Currently I have four positions – Two of them are profitable, two of them are not. My two profitable positions are running pretty good at the moment – QLD and PETS while, AVP and OSG are languishing after today’s market action. Of the four, I feel like, technically, they are all still holding up strong (if they weren’t I wouldn’t be in them any longer). The charts are below with my comments on each…
Best position by far – taken partial profits in it already to make sure I profit off of it – I’ll let the rest run….
See More of My Charts…
This play took a step back today off of a lousy downgrade – can’t do nothing about those – nonetheless, no major technical damage done to it, so I am holding strong.
QLD was bought on the Dubai Sell-off a couple of weeks ago. It is stalling near the previous highs, but still holding the support of the upward trend – a break of $54 and I’m outta here with my profits in hand.
I probably could have done a better job at drawing the “Cup & Handle” pattern (one of my favorite patterns). Also, there is a wedge forming, that indicates an imminent breakout (or breakdown). A few of the indicators that I use suggest that big-money is continuing to pump their capital into this play so I believe there is an upward bias in this as long general market conditions hold.
