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Last Update: 6.19.13
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6.14.13 Friday
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Entered Long Positions @ $30.90
Here are several reasons why I jumped in long (Call Options) at open
- Long term uptrend held and bounced hard (marubozu candle yesterday)
- Possible double bottom in formation at support
- Breaking above the double bottom neckline (see yellow dotted line)
Next target: $32.50ish
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6.17.13 Monday
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Low Volume is Concerning
We had nice follow through today but I am concerned about low volume last 4 sessions. We had nice break out to the upside today and three trading days ago but volume is rather weak. I won’t be surprised to see this thing starts to slow down before going higher.
10/20EMAs are not yet crossed (see arrow and circles) and when they do, that will be that first early sign that we might be finding some strength for another leg up. I will be watching for that cross and of course we need volume spike as well. I don’t mind some pull back down as long as it stays above 10EMA (blue) or $30.70ish (double bottom neckline pivot).
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6.18.13 Tuesday
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Continue 2 Rise Higher
10 and 20EMAs, they just reunited today and looks like they will be crossing here soon. That will be a good early indication of trend change. After 4 days of bullish run, I wouldn’t be surprised to see some pull back but I think if market continues higher tomorrow, $XHB will follow. Good possibility that we can get to $32.40ish resistance level (the swing high) before a pull back. Volume is also continue to decline here (that’s concerning) and we will need some volume spike to go along with this recent bullish movement.
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6.19.13 Wednesday
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All Positions Closed Out @ $30.99
Bernanke did it!!
Still trading above 50EMA which I will be watching and $30.50ish support level to see if it can hold but for now I am out.
