Trade Thoughts

At the start of this 3K-100K challenge, I warned that at times I would break my own rules.  Today is one of those days.  DDS is closing below the 7 dma, but I am holding onto the trade.  FCX and TSO still remain above the 7s and have held up relatively well today given the market down almost a percent.

The candle pattern on the SPX is not a short term bullish one.  Another day of profit taking may be ahead before the market gets any kind of serious bounce.  I believe these days of selling are days to pick up stocks holding strong above their 7 dma rather than a great opportunity to get short stocks.  More light may come out of Europe and change that sentiment, but for now I just think this a pullback for those that missed the market rally to get in and buy.  For now, I hold my trades.

Have a nice evening, Jeff

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Posted on February 4, 2013, in Jeffs 3k-100k. Bookmark the permalink. Leave a comment.

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