Mar 182013
 

The JOUT long setup triggered an entry back on February 1st on the high-volume break above 22.00 and is getting close to the first target (24.00).  My preferred target on the trade at this time is T2 (31.00) however, a reaction (pause or pullback) at or near the T1 level is likely so set your stops and sell limit orders according to your trading plan.  At this point, a stop below 21.50 looks ideal.  Another potential sell signal would be a weekly close below that bull market uptrend shown on the previous & updated weekly charts below.

Mar 182013
 

For those in the AAPL long trade, please note that the first target has been revised to a lower lever.  The new first target (T1) will be the primary downtrend line shown on this updated 4-hour chart.  The original first target (482.50) has been changed to T2.  That trendline is also the top of the descending channel shown on the recently posted daily charts (and the updated daily chart below as well).  Currently, if prices were to hit that trendline in the next day or so, it would come in around the 460 area, above 5 points above current levels.

On an admin note: These charts are about 30 minutes old as the website has been experiencing server issues with the site down for the last half hour or so.  The site is currently in the process of being moved to a faster, more stable server at the web-hosting company and although they don’t expect anymore issues, this process is expected to be completed on or before March 27th.  Therefore, RSOTC.com may experience temporary outages or slow response times but outages should be much less frequent once the move to the new server is complete.

Mar 182013
 

COL 2-dayAs there are a substantial number of trade ideas listed in Active Short Trades category, I plan to go through the charts in detail this week and update as many of the trades as possible.  At quick glance, I see two trades that have exceeded their previously suggested stop parameters.  COL moved well above the suggested stop of 60.30 and as such, will be considered stopped out and moved to the Completed trades category.  However, as a case was made for a long-term short based on the weekly charts, any longer-term term traders still in this one might note that COL is currently backtesting the lower uptrend line of that rising wedge pattern on the daily chart and just shy of a key downtrend line as well. (shown here on this updated 2-day period chart).  Therefore, one could give the stock a little more room and I may also revisit COL for another short entry soon.

The other trade that I’m following closely and I am still short is VAL.  VAL has exceed the previously suggest stop by less than 1 point (1 dollar), which was just over a 3% loss from entry and in reviewing the charts, I believe was too tight/close to entry for an objective stop, especially considering that I may likely add additional downside targets.  I will update that chart in a follow-up post soon as well as any other Active Short Trades that are at or near important technical levels.

 

Mar 182013
 

GG 60 min 3All of the gold & silver mining longs, including GDX still look fine for now but I did noticed that GG exceeded both of the previous posted suggested stop criteria last week with several 60 minute candlestick closes well below the lower stop level and as such, will be removed from the Active Trades category.

GCAP had a couple of very brief intraday spikes below the suggested stop of under 4.12 and did manage to print a very slight (3 cents) close below that level on Friday and the end of day impulsive drop into the close but moved right back above today and so far, the recent dip has just proved to be a backtest of the uptrend line/top of the bullish falling wedge and so I will continue to leave this one on for now with a stop to be triggered on a close below 4.12.

MAKO, as expected, has pulled back since hitting the first target recently for a 16.2% gain.  For those who took partial or full profits there, so far today the stock has put in a potential reversal candlestick so one could re-enter their position around current levels with the appropriate stops in place.  Those who are still long and planned to ride out any pullbacks along the way to one of the higher targets might consider a stop at or above entry in order to protect gains or assure a breakeven on the trade.  The remainder of the active longs still look fine for now.