Thursday and Friday presented a nice pullback and recovery that could setup a end of year run to the 1300 area on the $SPX. The pullback on Thursday, however, nearly had me stop out of my recent purchase of $WM as I thought it was breaking down and I didn't want to take a loss on it. Luckily, the stock rebounded on Friday and closed up 3.5%, above its previous day's high. I'm still looking for a $34 target on the stock.
$MSFT found support at its 200MA and is may continue to move toward our target in the $26 range. We'll see if the market will make that happen.
I had a few other good trades last week...$AEN busted loose and gave me about 20% from $1.12 to $1.35. $SNTA had a good breakout run and yielded around 16% from $4.11 to $4.77. I took 7.5% from a swing trade in $AEA. All three could see continuation, but I decided to take my profits, cause you never know what might happen from day to day.
I did take some small losses in $PEIX, $MX and $GLUU.
I took new swing positions in a few stocks
$MEG @ $4.04 Great looking breakout over resistance. Target $5-$5.50. Stop at buy price.
Hope everyone has a good week.
JP
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