Monday, June 22, 2009

Sell Stop:(SNDA), and a Rookie Mistake

Today (SNDA) stopped out as it dropped below the 50 dma. I still believe I'm going to have more success buying 50 day pullbacks around the moving average, but would be better off waiting until I see some volume come in to the upside.

I also made a pretty stupid mistake. I set up a couple of buy stop orders Sunday night, as often do in the evenings, but I had the price wrong and ended up buying (TSRA) around $24.26. I like this stock, but wanted to see it clear $25.14 before buying as I think I see some resistance around that area. Of course today was also not the day to take new positions in anything.

I'm not convinced this rally is done, but I've racked up 3 failed trades recently so I'm going to pause any new activity for now and just manage my current positions. The three failed trades are not (yet) in a row as I still have a successful trade working in (ARST), however common sense dictates caution at this time.

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