Tuesday, May 24, 2011

Tuesday Chart

It was 80 degrees here today, but after all the rain we had is was super muggy and heavy. Felt sort of sticky.

Today is loyal reader Gawains' Birthday! Happy birthday sir! I hope you are having some fun.

Tuesday Chart
On Sunday night during homework I came across over 50 stocks that showed up on my screens in the PPT. usually I am screening for names that are showing a hybrid oversold condition, and they may be technical oversold as well. After a few down days you sometimes get a bunch of names and after a run up maybe you may get 2-4 names. I run a few different screens using other watched items like unusual volume or news events. In the end I put together a list and run through the charts to see if anything looks good.

One stock that came up as both hybrid oversold and had a very large volume score was Furiex Pharmaceuticals (FURX). On Friday the stock showed volume that was far and away larger than anything since last July. The stock printed an inverted hammer candle on Friday, which can be a reversal pattern if a downtrend has been in place. I liked the look of the stock and I have no idea about the company at all (can be hard because I work in the industry) so I put it on watch.

Candlestick work is not a 100% guaranteed kind of thing, more a of a guide and a trigger alert. On Monday with the general stock market getting hammered, FURX made a nice continuation candle with another small move up. This served as confirmation for me to think a buy was a good percentage play. I put in my order last night and it was filled this morning at $14.18. FURX closed today at $15.14 for a solid 6% move up. Here is my annotated chart for FURX (click for larger view):

Sometimes things work out. I probably should have sold to lock in a nice win, but this could have some more room to run, maybe to $15.50. We shall see.

Hockey Time?
I am not really into Hockey, but the Boston Bruins are a game away from going to the Big Show. Last night goaltender Tim Thomas made a save that was spectacular (hat tip Kid Dynamite):


The last time I watched hockey it was for Mark Messier's Rangers beating Pavel Bure's Canucks in 7 games for the Cup way back in the day (1994). Good luck Bruins!

Have a good night.


watchtower said...

Happy Birthday Gawains!

You know what this means, you get to pick any music request and GYSC has to play it!

(except for maybe "the band that shall not be mentioned")

getyourselfconnected said...

Yes that is right on BOTH counts Watchtower....

Stagflationary Mark said...

Happy birthday!! :)

Doable Finance said...

Like your post.

Jennifer Hillier said...

I haven't watched much hockey since I left Toronto, but you bet I'll be cheering for the Canucks!

GawainsGhost said...

Thanks guys. It means a lot.

But I don't feel 50.

I got one gift. My good friend Kathi sent me a bottle of Elvis wine. Crack-me-up cool. Other than that, not one card or even a phone call. So your birthday greeting really does mean a lot to me, GYC.

Any song I want, eh? Except one from the band that shall remain unnamed. Too bad. I would have picked "I've Got a Feeling" from the rooftop concert in 69, the last time they played together.

Absent that, I pick ZZ Top "La Grange." You know what that song is about? The Chicken Ranch.

It was a whore house outside of La Grange, which is a small town halfway between Austin and College Station. Back in the day, whenever UT played A&M the winners got to go to the Chicken Ranch and the losers had to pay. Hell of a motive to play football, right?

It was shut down in the early 80s by this reporter out of Houston, Marvin Zindler Eyewitness News. He exposed the whole thing, even though everyone in Texas had known about that dirty little secret for decades.

But at least ZZ Top got a great song with a nasty guitar riff out of it.

getyourselfconnected said...

if the Bruins make it we will be mortal enemies because I am such a huge hockey fan, lol.

Geez, I always send birthday cards, dang! Friday night maybe we can have a little late party for you?

OMFG, anyone seeing FURX??? Ups another almost 7% today, wow.

GawainsGhost said...

I'm flying to Dallas on Friday for a belated birthday party with my good friend Ween. But I'll have my laptop with me, although I probably won't be able to check in until later that evening.

This assumes my flight is not cancelled. I mean, Texas weather is totally unpredictable. Dallas just went through its worst storm in years. Good grief, they've got raging wildfires, torrential hail storms, ferocious tornadoes. Lightning struck a cop putting down road flares! Not sure I want to fly into that mess, but I made the reservations weeks ago and they are nonrefundable. So I'll just have to take it as it goes.

I miss my friend Ween. He's a really great guy. All we ever talk about is football. And this lockout is really beginning to annoy me. He favors the owners. I favor the players. So I'm sure we'll have an interesting debate.