Friday, January 15, 2010

Support buying

We had TSL YGE support buys in our focus last night in the newsletter, and also posted in our twitter account yesterday.

YGE off the 50 SMA, very oversold after heavy sell-off on news yesterday:

We bought first time near 15/S1 bounce, were going to stop out at low of day, but were also watching out for a possible quick dip and over -- which happened on that second test and on which we added with a stop on the low of day, average 15.08. We were completely out of the position as the stock went to 15.5 -- not much but our initial risk was just over a dime.

TSL similar idea as we wrote yesterday we wanted to buy 49 reversal -- exactly what happened today:

We tried TSL near 49 bounce (9:46), got stopped out within a minute, and bought again on the next retest (9:50) -- stop was always around 10 cents. We took the last of the position off near 50 for over a point. All this was recorded live on our twitter account.

Also bought very small starter positions on JRCC CRK near the 20 SMA /50 SMA lines, respectively, but expecting some pain in these two and will not add until the 200 SMA.

Update: We changed our mind and sold the JRCC CRK flat. We'll come into market next week fresh and re-assess.