MG, Re: Turtles
T has a fairly well-defined monthly upper trend line going back to 1989. My previous entry on it failed to consider this issue. In fact, you might note that my previous entry occurred after it broke below the line (Note to self -- are you getting tired of doing that yet?). I consider myself fortunate as it could have taken a long time to recover.
I could make a case that the daily pattern reflected a "W" (or at least a trading range) with the bottom around your great entry at $42 and the top ~$50. The projection of the extent of the breakout is [((top minus bottom) times 1.38) added to top]. It worked fairly well.
Now, last time it played this above the line game, it used the trend line as great support for months. I compute it ~$52.5? Thus, pivot points now set at $52.5 and $59.75 (monthly down trend line - I think).
Boy, BBY did not like that weekly down trend line!
Got BAC for 1.5 bones from Thursday to Friday, but sold on weakness at the close. It does seem to be trying to break that nasty down trend line, but, again, the higher visability financials performed much better. I did not like the fact that it found resistance before $59.
My other two entries did not do well. TM and I have noted that I seem to have this fatal attraction to stray puppies. <gg> A small position in EK is trying to find a bottom, which I "hope" it does before visiting $56. Made a couple of percentage points playing BA this past week, but my latest entry is teetering on the edge. The news didn't help. I wonder if Billy & Co just don't like Seattle-based companies?
TB |
