Tuesday, May 12, 2009

@#$% Sideways Stocks!

My GNK position was stopped-out at 18.20 today. The stock dwindled down to 18.14 and then shot right back up, closing at 19.00, and is now up to 19.48 in aftermarket hours. %@#$ stop sweep! On the other hand, the stock has been channeling down for the past 3 days, so I fought the urge to jump back in as the price recovered. I'll check it out tomorrow to see if this stock was jerking me around or if it's ready to give me what I want.

Instead, I bought a small amount of GM at 1.13 to satisfy my self-destructive tendencies. I heard a rumor that the options action seems to suggest that traders are expecting Washington to finally step in. That was good enough for me!

Still holding FEED, ILMN, and GMO. Only GMO was up today, but it seems to be stuck between 1.80 and 1.85. FEED is nearing the end of it's Ascending Triangle for the Moment of Truth. And ILMN has decided to scrape along it's upward support as it drags to the end of its own Ascending Triangle.

I'm aggrevated, so these guys need to sh!t or get off the pot. STOP MOVING SIDEWAYS! I'll have to check my favorite blogs to see what all this sideways action means.

Speaking of which, POT looks like it's in a nice up-channel and rising wedge that's pointing to 117 in early June.

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