Time to buy?

Market made a nice turnaround today and with few more days like today, I’ll start looking for stocks to buy. For now I’ll just wait and see.

SPY Closing Below 15 Month Moving Average?

Yes, it could actually happen! Last time SPY was below 15-MMA was April 2003! We should see some bulls coming into protect the support, if not it could get ugly. Be careful out there!

OMG: Sell

I paid for my mistake today. OMG never took off after my buy and I was tempted to sell on Tuesday. I have habit of trying to find reasons why the stock should go up or down when it is not in my favor. Good thing I did not place too much money on OMG initially or might of been a bigger loss. Going forward, I will minimize my mistakes and concentrate on what is working for me.

OMG: Update

If OMG does not make a turn around within the next day or two, I must sell the stock to minimize my loss before it gets wider.  OMG still is in an uptrend, but it is getting weaker. I noticed ATI tanked today, but I don’t have anymore short position. I have tendency to buy stocks right after I’m doing well, and I believe OMG is what happened (Which is why I did not put lot of money initally).

ATI, WCC, OMG

I covered my rest of my ATI at $77.95 this morning to protect my profit. Keeping my WCC for now as I don’t see any technical reason to cover here just yet. OMG made 52-Week High today, and I would like to see the stock move more because it is not overbought.  If for some reason OMG fails to move higher soon, I’ll be prepared to sell my position.

OMG!!!

OMG! This stock is acting strong in this weak market. Moving higher from last quarter with two hammer type candlesticks. Not so great entry on my part.

ATI & WCC: Taking some profits!

ATI: SMI indicator was entering the oversold level, so I took some profit. The ADX indicator is still moving up, so stock might still go down.
WCC: Took some profit with no real reason.

SPY

SPY is in danger of closing below 15-MMA, which has yet to happen since the bull market started. SPY is now down 8 straight days, and it is still not oversold. I have no clue what it will do tomorrow, but I’m still keeping my shorts as they have room to go lower.

SPY

Last time the SPY had 7 straight down days was from 7/19/2007 to 7/27/2007. It was up on the 8th day, but it ultimately went lower. SPY will try to find support around $139-$140. Gap also needs to be filled from 1/3/08 close to 1/4/08 open.  I still have short positions in ATI & WCC as I see no reason to cover right now.

ATI & WCC (Quarterly Shorts)

Both ATI & WCC are trading below last quarters price levels. Also, both are trading lower from in inside candlestick with lower volume.  My stops are wide right now, but I will amend as I evaluate them in few days.