Good morning,
Last night’s market opening was great for all long stock traders. DJIA resumed its previous night positive close to advance in the opening session and the good news to me was the 2 positions I bought in NOV hit its target again and was sold at morning high of $46.10. I bought the stock last night at $44.52, so I am a happy man making another round of profits with the counter. I am glad that I placed the limit price because the stock traded down to $45.31 after it reached the morning high. Not long after the trade I received a sms message asking me if I had made money. I am pretty sure this friend of mine had made some money with this counter after reading my blog this week. What interests me is another sms soon after the stock declined to $45.40. This time he asked if the price is good to re-enter since I have mentioned in my blog that I will buy at dip and sell at target.
I am glad that he asked and I sincerely hope that my other followers do not blindly buy at dip just because I have mentioned in my previous blog. I do analysis the day’s economic developments and scan the web for any news relating to the companies of the stocks I intend to buy at dip. I also read the technical cycle trend and candlestick charts. If all the signs are positive I will re-enter to buy. It is not possible for me to detailed daily forecast in this blog since I am not an intraday or daily trader. I believe good stocks will eventually advance within my bell curve confidence level and when I buy a stock I normally wait for it to achieve my targeted returns. KUTE system’s selected stock is quite accurate for weekly position trading, i.e., if the stock is purchased and held to recommended exit point. However, the buy at dip and sell at target strategy needs further analysis to determine if the stock should be bought again. Let me give you an example; if KUTE forecast for a stock returns to be positive for the week and the stock advanced 10% in the first 2 trading session. Subsequently it declined 5% on the 4th trading day, and decline further 3% in the last day of the week. Overall the stock has advanced for the week, but if it was re-purchased when it dipped 5%, the new position would have lost 3%. That is the reason why I conduct stock trading seminars to share and teach my methods and strategies so that new traders can choose their own criteria to select which stocks and when to trade. As for NOV, I did not buy again after profits were taken because the cycle trend and candlestick indicated a potential bearish decline. The daily candle for the stock was a bearish harami and it is better to wait for confirmation before any trade.
US stocks edged up last night as comments made by Federal Reserve officials suggest interest rates will stay low for some time. However, gains were limited by strength in US dollar. The rebound in US dollar and some technical resistance cause stock to pull back after the early session gains. The good news was the DJIA continued its daily gain and closed 0.43% higher at 10,291.26 and the broader base S&P 500 closed 1,098.51, up 0.5%. Market breadth was positive. On the NYSE, losers topped winners by four to three and decliners topped advancers almost seven to six in Nasdaq. For the selected stocks, NOV closed 1.04% higher at $45.60 and MIR was up 0.67% to close at $14.97. TAP was up 2.92% to close at $46.14 and Magellan was up 1.1% to close at $34.90. I am still holding on to 1 more position in NOV and the position is still in the money. As for PTEN, the stock closed 2.15% higher at $16.63. Though it is in the money, the price has not achieved the target to exit so I am still holding on.
Have a great day.
Francies Cheng
BBus MAppliedFinance
Last night’s market opening was great for all long stock traders. DJIA resumed its previous night positive close to advance in the opening session and the good news to me was the 2 positions I bought in NOV hit its target again and was sold at morning high of $46.10. I bought the stock last night at $44.52, so I am a happy man making another round of profits with the counter. I am glad that I placed the limit price because the stock traded down to $45.31 after it reached the morning high. Not long after the trade I received a sms message asking me if I had made money. I am pretty sure this friend of mine had made some money with this counter after reading my blog this week. What interests me is another sms soon after the stock declined to $45.40. This time he asked if the price is good to re-enter since I have mentioned in my blog that I will buy at dip and sell at target.
I am glad that he asked and I sincerely hope that my other followers do not blindly buy at dip just because I have mentioned in my previous blog. I do analysis the day’s economic developments and scan the web for any news relating to the companies of the stocks I intend to buy at dip. I also read the technical cycle trend and candlestick charts. If all the signs are positive I will re-enter to buy. It is not possible for me to detailed daily forecast in this blog since I am not an intraday or daily trader. I believe good stocks will eventually advance within my bell curve confidence level and when I buy a stock I normally wait for it to achieve my targeted returns. KUTE system’s selected stock is quite accurate for weekly position trading, i.e., if the stock is purchased and held to recommended exit point. However, the buy at dip and sell at target strategy needs further analysis to determine if the stock should be bought again. Let me give you an example; if KUTE forecast for a stock returns to be positive for the week and the stock advanced 10% in the first 2 trading session. Subsequently it declined 5% on the 4th trading day, and decline further 3% in the last day of the week. Overall the stock has advanced for the week, but if it was re-purchased when it dipped 5%, the new position would have lost 3%. That is the reason why I conduct stock trading seminars to share and teach my methods and strategies so that new traders can choose their own criteria to select which stocks and when to trade. As for NOV, I did not buy again after profits were taken because the cycle trend and candlestick indicated a potential bearish decline. The daily candle for the stock was a bearish harami and it is better to wait for confirmation before any trade.
US stocks edged up last night as comments made by Federal Reserve officials suggest interest rates will stay low for some time. However, gains were limited by strength in US dollar. The rebound in US dollar and some technical resistance cause stock to pull back after the early session gains. The good news was the DJIA continued its daily gain and closed 0.43% higher at 10,291.26 and the broader base S&P 500 closed 1,098.51, up 0.5%. Market breadth was positive. On the NYSE, losers topped winners by four to three and decliners topped advancers almost seven to six in Nasdaq. For the selected stocks, NOV closed 1.04% higher at $45.60 and MIR was up 0.67% to close at $14.97. TAP was up 2.92% to close at $46.14 and Magellan was up 1.1% to close at $34.90. I am still holding on to 1 more position in NOV and the position is still in the money. As for PTEN, the stock closed 2.15% higher at $16.63. Though it is in the money, the price has not achieved the target to exit so I am still holding on.
Have a great day.
Francies Cheng
BBus MAppliedFinance
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