I admit it… it’s been a while. My last post was in September. I have since returned to the world of entertainment and switched my strategy to longer term holdings… Which I think suit me better. I got an intense job working for a Saturday Night Live special and neglected both this blog and my trading. Of course that is just the time the market had a very nice rally just to punish me for my neglect (of course I’m probably just being an egomaniac).
I felt no guilt for leaving this blog as it was for I never got a comment or a message from any of you. I come back now 6 months later and low and behold some of you appear to still frequent the blog. I am both pleased and surprised. My guess is that it’s the learning series I began that perhaps are getting people to come. Well for those who are coming for this, I have some good news. I have since acquired some skills in some advanced media programs and will be starting a video series to impart my trading philosophies… so stay tuned!
In the mean time I have a good position in $LUK, this stock stood strong through the Japanese earthquake and built up some pressure which seems to be moving. My longer term trading means that I am looking at Monthly, Weekly, and Daily charts or Weekly, Daily, and 30 minutes. My holding time is around 2 weeks to as long as it keeps going. Looking at $LUK it appears it could be entering a third impulse wave on the monthly charts, a fifth wave on the weekly and what looks like could be a third wave on the Daily chart. (pardon my lack of specific cycle terminology it escapes me at the moment). What does this mean? Could be a further push to 39-40 ish area optimally and then brace for a healthy pullback (which should be a medium term buying opportunity).
Other than that $VRX looks to be setting up for potentially explosive movements. It could possibly be about to enter a fifth wave on the weekly charts. It has just closed above a descending triangle line. Though the volume is a little low for a breakout, it doesn’t worry me too much. The volume for this rally on the monthly chart he been phenomenal, though it appears to be waning which could indicate the need for a sell off. This will probably come at the completion of this fifth wave on the weekly chart. The pullback would probably go down to 38, though it could even be possible for it to go down to the lower half of the 20s depending on the shape it takes on the monthly chart. This would make for a great long term entry. Getting in now is a little bit of playing with fire, but I still believe it’s a good risk/reward situation though I might go in with a slightly reduced size.
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besides that here is my short watch list of stocks:
As usual, remember to do your own research on everything I discuss in this blog because in the end it’s your money and your responsibility.
If you like what you read here, please drop a comment. (that’s right I’m reduced to begging)