Wednesday, September 16, 2009

BAC, AUY, ABK, ENER - Updates

BAC - WAIT

Although BAC went up today, the possibility of seeing a head & shoulders being confirmed is still a possibility, although it has as much chance of seeing it fail. Right now we have to wait, and we may get our answer tomorrow of whether or not BAC will go higher or lower, for the moment it's going sideways. If BAC crosses and closes above $17.50, i will most likely cover my short position and take my loss. If BAC falls below $16.00-$15.50, this would be a confirmation of the head & shoulders formation. However BAC has very strong support at $15.50, where its 50 day MA stands. So, to be honest with you I don't see as much potential for profits on the short side as I first did when I entered my short position, and I may cover soon. I usually give myself up to to 20 business days to decide whether to hold or dump my stock, if I haven't achieved a minimum of +5.00% gain. I feel that even if BAC falls, it won't fall off by much and it will just be a healthy pullback. After all BAC is one of the stocks which I listed as one of those with the most potential to outperform the market by year end, and even if it doesn't in the long term I'm sure it will outperform the market.

AUY - BUY

AUY had a breakout today, to confirm my BUY signal given this morning, it would be best to see AUY stay above $11.25, or else the gap will get filled and I would change my indicator from BUY to HOLD, if the move down is not too major. Personally I'm very bullish towards gold, and I think it will move much higher in the future. I'm currently long AUY, at $10.28, up more than +10.00% with a TSO of -7.00%, meaning that I'm practically guaranteed to exit this position with a gain, if a big pullback occurs.

ABK - WAIT

ABK is back to being a WAIT after giving up all its gains of the previous sessions after it jumped +8.00%. The BUY signal failed because it wasn't followed by another up gap.

ENER - BUY

ENER is a BUY since it has managed to stay above its 50 day MA, ever since it closed above it 3-4 days ago.

I may post charts later today if I get the time.


LONG AUY @ 10.28 - TSO: $0.76
Short BAC @ $16.96 - Stop Loss: $18.02
Posted by Yoel at 5:27 PM

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