Monday, March 05, 2007

Pocket Change

I had personal business this morning so I was only able to trade in the afternoon. KLAC was long entry after it finally proved that it would hold support and bounce. I was hoping for at least a retest of the morning highs, but it climbed about 2/3 of the way and printed a spinning top, so I tightened the stop and it was over.

PTMK was a gapper dummy long on a flat base breakout. At the time of entry all of the elements I look at were favorable ie. price break on an uptick in volume, proximity of the rising MA, overall relative volume. However, there was no follow through. I exited 50% of my position at $12.69 when it stalled and I was stopped out at $12.59 on the balance.

CAL was a short on a break of Friday's late day support level. The break came too late in the day, otherwise this could have been a bigger winner.

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