Market Update

So far so good.

I do see profit taking on advances. Every now and then my screen goes completely red with down ticks after a run up. There is still those that want out.

Will have to see who wins out that battle near the end of the day.

I established my swing trade positions in ENG and EXLS this morning and will post the updates soon. The only thing I don't like here is that EXLS quickly reached the buy point ahead of their earnings which will be tonight. Normally I would not want to be in a position when the company is going to release earnings. I like to keep risk to a minimum. But in the case of EXLS I am going to bite the bullet and let my position stand going into earnings. I have a full position as of this morning. And I got in higher than my readers did who got in early. If you got in early your already up real nice. Sell 1/2 of your position before the market closes. Then let the other 1/2 ride through the earnings tonight. This way you will reduce your exposure to any bad news.

Other swing trade ideas that although are not in the current watch list (but still on my stockcharts.com charts page for watching) are making great moves. Starting this Sunday all previous watch list plays will be included in the newsletter, not only the new ones. There will be a section for new additions to the watch list, and a section for continued watching.

Stocks from the previous watch list:

GNLG- looking good
NVEC - is getting close to a buy
APKT- looking good
ABCO- has blasted off

My watch list charts and index charts are at:

http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2147404

Please be sure to vote for my charts if you like my work I do here. Vote once a day if you can. You vote by going to the link I just posted above a scroll down to the bottom of the page and click on the button "vote"