Picks
for December 9, 2009
|
STOCK
|
RESISTANCE
|
STOP
|
TARGET
|
|
ALTR
|
$22.67
|
$22.57
|
$25.00
|
|
ERTS
|
$16.45
|
$16.34
|
$19.00
|
|
MCHP
|
$28.15
|
$28.03
|
$31.00
|
|
PALM
|
$11.97
|
$11.86
|
$14.00
|
ALTR RESISTANCE LEVEL - $22.67
ALTR broke
resistance on Tuesday and had a strong upside move in a weak market. We are watching the stock again on Wednesday,
expecting to see a continuation move.
Resistance for this move is $22.67, which reflects Tuesday’s high of the
day. Watch ALTR again on Wednesday for
this possible upside move.
ERTS RESISTANCE LEVEL - $16.45
ERTS has had a tough past few
months as the stock has dropped from $21.00 down to its present price
range. The stock could have found a
bottom and looks to be setting up for a possible upside reversal. Tuesday’s high of $16.45 is a two-day high
and a reversal resistance for this move.
We are buyers of ERTS once the stock breaks through this price and
expect to see a strong upside move.
There could be good profit potential here, so watch ERTS closely on
Wednesday.
MCHP RESISTANCE LEVEL - $28.15
MCHP has
consolidated the past two trading days, after making new 2009 highs last
week. The stock hit a high of $28.15, which
is resistance for our breakout move. If
MCHP can break through this high, we expect to see a strong volume push as traders’
buyer the stock. MCHP will move quickly,
so keep it on your radar for Wednesday’s trading day.
PALM RESISTANCE LEVEL - $11.97
PALM barely broke
resistance on Tuesday, but could be setting up for a bigger move soon. Tuesday’s high of $11.97 is resistance for
this next upside move. We are watching
PALM closely on Wednesday, waiting for this breakout move. Keep watching PALM and hopefully we will get
to see the move we are expecting.
STOCKS
FROM DECEMBER 8, 2009
|
Stock
|
Buy ($)
|
Sell ($)
|
P/L ($)
|
% Gain
|
|
ALTR
|
$22.33
|
$22.42
|
$90
|
.40%
|
|
BRCM
|
NT
|
|
|
|
|
ENER
|
NT
|
|
|
|
|
PALM
|
$11.96
|
$11.94
|
$(20)
|
(.17)%
|
|
|
|
|
|
|
|
Today
|
|
|
$70
|
.23%
|
|
Month-to-Date P/L December 2009
|
|
|
$350
|
1.97%
|
|
|
|
|
|
|
|
Year-to-Date P/L
|
|
|
$8,690
|
58.61%
|
*Percentages are based on Percent
Gained/Lost per Trade accumulatively
ALTR – We bought ALTR when it broke
resistance and sat in the trade for about 20 minutes. The stock trended slowly up to $22.46. We tried to hold on, but with the weak market
and the time was nearing the lunch hour, we sold at $22.42 for a small profit.
BRCM – No trade. Stock did not break resistance.
ENER
– No trade. Stock broke resistance very
close to the lunch hour on very little volume. We did not make this trade due
to both of those reasons.
PALM
– We bought PALM when it broke resistance around 11:45am EST. This was a bit late, but volume was pushing
the stock higher. The stock stalled at
$11.97 and then consolidated between $11.95-.96 for 9 minutes. The stock moved
back up to $11.97, where it stalled again.
We sold once the stock broke below $11.95 for a small loser. We cut our loss on this trade because the
stock could not break through resistance and we were very close to the lunch hour
when volume would die down. We did not
want to get caught in a trade where the stock falls apart on no volume.
