Market Curiosity: Exploring Markets And Systems

January 24, 2011

Long ILMN: 3 down days without breaking a close trend line +10%

Filed under: +06 to +25%, Long Calls — Tags: — Jeff Fitzmyers @ 12:48 pm

Long March 70 calls at $3.97.
Tight stop, and take partial profit too soon.

+ 3 little down days and still above trend line. Plus…
+ Yesterday was a NR7 day. ILMN took a little nap and should be ready to move.
– Weekly RSI > 70 and recently > 70 on daily.
+ EMA pointed up.
+ Mostly accumulation days.
+ Daily CCI, if it turns up from here, has some room to rise.
– Monthly CCI is starting to fall. Not a big deal in a momo, but suggests closer stops.
+/- Weekly CCI is below monthly CCI, but rising.

Sold half for $4.70. +18%. Volume is a bit weak, and I want to take profits too soon until further notice.
Sold other half for $4.05. +2%. Stock gave up most of it’s gains. That is weak.

Jan 28: Calls now worth $3.70. The beauty of taking profits too soon when the stock market is toppy.

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