The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at
I am always open to questions, comments, or suggestions on how to improve this blog.

Monday, October 20, 2008

end of day buying

After 3:30 this afternoon we saw some upward momentum in key names.
GS broke out around $120 (opening range high). Check out the daily. Looks like we could have, at least, a possible run up to $142.We see a lot of these chart patterns on the daily time frame. The "W"double-bottom, a clearing of the middle apex on HK can give us a potential target of $22.
As with most stocks across the board, we need to see some serious conviction volume to trust these moves to the upside. So, while playing for a target, be ready to bail if strong selling comes back.Buying in CCI picked up late in the afternoon and closed at the highs of the day on large volume.Same with WLT. Strong volume closing near the highs of the day.
Ditto AGU and IPI...VLO

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