Thursday, June 04, 2009

Short-Term Wins

I made 5 buys yesterday, and they made me 5.75% today.

STKL @ 1.84
It paid off nicely today; I see next resistance around 2.08, and later at 2.30. Today's close was up on light volume, and I'm pretty sure that's a good sign of continuation.


ILMN @ 39.54
I had been watching this stock for weeks from a tip by RevShark, when it was nearing 38.50 for the second or third time. After failing to break resistance and drawing out for a bit longer, I was ready to let this one drop. But then it shot through resistance and grabbed my attention. I made the sucker-buy, right at the peak of the day. It's still holding support and looks like a nice pennant, so I'm holding for now.


CSE @ 3.82
Moved up nicely today, as well, following the Ascending Triangle pattern towards resistance at 4.30. It looks good to break through, but if it drops to 4.00 first, I'm afraid it might fail (see the headfake by ILMN above).



AGO @ 14.24
Broke though a recent resistance level of 14.61 and kept on trucking. It finished the day in consolidation, but I don't see any reason for it to turn around in a big way anytime soon.


ABAT @ 3.69
This one is really stretching out it's shape, and I wonder if that is the sign of a breakdown. I see several signs of weakness, but this may still just be a prolonged consolidation period. It's not in this chart, but I also see a flat channel of 3.37-4.00, and today's close tested the midrange of that channel. I've placed my stops based on the channel, not the triangle.


Thanks to WeeklyTA and Trader Stewie for tipping me to a couple of these winners. The others I found using ThinkOrSwim's Pattern finder.

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