Wednesday, June 2, 2010

Market now in confirmed uptrend...

I am of the belief that the markets will move higher over the course of the next 4-6 weeks. However, beyond that I am not very confident in light of a number of former leading stocks breaking down hard in the previous correction like V and PCLN, the huge number of stocks forming late stage bases and the whippy trading action and high volume down days on the right side of bases in current leaders like APKT.

Although I do see some stocks breaking out on volume and working in the past few days like CMG, VMW and ORLY the number breaking out does not overwhelm me with confidence about this new uptrend. Nonetheless, I still wish to cash in on whatever uptrend the markets may offer.

I plan to do this by initiating a position in DDIC. However, I will not reveal my entry and planned exit points until after I have already initiated the position and have a decent profit cushion or whenever I am stopped out.

Good luck and good trading!

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