Thursday, January 29, 2009

Fridays Watch list Jan 30th

J&J closing above the 20 ema Right now 54 area is looking like a great double bottom. I would like to see a couple days of consolidation, Good odds we will not get that

DXO a great way to go long Oil and the bottoming pattern (Nice inverted head and shoulders)

$S&P support under us at 840 Futures currently trading up 4.50 tonight 12:40am

Tomorrow being Friday, I will be staying patient and focusing on a smaller number of stocks and cutting back on trading. Tomorrow will be a good day to take time to back test some indicators you might want to learn. Take a group of stocks and paper trade them strickly off of indicators and see what results you get.

ie. Buying any stocks that are holding above there pivot point if the market goes negative and gets a selloff