Watching HPQ

HPQ is on my watch list with a buy price of $25.15. I would place a stop at the 50 day MA, or about $24.50.  My first target is the 200 day MA, around $26.50.

The stock has been on a multi-year down trend, but the near term is showing signs of a bounce.  There is a gap that could be filled at $28.50. It will be a while before we see that fill, but with patience it could happen.  My plan is outlined above.  Lets see what happens.

Current Holdings...
DNKN - Looking alright. I'd like to see it hold/consolidate and $32 and move up from there as the moving averages advance.
NEM - held the $47.50 area on the daily close.  I'm keeping an eye on the intraday price, but I'm more concerned with how the stock looks on a daily basis, since my plan is a longer term hold.
SGMNF - Long term hold here...but, I'm keeping my eye on the 13 ema and 20 ma for trend.

Feel free to leave a comment.
~JP

New Position NEM

Hello!
I took a position in NEM at $48.13 this morning.  As mentioned in yesterday's blog, I had an entry targeted for around $48.50.  The stock gaped up in the morning above this price and immediately filled the gap. the stock spent most of the day around my buy price but closed below it.  The earnings released by the company this morning were decent to good.  I'd like to see the price hold above the $47.45 area in order for me to stay in the position.  I like the potential of the company, particularly if the price of gold starts to move back up. The stock price has lagged the price of gold and should start to catch up if gold rises.

DNKN moved up on earnings, but the two daily candles were not necessarily encouraging. Since I've raised my stop above my entry price, I should be able to realize a gain if I get stopped out.  It looks like I will need to continue to be patient with this one before I exit.  We'll see what hits first, $35 or the 50 day MA (today = $30.51).

Remember to follow your own trading plan.

Have a good weekend!
~JP

Holding DNKN SGMNF, Watching NEM

Greetings!
DNKN had earnings this morning and I was holding a small position from around $30.  I haven't read their release or heard the conference call, but it seems as though they have a lot of positive news going for them. The stock gaped up to over $33 and spent the day around the $32 range, closing at all time highs.  I still have a target of $35, but I think that momentum can carry this higher.  If I see $35, I will most likely be selling.  My stop has moved up to the 50 day MA, around $30.40.

SGMNF - I'm still holding Sutter Gold Mine from the 22 cent area. The long term story still sounds good.

NEM - I'm keeping my eye on Newmont Mining as I think the stock is seriously oversold.  They released earnings today.  I will read through the release and make a decision to buy if the fundamentals are still good. My entry would be around $48.50. Stop would be below the recent lows @ 45.22. If it can get past $50, my first target, I think $55-57 might hit.

Here's a video of my first guitar video....

~JP

Nice Moves for DNKN and SGMNF. Watching WM

DNKN met my $32 target today, allowing me to take a profit on 1/2 of my position.  I decided to hold onto 1/2 a position a while longer and ride the 50 day ma up.  I'll use that a stop.  The company announced that earnings will be released April 26th.  Hopefully, I can hold to earnings and may make a decision to hold through them...we'll see how it goes.

SGMNF has been rising slowly but surly. I'd like to see volume pick up a bit along with the price.  This is a longer term hold, so I'll be happy as long as it holds above 30 cents.

I'm watching these two stocks...

WM - I've owned this one in the past. It looks like its up against resistance at $35.39.  A strong break above this level could send it to $37 in a short period of time.  I'd put a stop just under the 50 day ma @ $34.75.  The long-term target would be $40.

Stay patient and have a good weekend!
~JP

Tough Week So Far

It's only Tuesday and the market down-turn has stopped me out of four short-term positions (CBAK, ARNA, SCLN, CRIS). It never feels good to be on a loosing streak, but it happens to the best of traders.  The takeaway for me is that I need to keep an eye on the bigger picture and understand where the market is heading before entering the trades.  I use the 13 ema to gauge the trend of the market.  If the market is trending above it, I can be more aggressive with my position sizes, entries and exits.  If the market is trending below, I need to take smaller positions, keep stops tighter and profit targets smaller.

I expect the market to chop along for a few weeks, making trading challenging...and earnings season may not help. Patience will be key. Make sure to only take the best setups. 

DNKN - I nearly stopped out of my position in DNKN.  It held the 50 day ma into the close, but I'll be keeping a close eye on it.

SGMNF - This stock held its breakout after moving from 20 to 50 cents.  The volume has been relatively low, but the price has started moving up again, which a close at around 35 cents today.  There may be some resistance here, but with some increased volume, we might make another run at 50 cents or higher.

SNPK - This is a pump n dump stock that I got into at around 57 cents after I got an email promoting it.  There has been a lot of news released by the company and the price has increased over the course of the last month.  I sold yesterday for $1.20 or over 100%.  Please note, that I had a very small position with this stock and consider this gain more luck than skill. I typically won't play any pump and dump stocks, but I thought that I got in early enough to make some profit on it.  Anyway, it worked out for me.

~JP