Monday, June 10, 2013

Update and watches for 6/11/2013

I came into today holding long positions in $YY and $LEDS both of which performed admirably although $YY did close off its highs a bit. I think both of them will see higher prices tomorrow and so I'm still holding both positions. If $LEDS can spike up into the $2.20 - $2.40ish zone tomorrow...I will book at least partial profits but most likely I will be out of my entire position by the end of the day unless I get another really strong close. I have no plans of selling $YY tomorrow unless it goes parabolic and hits my target ($35.00) or breaks down which seems unlikely. In any event, my stop on both positions is now above break even!

$RBCN and $RVLT were two decent performers today off my watches from last night but I couldn't touch either of them on account of some issues with my broker. However, hopefully these will be sorted out by tomorrow and I should be able to trade without restrictions again (except for!

After Wednesday's close I was a bit hesitant about the market's bounce. After getting follow through on Friday; I became a bit more confident and added the two long positions I alluded to above. Although today was not a particularly spectacular day from the perspective of the markets performance...the constructive price action I'm seeing in momentum stocks including the two that I am currently holding is telling me that being a bear is wrong at the moment! Accordingly I will be looking to add more long exposure tomorrow. At today's close, I was about 50% long but I will be looking to bump that up to around 150% with the ideas below!

**I still like $IMOS and $EVC from last night's watch list as they haven't taken off yet.

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