Online Stock Trading | Update on Longs and this market still has legs

Update on Longs and this market still has legs


Filed Under Market Commentary |

Yesterday I posted about the market direction.  Price action has certainly suggested there is more upside to this move than most can admit.  Volume hasn’t been the best of stories but, on Thursday’s 2% gains volume did spike higher than the previous day’s trade.  An excellent showing from instituitions and we need the big boys to be apart of this rally.

The following are a list of holdings I have in my trading portfolio.  This is only a handful that I have in my portfolio but wanted to share my thoughts on each of them. 

  • RNIN
  • ASIA
  • ARGN
  • RRST
  • JRJC

    • RNIN - Showing some slowing in the accumulation department but there is no downside volume here.  The 50dma is about ready to slope higher and will look to see the stock trade within a tight range. 

    ASIA - Another stock with little to no downside volume whatsoever.  The stock has been relatively quiet this past week.  I’d be shocked not to see ASIA put in another 52 week high this week.   But then again, I wouldn’t be shocked if it didn’t.  Emotions just aren’t part of my trading equation.  The uptrend remains strong.

    ARGN - Russell rebalance screwed this puppy.  Downside volume is a bit more noticeable but with ARGN’s growth in fundamentals overshadows the downside volume.  Friday’s intraday tail shows that there is support for the stock.

    RRST - Friday’s action was a bit troubling after reaching a new high the stock quickly reversed on heavy trade.  Although the volume wasn’t as high as the breakout it does throw caution to the wind. 

    JRJC - China China and more China.  One of IBD’s top ten stocks under ten bucks JRJC exploded Monday, Tuesday, and Thursday.   A 22% move from Monday’s open to Friday’s close.  The upside volume TOWERS over the downside volume this past week.  Would look for the stock to settle within a nice price consolidation pattern.

    Last 5 posts in Market Commentary

    Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
    • Digg
    • del.icio.us
    • Netvouz
    • DZone
    • ThisNext
    • MisterWong
    • Wists
    • Bumpzee
    • StumbleUpon

    Comments

    Leave a Reply