Market Update for the Week of October 29,2013
Posted: Tue Oct 29, 2013 4:02 pm
Steady as she goes... The ship is sailing and there is not much hanging over us to concern me for the near term but we all know it takes just one event to shake the markets and that's what I feel would need to happen for this market to get any sort of decent correction or pullback. Until then surround yourself with quality names and take advantage of the pull backs. If there was a group of 10 stocks I just wanted to hold for upside maybe my list would include these: V, DG, COST, TSCO I would have to dig deeper to find the rest but there are stocks that will continue to just move up over time in this environment. I just don't have that time perspective when trading. So I take advantage of those type of names when they pull back. Simple formula in this environment.
I been working on some educational material that outlines the whole HPS method. Last week we went over Reversal Candles so go back and review that if you didn't see it. Today I want to share some charts on Channels and Trend Lines.
Chart 1 larger image view
Chart 2
Chart 3
Chart 4
Patience is the key Great stocks lead to great opportunity!
DayTraderRockStar
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