In the last post, I chose 6 stocks (CATS, TWX, ENA, BE, NWS and NYT) from my stock watch list, which I thought would have some good movements during this week. And I specified some reasons and criteria that would help me on my entry points. The following is what I did with these 6 stocks during the week.
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1. CATS: No trading actions on cats this week. I was planning to buy some “cats” if it could break 7.60 levels during this week with strong upward momentum, but it completely failed. The stock had been very bearish for the entire week. I am not sure if bearish trend going to be continue, but there was no major news from the company lately, I think it might just be some profits taking, and increasing number of short sellers. Based on the chart, there are potential supports around 5.75 and 5 $. I would expect it will stop at those levels and start to reverse. After all, I just don’t like to see the cats killed by the bear.
2. TWX: No trading actions on TWX this week. TWX was traded within the 18.50 – 17.70 range for the entire week. But the good thing is TWX still above the 17.80 support I mentioned in my previous post, and this support seems very strong. After the change in the management of the company, I believe the stock will be more active in the following weeks. So keep watching.
3. ENA: I bought ENA when it broke the upper trend line, where I drew on the chart in the previous post. But the volume seems pretty low. It is a pure speculation on this stock, so I will keep my stop loss very tight, probably around 4.4 levels, and act accordingly. The profit target will depends on how the stock moves in the next week; the resistance level around 5.5 seems pretty strong…
4. BE: No trading actions on BE this week. BE was traded within a very small range during the weekend, so the supports and resistance I pointed out last week are still valid. Be patient.
5. NWS: No trading actions on NWS this week. The stock looks more bearish to me now, but it is a somewhat volatile stock, anything could happen. If the stock break 22 levels in the next week, I think it would be the confirmation of the bearish trend. However, there are still many supports below the 22. The decision will be made accordingly. No specific plan for now.
6. NYT: I bought NYT on Tuesday this week, as the stock was trading above 18 $ level support on Monday, and then gapped up on Tuesday due to its positive quarter earnings. I might hold it for long term, but I might still swing trade it. After all, the rule of thumb is never turning the winner into a loser. I will increase my stop to 19. 70, and raise profit target to 22.40. Will see how it behaves.
I will be very busy this coming week, so I won’t be able to observe the market very closely. In addition, the Federal Open Market Committee Announcement is on Wednesday, and whether the Fed will lower the interest rate again to crush US$ even harder in order to save the subprime issues is still a question mark to me, but I certainly hope not. But either way, the market will be very volatile, so will see, and happy trading!
