Tuesday, April 05, 2011

Update on this weekend's swing ideas

Our two swing long ideas for this week were $GDXJ $GS on their respective trend-line breaks.    As we tweeted on the actual break this junior gold miner ETF broke through the trend-line today (and currently up 2.7% from time of our tweet).  Great action, looks solid.    If you’re active trader take a few profits and move stops up to at least above break-even on trend-line — but stay involved and swing on a good close as there’s lots of free air now:

The second idea was $GS long on 162 break which would have been a break of trend-line and 50SMA and which still hasn’t triggered.  This has become slightly more complicated now as stock has moved down thus moving down trend-line and creating space between trend-line and 50SMA.
We still like this idea but now it’s become more of a buy through trend-line and take first partial on 50SMA trade which makes this a potentially less lucrative trade.    We would have much preferred little space between trend-line and 50SMA for a double break-out.