Sunday, February 13, 2011

All Major Indices At New 52 Week Closing Highs

SGS is Long (as of close of 12/1/2010)
RTS 20110103 Long Portfolio

All major indices except for TRAN set new 52 week closing highs on Friday.  SPX broke out of a 3 day bull flag formation with good volume and breath.  That's just f*cking bullish no matter where you're coming from. 

There is a chance that we see SPX coming back and back test the upper channel line of that 3 day down trending price channel (bull flag formation) around 1325 and even possibly go lower and test the lower channel line around 1315.  Both dips are definitely opportunities to open new long positions.

I am buying tomorrow in my IT (first buy of 4) and LT (first buy of 3), hopefully as we pull back to the Immediate Support levels.  My plan is to buy:

In my IT: DIA, QQQQ, SPY and IWM (equal $, first of 4 buys for Feb 2011)

In my LT: DIA, QQQQ, SPY and IWM (equal $, first of 3 buys for Q1 2011)
Also in my LT: CIEN, RVBD, SWKS, PCX, TSO, NOV, MEE , JBL, NFLX, and BIDU (equal $, first of 3 buys for Q1 2011).

I'll post on FC Wall and Twitter as soon as I decide to buy.

Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.