Busy day in the market. I took gains in my short position in Lockheed Martin (LMT), while taking half my gains off the table for Callaway Golf (ELY), and closed out my position in Patriot Coal (PCX) after a 6% gain on the day. I did add a couple of positions near the close with URS and TIE. You’ll see that with URS, the stock is on the cusp of a breakout and confirmed a cup and handle pattern today. With the S&P now breaking through resistance at 1150 and having moved up to 1160, this market is clearly one for the bulls.
Here is my chart analysis on URS.
Welcome to Swing Trading the Stock Market Podcast!
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Emotional trading will destroy one’s portfolio. Aiming to hit home runs with every trade is a sure sign that the trader is overly emotional and only cares about fast money. In this podcast episode Ryan explains how chasing after stocks like MicroStrategy (MSTR) without a plan for managing the risk can ultimately ruin a trader’s attempt at being a successful swing-trader.
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