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Channel Breakout
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Channel Breakout

Channel Breakout

by The MoleJanuary 16, 2009

UPDATE 1:04pm EST: We broke out of the channel I have been pimping all day. Got out of my Zero position with small profits but am not liking it. Thus I decided to ignore further signals for the remainder of the day as it’s expiration Friday and I don’t want to start blowing profits on whipsaws and slippage.

Anyway, I was looking at RTH and am liking what I see:

10 day ATR is around 2.5, but due to the trendline I’d set a top at 73.2.

Also like Toyota if it hits 67 again – would settle for 66.5. Yes, I’m talking puts.

UPDATE 1:39pm EST: Okay, here’s my long candidates roll call:

AA
ACL
AG
AMZN
AZO
BIDU
BUCY
CAT
CCJ
CF
CHK
CMG
CNQ
DE
EXPE
FAST
FSLR
GNK
HAL
ISRG
JOYG
LNN
MOS
NOV
POT
RGLD
RS
SHLD
TXT
XLU

I stole a few of those from Tim Knight – sue me 😉

Here’s the URL for the CSV file – you can import that as a watch list into Prophet charts:

http://www.screencast.com/t/BlbEIdaf

UPDATE 2:18pm EST: V for Whipsaw 😉

Having fun?

UPDATE CLOSING BELL: So, I post 30 long symbols and get what – like one response? Jeeeezzz…

One more comment – sorry I can’t resist: Does anyone remember me posting that Yen/ES futures correlation chart early this morning and saying that this is probably one big bear trap? 😉

Anyway, I’m outta here – don’t expect to hear from me until Monday late afternoon.

About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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