Posted by: fortunefaded June 8, 2009
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Update on my positions and a new trade I might initiate this week.
FAS. I sold FAS on Friday at 10.69. Had bought it at 10.30. I didn't like the volatility and seeing it reach 11 and drop to 10.60, I wanted to get out of the trade.
REXX. Still holding on REXX. 7.60 turned out to be a major resistance and today was not good for REXX. I expect a bounce from the current 6.70 level.
New trade this week:
I was going over through emini's old stock picks this weekend and GFI caught my attention.
I put the daily chart of GFI below. You can see nicely how it has been bouncing around in that channel. As I had anticipated, today it found good support at the lower edge of the channel and I expect this stock to go hit the top edge of the channel in a few weeks. My target is 14.50.
Peace,
FF.
FAS. I sold FAS on Friday at 10.69. Had bought it at 10.30. I didn't like the volatility and seeing it reach 11 and drop to 10.60, I wanted to get out of the trade.
REXX. Still holding on REXX. 7.60 turned out to be a major resistance and today was not good for REXX. I expect a bounce from the current 6.70 level.
New trade this week:
I was going over through emini's old stock picks this weekend and GFI caught my attention.
I put the daily chart of GFI below. You can see nicely how it has been bouncing around in that channel. As I had anticipated, today it found good support at the lower edge of the channel and I expect this stock to go hit the top edge of the channel in a few weeks. My target is 14.50.
Peace,
FF.