Indexes today were all over the places few closed down few up, some broke yesterdays high some broke yesterdays low. It was a choppy day at best. This kind of churning is expected when we are close to important support, bulls and bears are fighting for their turf and quite a few are sitting on sidelines to decide which party to join. Next week is option expiration week so lets expect some volatility.
Rest of AMAG got stopped out today and we took 1.26% profit on the position.
As I mentioned yesterday, I initiated a small position in UNG today at 39.64. This is a long term position so I will go with a wide stop. Take a look at attched picture to see why I am going long on UNG.
CSCO yesterday had a nice reversal yesterday with it opening at 52 wk low after earnings and closing positive on close to 250mil shares 2.5 times avergae volume, so I also took a position in CSCO at 23.4 with stop below 02/07 low. This is a short term trade so I will be exiting it next week around 24.5.
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