Monday, May 14, 2007

Evening Wrap Up

The account closed down a tad today, due mainly to losses in URZ and GIGM.

Which way is the market going to go? The Nasdaq continues to find support at the 20 day average. The large caps continue to go up. Something still feels odd about the whole affair, so I'm not doing very much trading.

That being said, I did buy 2K of ONSM @ $2.31 This is a counter-trend play. It is hard for me to trade counter-trend, but it is something I've been wanting to experiment with. The stock is sitting on support, but trading below the 10, 20, and 50 day averages. The MACD is rising, and the Stochs are showing a buy signal. Maybe I should just post the chart? Okay, I will. This trade should provide a risk / reward of 5:1. Strangely, other chart programs do not show the tall candle yesterday as it does on Stockcharts.

System development continues, but at a very slow pace. I'm still working hard around the new house, and not finding much time for research. So it goes. Look for a post this evening with more goals and personal objectives.

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