IEM's Trading Blog This trading blog will include setups I see and track how I played them. I am a developing momentum chart swing trader. Draw your lines and take your trades, Cheers!

Position updates: BHI (Long - loss), VCI (Long - Win), MMR (Long - Win)
Open Position: MGA (Long)

Wasnt able to post due to computer issues. I resisted the urge to short the market aggressively on Friday as I thought market was too oversold for any swing entries. The market has since bounced strong 2 straight days and worked off most of the oversold levels. The strength or lack of selling (only 1 5min bar had a tick reading of < -500 today) is starting to remind me of 2009. Retail and REIT strength is negating a lot of potential bearish patterns. Furthermore, there are quite a few bullish breakouts from bullish patterns that have been working. e.g. GNW.

I am watching /ES 1120 on the upside for resistance, but I believe we will blow thru that level and break thru 50D to clean out the over-anticipating shorts. The market remains dangerous on the long side when the leaders are lagging and too early to short. I will focus on daytrading some breakouts and fast reversals in the next few days.

BHI - attempted to trade the breakout, but it came back quick. Market was not ready to turn. I was jumping the gun a bit without the proper support from market internals. However, BHI seems to have a hard time lifting even when oil has rallied strongly for the past 2 days. Took a quick loss on the position.




VCI - picked up VCI on good volume surge breakout. It ended up coming back under breakout point but showed relative strength last Friday. Settlement news popped the stock on Monday and I sold into the pop.




MMR - (2/2/10) traded MMR on break of 16, showed nice relative strength on the early economic data dip and took off in the middle of the day. Sold half when it reached my first target and sold rest when MMR was churning sideways at R3 on increased volume.




MGA - nice bull flag and bouncing off 30DMA. Long @ 56.4 (2/2/10)