Trading Summary for the Week of 05/16/2008
Work and personal life has been keeping me busy lately, not much time to look at the markets and post. I am parked on 3 long positions on my discretionary trading: LH, CP.TO and TD.TO. Both TD and LH as positive and CP is at break-even level.
TD Bank (TD.TO) - Spiked above the 200dma and looks well positioned to continue upwards.
Canadian Pacific (CP.TO) - I’ve got in a bit late the second time on this but that flag looks promising.
Markets Review
The Nasdaq is showing a lot of strength when compared to the Dow Jones. Please see the following charts. The index charged ahead after a quick bounce on the 200dma and is now attacking the previous high. The Dow Jones (INDU) is attacking the 200dma but could bounce back over the next few days. It should continue upwards once it clears it.
Trading Summary Month to Date (MTD)
So far it’s shaping like another winning month. My trading results tracking is getting a bit complicated given that my SharpSystem1 trades are all mixed. So far this month I’m up 5.3% gain over invested capital — last month I ended at at 15.2% which was an exceptional month. The following as screenshot of my trades so far this month.
Peter - if you are reading this post, I have to apologize for not reporting on the BAM short trade but as you see above I closed it on 05/02/08. When looking at my posts I had some duplicated and some that never made to WordPress. I use Windows Live Writer to post and it has been very bad since I upgraded to the new version of WP. I’m not sure where exactly you got in on BAM but I’d keep a close stop at this point, unless you plan to hold it for over 20 days. Look at the following chart - note how BAM is over extended above the bands…. stocks tend to go back inside the band and sometimes very abruptly.
Have a great long weekend folks.
May 19th, 2008 at 12:33 pm
Thanks for the tips. A close STOP is in place protecting profits (original buy and pyrammid buy) at 35.74
I pyrammided my position last week at 35.99.
Original buy 29.70, I liked your ideas, and the base formation.
That line you drew I’m looking at as support and the recent key formation has respected the line and shot up some more, so not all the bulls have fled the pen as yet