|
PureBytes Links
Trading Reference Links
|
All,
All of the market indices that I follow clearly broke through the
top of their Short Term Down Trend Channels (STDTC) and look like they
are definitely turning up. Therefore I'm going to speed up my pace of
new long positions like I described in my post on the revised trend
channel strategy. I will stick to large cap market leaders for now
and will open a position in DELL and INTC tomorrow. Both broke out of
down trends, DELL broke out of a STDTC and INTC broke out of an
Intermediate Term Down Trend Channel. There has been a lot of support
for DELL around the 105 level, so I'll set my initial mental stop just
under that at 104 3/4. Similarly there is a lot of support for INTC
around 85, so I'll set my initial stop at 84 3/4. I'll change the
stops to just under the Short Term Up Trend Channels when there is
enough data for them.
Jim
|