Wednesday, January 17, 2007

Nite Cap

Today was a good day. The account finished up just over a C-note. I did not go into the day with any GREAT setups, so I did not put on any new positions. I went with the futures and my intuition and dumped most everything on the open, which was a good move. I did not deviate from my trading plan for the day. I did add to one position. More on that later.

In order to prove wrong the adage "Dumb money buys in the morning; smart money buys in the afternoon," I bought 1000 more of LTXX at $5.69 at 3:59 p.m. My rationale for this doubling of my position in LTXX is that it will bounce from the 200 day, and also has strong support rising from the trendline starting from the November lows. I'm hoping this doubling of support with a major moving average and multi-month trendline will hold strong. My stop is at 5.53, but that may be a few pennies too high. Brian has a post from a few days ago about LTXX as well. He may have turned me on to the stock, actually.
Next up is a review of MVIS. As you can see MVIS broke above the bull triangle and has been holding there on decreasing volume. There is a big shareholder meeting tomorrow where there will more than likely be a vote for many new shares to be authorized. I think this meeting has been holding the price in check. Broker A finds nothing to be concerned about. The chart still looks great, with the OBV making news highs, and the MACD refusing to cross over. I'm hoping for a confirmation of direction within the next few days.
Tomorrow's trading plan will consist of trying to repurchase cheaper shares of companies I dumped this morning.
I will add WDC and SORL to my watchlist. I think WDC is primed and ready. It is really late, or I'd post WDC's chart.

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