Free stock pick for 01/31/2011
Dear trader,
I believe that most of you who are with me longer time and especially those who took mentoring program know my style; move –rest-move. Friday brought strong move down and it was one of biggest red bars last months. For sure that was initial move down what we expected for some time. Selling pace was strong and volume was high and all that suggest that indices saw high for some time. But I will remind that several times market back up after 60 min initial move down so for trend down call I will wait little more. I’m glad that we took Friday action very nice and our shorts did really nice. Friday action was move and after move for low risk setup we need to see rest and that is what I will watch next days. Usually, after trend day we will see consolidation day. Very rarely we will see two trend day’s in row and if that will be case then it will tell us about big weakness. For Monday I will use caution for new swing shorts and smallest risk will be with smaller time frames and reason for that is expectation for consolidation day. If that wont happen and if we will see 60 min trend continuation risk for new shorts will remain higher (always risky to jump in running train). I want to note again that next day’s will be focus on consolidation (reaction) after Friday strong move down. For now my bias is short and I will be surprised if Monday will give us strong bounce and back to previous high area. All updates I will send on email abou all open and new setups.
Wish you all good trading day
Kind regards
Ivica Juracic
long above: 151.75, stop under; 149.75, target: 160 area
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Good luck trading today!
Ivica Juracic
XpertStockTrader.com
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