ITA: 04 July 2012 | Correction

Correction.

Market got off to a very hot start only to see her gains melt near midday. PSEi closed in the red losing almost 11 pts. At this juncture, this is nothing but a welcome and necessary halt/correction to the bull run we have been witnessing over the entire week. This could all change though if this selling pressure continues to the rest of the week.

I have already liquidated some of my positions with quite decent gains (at least for me). πŸ™‚

Position Ave. Entry Exit % Change Days Held
MER 248 267.8 7.98 23
EEI 6.30 6.49 3.02 34

Got shaken out of EEI during a selling frenzy within the day. The stock eventually closed at 6.65 breaking from its ascending triangle consolidation pattern. As such I’ll be looking to re-enter at around 6.4-6.6. Target price is set at 7.1.

Also looking at ALI, trying to complete a cup and handle pattern. A convincing break above 22.9-23 should propel this stock to even greater heights.

US markets are closed as they celebrate Independence Day. Happy fourth of July! πŸ™‚

>> God is good all the time. πŸ™‚

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