Weekly commentary

I remain bullish this week, even though the market is mildly overbought. Some profit taking along the way would not be surprising. Remember, overall trend is up. Once the trend is formed, the market is very likely following its path for a longer period of time than people expect. This long trend is supported by the good fundamental news, which includes good inflation data last week. The core CPI has been up a negligible 0%, 0.1%, and 0.1% over the past three months. With the earning season off to start, I expect the market will respond well to the upside surprises.

Past trades for the week July 11th

bot gnss @ 19.76, sold @ 20.7, net 5%
bot amtd @ 18.8, sold @ 18.77, net (0%)
bot cnet @ 11.98, sold @ 11.95, net (0%)
bot dna @ 84.25, sold @ 84.2, net (0%)
bot psys @ 49.53, sold @ 48.93, net (1%)
bot pwav @ 10.55, sold @ 11.17, net 6%
bot gnss @ 20.66, sold @ 20.54, net (1%)
bot boom @ 44.7, sold @ 44.37, net (1%)
bot talx @ 33.41, sold @ 34.8, net 4%
bot amtd @ 19.28, sold @ 18.99, net (2%)
bot dna @ 84.8, sold @ 86.72, net 2%
bot mnta @ 20.45, sold @ 23.49, net 15%
bot cme @ 292.22, sold @ 299.35, net 2%
bot pssi @ 13.35, sold @ 13.16, net (1%)
bot cvtx @ 25.45, sold @ 27, net 6%
bot ppdi @ 55.4, sold @ 57.35, net 4%

Update: MNTA

I would take profit on MNTA right here.

Update: MNTA

Update: CVTX

Update

The market opened weaker today, which is expected to work off the overbought condition and looks like a normal pullback. I would add some more positions using this weakness.

Update: DNA

DNA continues its uptrend after it broke out $85 two days ago.

PPDI

Time to take some profit off the table, strictly daytrading.

MNTA

One of my picks from three or four days ago.

PSSI

It was featured in my last night's newsletter.

Open

The market opened strong across the board. I wish I had more to report, but I am out of words to describe the current market, but bullish.

Per request: FUEL

First of all, I would not pick this one at first place. Too many whipsaws, hard to make a profit. Since you already longed it, i guess you might sit through it with smaller loss or even small profit.

Update: crude oil

Crude oil is still sitting at resistance. How much impact will $60 plus oil have on the equity market? A hot market like this, I would say not much.

Update: BKX index

After a fake breakdown, financials are breaking out to the upside, which is very bullish for the general market.

Updat: TALX

Update: CTRP

One more reason you should never let the breakout play go back to its trading range. Stop out at $54.

Open

As I said in the newsletter, we are overbought. This morning we can Nasdaq is leading us to cool off a bit. I don't think this pause will be big or long.

Chart BOOM

Update: BOOM

I have difficulty upload the new chart. But whenever I see this type of candlestick, I sell at least half of the shares.

TALX

I brought it up over MSN @ 33.4 this morning.