RIMM - Research in Motion - Swing Cup & Handle
Nothing special on the day trade front. I was stopped out of a few trades and called it a day. I've really noticed between Friday and today that my system really doesn't work well on low volume / churn type days.
It almost feels like the street is a bit demoralized as despite the dollar improving somewhat over the last week/few weeks, oil continues to hit new highs.
The dry shippers & coal did really well today, and steel is breaking out to all time highs.
As far as swing trades go, I closed out RIMM (~134.50) today. I may look to re-enter after a consolidation/pullback.
In respect to the RIMM trade, after looking it over, there is very little I would have done differently. Not only was it a good trade in that it banked some coin, but my reads on the entry & exit points were solid.
It probably needs to rest a bit / consolidate here before making any realistic attempt to push higher. Volume (the power behind the move) has been decent, but not strong enough to power it through multiple resistance levels and to all time highs with out taking a breather first.
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After looking at the charts from today, I can't really say I have any special watch list type picks to add for tomorrow.
I'm looking for continued strength in the Steel / Coal / Dry Shippers and possibly Ag starting to push higher again.
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Depending on how the volume is tomorrow I may try and spend some more time away from the desk.
In a little over a month I'll be working about ~60-70 hours a week and need to start getting reacquainted with looking at my positions / adjusting my stops once every few hours (if that) on swing trades.
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