Thursday, January 25, 2007

Wrapping Things Up

Sold 1500 SPIL @ $8.34

All in all, I have made a profit today on my closed positions, despite being stopped out of HANS and CMCSA. I should have sold AUY and SPIL earlier, but I was thinking the indexes would have a small retracement of yesterday's gains. I didn't think it would retrace ALL of them. Oh well, good to have profits when the indexes are tanking. I as write this, SPIL has rallied over my exit level. However, the chart is looking to make a very bearish candlestick outside of the Boll bands, so I feel strongly it will get sold hard tomorrow. I like SPIL and will try to time a good re-entry on a test of the breakout level somewhere around $8.00

I'm still watching MVIS closely. The chart still says "hold" to me. A break through the 20day will say "sell." As if to mock me and cause me even greater pain and confusion, MVIS is showing a little bit of strength going into the close. It looks like there will be another day of watching, waiting, and angst.

This range bound market is really hard to trade. I keep telling myself I will sit out until it breaks one way or the other...Tonight, if I have time, I'm going to patrol for short setups.

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