The game plan tomorrow is to manage my three existing positions namely
NGA,
LNET, and
ACN. My action will highly depend on how the market will unfold in the next few days. I urge you look at the charts of the
major market proxies DIA,
SPY, and
QQQQ you will see that except for the
QQQQ the other two are still below their 200MAs and if you look at the left side there are walls of price congestions (supply) that were formed last November, December, and January 2009. These supply areas are not to be under estimated.
If the overall market can still push higher which is very possible then we are also
getting closer to a short term correction. It may take days or weeks but there will be a pullback for sure. All this is part of a healthy stock market. The key is the ability to recognize when one is coming and be prepared to adjust your trade plan.
Let us take it day by day but
keep in mind those supply levels (see notes on charts below). I'm ready to take any profit or tighten my stops to protect gains.
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