The daily chart above depicts the swing trade entry and exits. As you can see the trade has become extremely extended (distance from trendline and moving averages). I'm sure POT and the sector will go higher, but for now I felt I needed to lock it in and wait for a retracement.Yesterday POT trended higher. It carved out a ambush of the last leg up in early afternoon which I day traded as depicted below. When I closed out the day trade I also locked in 25% on the swing trade.
This morning it gapped up again when the market gapped lower. I locked in the last 25% when it failed to hold $115.00.
I'm hearing that Cramer recommended the fertilizer sector on tonight's show, so many of the names (POT, AGU, MOS, IPI ...) traded higher in after hours. I hate shorting strong stocks, but Cramer might have setup a perfect storm. We'll see how it plays out tomorrow. AGU, and MOS printed a shooting stars on the daily today.
The RIMM swing short hit the first support level today and I covered 25% on my position. Plan to lock in more at the next support level as depicted on the chart below.
ABX short was stopped out on Friday. It has since broken its downsloping trendline and is basing at $43.00. I'd like to see a matching pattern develop - inverse H&S before going long.
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