Some buying and short covering brought us off of the lows of the day, but the markets still closed in negative territory. No conviction today, just some retail traders ‘playing’. It’s really been a rather slow news day. We’ve had some Fed Heads talking their usual spin, and Treasury Secretary Paulson saying the economy is fundamentally strong and he believes in a strong dollar policy. S&P and Moody’s continue to cut ratings on various CDO’s. We’ll have some more in the wrap up later. We continue to hold DXD.
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On Feb. 29 I posted the following –
“Yesterday I added another stock to my current holdings of UNG and QID. It is COIN. It held up okay today in what was otherwise a terrible tape. I do have a very tight stop on this one. Whey you get a chance, could you do a chart for COIN along with thoughts? ”
I hope some of you bought this one. It made a huge 15% move on big volume today. It was basing in a tight range on expanding volume, and today it broke out to an all-time high. It hasn’t gone parabolic yet, but looks like it might. Don’t chase it if it goes parabolic. This is a fast mover so put stops in place and don’t let it get away from you if it happens to roll over.
The previous post was from Dave…