Nimble Trading

Posted by downtowntrader | 7/05/2006 10:22:00 PM | 0 comments »

With the indices still under the last pivot high, you have to treat each failure at resistance carefully. While I expect further rallying, the fact remains that the path of least resistance is currently down. My advice is to adhere to your stops and stick to your trading plan. I have started to scale in some short positions although I am still biased to the long side right now. Here are a few charts worth watching tomorrow.

ARGN is near support and may get a bounce.

TSCM tested the breakout area today and had some nice buying come in to support it.
VOL may of already cleared this flag, but the safe play is to wait for it to clear resistance.
SNDK fell out of a small descending triangle today.
MNST may of fallen out of a consolidation area today. (even after a strong jobs report)

Although I was bullish on GYMB earlier, if it falls out of this triangle on a closing basis it could make a decent short.

Good Luck,