It was just under 80 degrees here today and more tomorrow. Spring is in the air and it feels amazing. This early warm up may bump up fishing season by a week or two. Regular readers know how much I HATE the winter.
Another reasonable drop at the open today and then some buying came in for most of the day. After the late run last week a drop and/or sideways action was probably in order. Sometimes you will miss a run up for various reasons, but there are some things to look for that can grab you a second chance.
A week ago I highlighted the stock WLK which sported a great weekly chart and a supportive daily chart. I bought in on March 12 and have held since. After a nice run, WLK is slowing down here, and had I missed my entry before I am presented with a lower entry than the breakout day. The key here and always is to make sure the price pause or drop is on low volume! If new breakout buyers are not running for the door a longer term swing can make sense. Here is a look at WLK and note the volume dries up on this pause (click any chart for larger view):
Lastly, I added MBFI today and here is a weekly chart for the stock:
So far nothing too damaging in the market. 2012 has been kind to the long side, but things cannot go up every single day. You can often learn more about a market on down days than all oat mania up days. Just try to listen.
Win a Copy of "Backstage Wall Street"
I discussed the launch of Joshua Brown's new book "Backstage Wall Street" last week. I am sure this book is going to be great and I am starting on it tonight.
It just so happens I bought extra copies for the express purpose of giving them away. I have two copies up for grabs. I will ship the books out to the winners of a trivia contest this weekend (I hope).
First the rules:
-Submit answers to me via my email on the top right hand corner of this site. DO NOT use the comments section or Twitter.
-The order of correct answers by time submitted is how the winners are decided. Move fast, get a book.
-One submission per person.
-I will name winners later in week and then I will email you and ask for a mailing address. If you don't really want a book shipped, don't enter.
Ok, so the 4 questions:
1.) The SS Central America ship was lost in a hurricane in 1857 off the coast of the Carolinas. The ship carried about 2 million dollars in gold and the loss of this money contributed to to what financial panic?
2.) What space probe sent back images from the surface of a Saturnian moon?
3.) What is the name of the Starship in the novel "Tau Zero"?
4.) Who is credited with the invention of the polymerase chain reaction?
Have a good night.