ITA: 09 May 2012 | Bittersweet Day

Bittersweet day!

Bitter:

NIKL appears to have lost steam and could be trending down from here. If tomorrow be not different than the previous days, I will have to once again cut losses on this one. Calling on the bulls to revive this stock.

Position Ave. Entry Cut Point Days Held
NIKL 35 33.95 14
Sweet:

Finally, MEG has started to flex its muscles as it broke from its short-term consolidation (2.11-2.19) with volume. I say ‘started’ as the stock continues to be supported by huge buy volumes the past two weeks already and it looks headed to higher grounds. From the way it appears, MEG sure has enough thrust to do just that. I hope the overall market sentiment the past days, with EU worries, will not serve as a very significant resistance to this uprising.

Position Ave. Entry Last % Change Days Held
MEG 1.93 2.26 17.10 27

Market has began to enter choppy mode making it extra harder to win trades. As for now, I will most likely stay on the sidelines or at most, trade with a very narrow range. US markets sharply down once again as of this writing.

I’m looking at SCC as a relatively strong stock lately. This even considers that mining has been greatly hit the past days. I will need to see improved activity and volume though. Support stands at 252.

>> God is good all the time 🙂

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