Wednesday, June 24, 2009

Sell Stop:(TSRA); New Buy:(PWRD); Addon Buy:(ARST)

It was a busy day. I stopped out yesterday on (TSRA), which I had set the buy stop order wrong for. I've been on a not so smart streak lately and that just capped it off. After my strong start this year, I'm now just basically even and really need to be careful that I don't get into old habits of 'swinging away.'

Of course having said that, I made two new buys today... I've torn because I see so much opportunity - so many leading stocks are offering entry points here. One of my buys was (ARST) at $16.37 as it found support at the 50 dma for a second time since it's initial breakout. The relative strength on this stock has been improving, and it's worked for me so far, so I tried to go back to basics and add to what's working.

I also purchased (PWRD) at $30.15. This stock has been been popping up on my screens lately, and I just can't ignore the massive volume it's seen as it moves up the right side of what I see as a long and deep cup pattern. IBD says it has not offered a proper base, but neither did (FUQI) according to them. All I want to see is a stock clearing resistance on massive volume, and that's what I think I'm seeing with (PWRD). In fact, this quality was lacking in my recent failed purchase on (SNDA), which could've been bought better today than when I bought it last week. Back to my mantra, buy strength, not weakness.

Tomorrow should be interesting, with the low summer volume and post-FOMC-volatility.

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