Friday Update

I wanted to show a few charts from our watch-list that are in different stages, meaning that we have some potential buys and also some potential sells.

Fly is slowly resolving upward but could still be bought, since it hasn't popped yet and the stop is just below. KLS has a similar looking chart, so I won't show it.

AMX is also still moving slowly but I think there's a good chance it will resolve upwards. On the left side of the chart you can see what happens when it gets moving.

IVN wasn't on the watch-list and has gotten away from us on the daily chart, but I wanted to put it up anyway because I still think it represents an opportunity. I would not buy it here because the logical place for a stop-loss is in the low $3's, and that would be putting a lot of $ at risk, but...

Here is IVN again, except on the weekly time-frame. What a monster week it is having. If it were to pullback a little next week, I would definitely consider buying it because of what I see on the next chart.

This is IVN for a third time, except on the monthly time-frame. The chart is pretty self-explanatory and you can see where it could ultimately end up. This is a good example of why it is important to look at a few different time-frames when considering a stock's potential trajectory. I will be watching this one closely. Some traders would take a small position right here and then hope to add to it on a pull-back.

SBB was on this week's watch-list and if you happened to buy it, you are well into the money. That said, it is definitely overbought in the short-term and I would consider taking some profits here. There are other companies like PGM, BTO and EDV that are still getting going, so one option would be to rotate into something less overbought.

MUX is a chart that I showed earlier in the week. It is also overbought but not as much as SBB. My strategy with stocks that have had a big launch out of consolidation is often to take the quick money and move on to the next trade. In cases where the stock is in an established trend, I tend to be more patient, meaning that I am more likely to hold it through a pull-back.

HUT is a company from last weeks watch-list that I left off this week because it had moved pretty hard after it's reversal. It could still easily run to $3 or higher but if I owned it, I would be thinking about my sell options. One option would be to sell half and let the other half ride.