As our blog readers know (and as we have posted in our stocktwits account) we bought many positions last week, mostly (but not all) commodities, in anticipation of break-outs. Over this period we already had OXY BTU APA UPS hit our break-out triggers. We took a lot off today but didn't completely sell out of any position. We have however raise our stops on all the swings. As we've been repeatedly discussing in our newsletter in the last few weeks the best strategy right now is anticipating break-outs: buying on dips with stocks with clear targets and selling at least partials into targets and holding rest for possible continuation.
Next big resistance on our screen (for us anyway who are almost fully in commodity stocks) is OIH 136.
As we posted we were sellers into the rip to 1206 resistance. Any basing now around this area would be bullish.
As our readers know we always take profits into resistance when the market travels from support into resistance in one day -- as opposed to starting the day close to resistance in which we would look for breakout of resistance and add into the break rather than sell into the area.
44 minutes ago