Looks like another day of the bulls pushing the market higher. The Russell 2000 finally cleared the big 833 level and stuck the landing. This will help pave the way for more highs going forward. We are still overbought but price action can’t be ignored. Look for a consolidation or a slight pullback to get us out of these conditions.
Took a bunch of trades today, seems like my entire watchlist was breaking out today.
First trade this morning was in YELP on a nice breakout-pullback. In 22.19 out 1/2 at 22.86 and last half at 23.64 for a 4.74% gain.
Next, VVUS on the 20dma bounce (finally!!!) in at 20.55 out at 20.95 for a 2% gain – missed the big move in this one. Tried to get the order to fill at the top but never happened – weak!
ECYT was a bummer. Looking for a breakout-pullback but didn’t get it. Might need one more day on this one. In 5.33 and out 5.12 for a 4% loss.
SKH was the big winner today with a beautiful bull flag. In at 7.48 out half at 7.74 and out last half at 7.86 for a 4.28% gain.
FXCM was breaking out of a flag but it was another no go. In 12.38 and out at 12.27 for a .89% loss. Not a big loss but it was a no-go
And last but not least was END for a 52wk high break – in at 13.03 and out at 13.29 for an easy 2.00% gain.
Overall up 3% on the portfolio. Not a bad day but could have been better if I could have scaled VVUS. I am still day trading while we are overbought – wasn’t a big fan of the way things were closing today.
