Tuesday, May 05, 2009

Monday Review

First thing in the morning, I'm stopped-out of TMV for a small gain. GSI is rocking to new highs, along with FAS, STM, SCHN, and the rest of the Market.

I was watching to get on FAS. But it gapped-up and kept going, so I didn't move in. I prefer to buy on pullbacks or early starts to what I percieve as long moves up. FAS was riding just under the line of support and I was waiting for a pullback. It didn't pull back, but shot back up with a grand finale finish across the line of resistance. That's one of the problems of being a part-time trader, you can't watch the tape all day, or always be there when you want to jump in. But, I still have a day job, so I'm not complaining today. I did get to jump in on some FEED during an early pullback, and it's moving nicely so far. So, now my only two holdings are in Chinese companies. Hmmmm.

This morning I heard on the radio that China has quarantined up to 70 Mexican visitors, 25 Canadian students (& their teacher), and 4 Americans, out of fears for Swine Flu. One of the visitors was quoted as saying they felt like they had been kidnapped. It's all a reminder of the uncertainty in investing in China, the government is a much greater variable over there.

In other news, the radio is also talking about "the end of the Recession" and how we could be getting out of it. That's a bearish flag to me, but I'm not shorting until I see the patterns set up.

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