Position Review

Another Monday over. The elliptical at the gym is losing the war against me, I keep getting stronger every time. Feel very good, and I think my concentration has become better.

Position Review
Anytime you are in positions you have to review where they are and if the story has changed from when you bought in. The story could be technical or fundamental. Here is my own review of my open 6 longs and with minimal comments. Click on any chart for larger view.

MBFI:

WRI:

CTXS:

PETD:

WLK:

BANR:

A mixed bag, but nothing here gives me reason to sell just yet. MBFI may be the weakest of the 6 at this point.

Have a good night.

Market Notes 3-13-2012

About 70 degrees here today, just unreal. Winter has about run out of time. I am not sad to see it go. My eye is good to go, no lasting issues.

Big Banks are a "Dirty Business"
I don't want to spend much time on this topic.

Big banks are disgusting, and their collusion and partnership with the FED is stomach churning. The "Stress Test" results being first leaked then released ahead of schedule is just another blatant abuse of the financial system. Banks and the Fed, in the words of Don Vito Corleone, are a "Dirty Business":

With thousands of stocks out there I have no idea why the rush to buy in and support such crap. Returns, money, a trade bla bla bla boring. No need, none at all.

Market Notes
Today looked and felt for a while like a sort of panic buying blow off top sort of thing. Only time will tell, but I remain open minded. Some stocks I have been in or opened Monday have moved out of nice bases that were very compressed, not just some random run up out of no where. ChessNwine has an excellent study on this in today's market recap:
Stock Market Recap 3/13/2012

Here are my open positions and notes. Click any chart for larger view.

BANR (from 2/1/2012)

WRI (from 3/1/2012)

On Sunday I discussed my new focus on longer term swings based on weekly charts and I opened up 3 new positions yesterday. All trades posted in the iBC 12631 Pelican Room as soon as I am able.

PETD

CTXS

WLK

Clearly all of these names do not sport vertical charts with no tether to reality. Solid basing, volume in weight, and then price movement. As long as I can find individual setups like these I am not all that interested in the indices overall.

Have a good night.

Longer Term Swing Structure

My eye is about 100% better, no more swelling at all. I will recheck with the doctor this week to make sure the cornea healing is complete. I have to admit, this was pretty scary.

It's my actual birthday tomorrow but I have been having a really nice birthday weekend. Tomorrow I start at the new gym! I am sure to be pretty sore after that.

Longer Term Swing Structure
In keeping with my more "hands off" stance and stepping back from markets I am looking to have trades on that take up the minimal amount of my time or monitoring. Actually this is the kind of trading I prefer for the most part. Most of the hard work is your homework and screening, a trade should be mechanical if it's well set up.

Simply put, I like strong weekly charts that are close to a 20 MDA/50 MDA cross (green lines crosses over blue in my charts)and have been under accumulation. If the daily chart is attractive on top of that, it's even better. I usually give a bit more room to longer term swings (multi week trades) as they can take time to resolve. Setting a 5-6% stop loss and letting the action happen without watching allows the patterns to go about their business without a nervous or bored eye watching them for what to do. Using the iBC PPT screener has given me my best three ideas for new swings over the next couple weeks. Here are the daily and weekly charts for the three I am considering. Click on any for larger view.

PETD
Weekly

Daily

CTXS
Weekly (Has not crossed yet, but may early in week)

Daily

WLK
Weekly (Also has not yet made cross)

Daily

Again, not in any rush here. PETD is most advanced setup of the three and this week should give a clearer picture on CTXS and WLK.

Have a good night.