{+++} Hi guys, I wanted to get out a video tonight but I have some tech challenges so we’ll bump it until tomorrow, so I can get the kinks out.
This market doesn’t seem to want to go down yet, so we’ll continue to play it from long side until things change. There have been many new subscribers lately, some of which are newer traders, so my best advice is to take it slow with smaller positions until you get the lay of the land and get a feel for the site. Also study some of the charts I put out at night on the blog, as well as the charts I post in the chat room. It’s important to learn pattern recognition. Patterns repeat all the time and when you see a successful outcome from a chart, there is good chance that that same pattern will repeat and make you money in another stock with the same pattern.
I post the charts on the chat room so you can get a feel for what I see in regard to a particular setup. If you ever have any questions, feel free to email me, even if you want an opinion on one of you own stocks that may not be my idea. Glad to help if I can.
OK, here are some setups that I will be watching over the next couple of days.
MELI– . Its consolidating for higher prices. It tested the 50 day moving average successfully, (red line) and is moving up. Buy the 98.95 level.
AOL– We made good money in this a couple of months ago. It has held its uptrend line well and may be ready for a move higher. Buy the 39.90 level.
QIHI- This China stock has been building a nice base and has a breakout point at the 35 level. Buy the 35 level.
NQ– This small tech company IPO’d about two years ago. I really like the falling wedge on the daily chart below (looks pretty on the weekly chart too). The stock moved above the 10 and 20 day moving averages last week and may be ready for a move higher. I do’t t know where this one will open, so I have a range buy between 8.20-8.75.
SLXP– This biotech has MACD indicator rising as well as RS. Buy the 51.65 level.
Please check the P&L tab for suggested stops, as I only gave you the entries above. I will see you guys on the chat room in the morning. Have a great night and good luck next week.