Market Notes and Win a Copy of "Backstage Wall Street"

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.

Market Notes
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):

Another shot at an entry after a breakout is a retest of the breakout area, or "throwback". I am long CTXS and here you can see it has gone back to the breakout area around $76.80:

This drop is a bit more menacing than the WLK drop and I am not going to give this too much more room.

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?

Good luck.

Have a good night.

Reading Material

Almost Friday after first full week at the gym. Ready for the weekend!

Joshua Brown's "Backstage Wall Street" Book
I am sure you all know who Josh Brown, The Reformed Broker, is by now. I have the pleasure of writing the great Tumblr "Things Apple is Worth More Than" with Josh, and more than that he is also a good friend. It's hard to explain all the help I have received from my man over time. It is appreciated.

Josh has a new book out and I am excited to read it. Called "Backstage Wall Street" I can only imagine how raw and open the book will be about all the happenings behind the curtains of finance.

I bought three books and they arrived today:

Nice looking cover.

Why would I buy three? One is for me and two are for public education of course. This means I am giving away two free copies. I need to figure out what the criteria will be (contest, random number pick, etc) but will try to have something figured out for either Sunday or early next week. You want a free book, check back in.

Market Observations
I am not discussing Apple (AAPL).

Like a broken record all I can say is I have continued to see individual stocks perform (screened for of course!) and as long as that is alive and well, I am constructive here. I have 5 open swing longs and that's about as full a boat as I carry in my trading account.

This week saw newer position WLK make a nice move. CTXS, WRI, and PETD have all been good performers. BANR had a big day today, up over 7%:

WAIT A MINUTE!! Isn't BANR a savings and loan? A financial stock? Yes, it is and you may wonder after what I wrote on Tuesday about big bank stocks why I am not a hypocrite for buying any financial. Fair question.

BANR was eviscerated and about destroyed during the financial crisis. The company was in the TARP program and the Treasury sold shares today it still held. Hardly a big money center bank, calling the shots, and being made whole with bonus money paid out like nothing happened. And I doubt the Fed calls BANR executives and discusses policy.

Further, regional banks, savings & loans, and credit unions are one way to get credit moving without all the crap from the big banks. Not really a fine line at all but I could understand some confusion.

Have a good night.