Thursday, August 26, 2010

Loading Longs

Taking a shot at a few longs, yesterday I went long ALS 1000 @ 2.74 with a stop below no set at the pivot candle of today - I'm assuming it will be the pivot if the market upswing continues for a few sessions.

Stops @ 2.57

Markets have been trending lower, and the oversold levels are once again putting the risk/rewards towards the longs.

I closed off most of my short book yesterday, which seems to have avoided today's 1% upswing. My timing seems lucky right now, and my portfolio is green because of such luck.

I have just added to my longs with BHP 200 @ 37.17 and its potash bid taking the stock lower along with the macro issues - however, one or two green sessions in the US will help the stock float higher in recent sessions. The stop is fairly easy just a 20c stop.