new stocks to my Watchlist for Friday.
Good luck and good trading!
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