Wednesday, July 7, 2010

Pilot buys...

I have initiated two pilot positions in the "handles" of two leading stocks that I like. One of them is CRME which I highlighted earlier and the other is LCAPA. Both of these stocks have with stood the the nasty selling over the past two months and have so far formed very beautiful cup with handle patterns. The markets have neither confirmed a new rally nor have these stocks confirmed their patterns. However, as I have stated before my preference is to buy stocks on pullback resumptions while the market indexes are oversold as opposed to buying break outs.

Although I will add to both stocks and go 200% long if they break out to new highs meanwhile the market indexes are chugging higher on powerful volume and other leading stocks are either setting up in bases or breaking out to new highs on good volume.

Good luck and good trading!

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