The market continues to show strength, with the indexes closing up nearly 2% on Friday. The bearish wedge I mentioned last week has now become a rising channel. This pattern is bullish short term, which often end with a bearish breakdown.
There were some triggers from the Watchlist on Friday, let’s look at those:
The big runner from the list was PLXS, which ran up nearly 10% from my buy point.
FDS, whose chart I love, also triggered, and closed with a small gain.
Not all were winners. SYNA gapped up above the buy point. I bought this one on a pullback (something I don’t like doing), and it moved lower still, hitting my stop, and then turning around to close higher.
This is what usually happens when I buy pullback, and is why I prefer buying breakouts. I like to have the trade turn green immediately.
I will likely be busy during the evenings this week. I still plan to study charts and post them, but there may be an evening or two where I am not posting, but I will try my best.
Good luck and good trading!
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