Reversal Again

Posted by downtowntrader | 4/03/2006 09:53:00 PM | 0 comments »

It was another reversal day today and once again. Short of time again with MLB full slate, 24 and tax preparation taking as much time as possible from me. I won't be initiating any new swing trades tomorrow, so I am posting a few charts of some current holdings that I feel are close to moving.

ALDA may pull back a little here, but there is a chance that they break out of this consolidation base.
SLW is having a hard go of it here, but buying at this trendline has been rewarded recently.
As I have been expecting, JOYG broke out today. The sector is looking good so follow through looks likely.
MNST looks like they are close to breaking out of this triangle.
I hope some of you were able to get a piece of IIP after I posted the update this morning. They had a nice move today and look like they will clear 1.10 tomorrow.

Also, I am gonna try something new starting tomorrow. I entered the Squawk Box stock contest and will be trading solely using alerts from my Trade-Ideas setup. The tricky part is that the contest doesn't reward daytraders or momentum traders as it uses the closing price from the day you bought the stock. I think my strategy will be to scan for breakouts at 3:30pm and take stocks closing strongly. Either way, you can see all of my picks here.

Good Luck,