Momentum Trader Report: 03/03/10

03 Mar

Posted by Momentum-Trader as Momentum-Trader Report

The market gave back some early gains to close about flat. The market looks a bit tired here but that’s expected. Some rest would not be a bad thing.

I had one trigger today, and it was a bit of a disappointment. It may need some more time.

It was good day again for some recent triggers. Some made very nice moves. Let’s look at those.

Although I had picked PCYC recently, I didn’t buy it. I saw it yesterday setting up, and still didn’t buy it. My loss.

I have scaled out of most of my holdings now, holding about 1/3 to 1/2 of original positions. Although I think we are due for some rest, I remain bullish for now. The reason? The dollar. It also needs a rest and indicators continue to point lower. If it moves lower, that should continue pushing the market higher. I’m looking for some support near the recent golden cross.

Trade Ideas for 03/04/10:

I’ve been doing very well this week, so I am not in a rish to buy many stocks. In fact, I am trying to be cautious here, and picking on the charts that look best to me.