Wheelhouse View of the Market

The $RUT, S&P500, and VIX charts are below. $RUT has a little ways to go before potentially breaking out of its range, and the S&P500 is in the process of doing so. A break through 1233 could get to 1250-1260 quickly, but some sideways action for a few days would be a good thing between here and there. The VIX has broken down already below its range, so it looks like the volatility is subsiding for now.

Trading Account: In cash; however as market breadth is now bullish on the market monitor, momentum swing trades should work better. We have had a good thrust on breadth off the bottom, and it looks like this may have some legs to it. Since we are in earnings season, I will be focusing on the earnings watchlist from Bluefin (www.patientfisherman.blogspot.com) for some swing trading opportunities, and if my schedule allows I will be using the T method for my entry. Good example of this was LNKD from last week (see prior post).

401(k): Currently 30% invested, will be getting fully invested early this week. Current positions are TNA, LNKD, PANL. I am focusing on best setups from the Stockbee Trend Intensity universe and the Bluefin lists, preferring stocks with good earnings growth and catalyst.

Trades Week ending 10.14.11

The trades below were my day trades from last week. LNKD ended up being a multi day swing trade making $11 a share. That single trade made the week since the other ones were washes and losers. I won the week though. I'll have my weekly wheelhouse up later tonight hopefully.