Howdy Folks! The markets have been progressively moving higher and a lot of smaller stocks have been bouncing big for 20, 30, 40% gains per day over the last two weeks. Here is an update on some newer positions I've taken.
I mentioned $NLST a week ago or so ago with a buy price of $2.44. I sold a few days later at $3.05 (25% gain) as the stock met my target of $3. The stock has pulled back a bit since and can make another run. But, I think volume needs to pick up.
I took a recent new position in Hewlett-Packard, $HPQ at $26.64. The stock is currently flagging around its 50 day ma after it bounced off of the lower up-trend line. My short-term target is $28.50, then $30. My stop is around $25.50 or so. The stock had been beat up pretty good over the last year from the $40-$50 range and could get a bounce for value investors. The key is to hold the 50 day ma.
I also took a new partial position in US Steel, $X at $28.74 today. I really like the base that is being created here. There is some lateral and down-trend line resistance that looks like might be broken soon. I mentioned this stock about a week ago and never got in cause of the big gap up on the day. I missed buying on the pull back over the last few days. It looks like its filled the gap and wants to head higher. I'm looking for a $30-32 target. My stop will be pretty loose here and I may add if the stock pulls back to the lower trend line around $25.25. If it doesn't hold that lower trend line, then I will exit the position.
Another new position I took today is Pacific Ethanol, $PEIX at $1.13. There is a long-term down-trend line that is being tested @ $1.20. If it breaks that, the 200 day ma is the next test @ $1.36. My stop is pretty tight here at around $1.10.
Feel free to comment. Have a good weekend.
~JP
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