TRUE MARKET LEADER

“It’s all the little important details you learn by repeated study and observation that add to your knowledge and skill and make the difference between succeeding and almost making it in the investment world.” William J O’Neil

NASDAQ: The index closed with reversal candlestick with huge volume on friday which is not good sign (distribution).I didn’t expect such a reversal on high volume ,also this week had weak rallies with below average volume which is sign sign that the bears are trying to takeover the market.

I will play more defence in the coming week due to the weakness of the market, and i suggest you do the same.

S&P500: The S&P500 had the same move as Nasdaq index with friday closing lower with huge volume which is the sign of distribution,we may expect more weaknes onto the coming weeks because the current Rallies are small with volume declining comparing with when we get a pullbacks.

I will continue to insist to play more defense in the coming weeks unless we get good rallies on volume which will sign the continuing of strong market uptrend.

$AMZN: This stock is the one which followed the movement of the indices,as they say ‘‘Three out of four stocks will follow the trend of the general market”. I reduced my position on this so that i reduce my risk once to falls below the buying point,and will add to my remaining position once will see the strength.

The company has good fundamentals plus positive future earnings estimate and the stock is currently trading at the pivot point.

$ELF: Inspite of having whipsaw action (up and down move in the same area) i still love this stock because its doesnt give much of its ground comparing to other stocks. it had an inside day on friday with huge volume ,this was not the negative day due to the fact that it didn’t close below the previous day candle,

I do still have a position on this although i have reduced it to mininmize the risk and the stock is still trading above the longterm and shortterm moving average lines.

$MNDY: This stock poped up on my screen when i was screen for the stocks which has highest gains this week,but i want to see volume increase during breakout before i can commit my penny to this company,Although the company has the best current sales and earnings plus positive future earnings estimaate.

Will buy once it break above the pivot point (blue zone) on volume.

$NU: The one thing i love about this stock is its Relative stregth which is trending at all time high,and the currently the stock is trading at the pivot point (blue zone).Insipte of having negative volume skyscrapers but the candlestick close was positive as it was closed on the upper range of the candlestick.

Will be looking foward to start a position on this company if the general market will act well this coming week.

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TML FIVE TRADING RULES

1. Buy the stock as it break above base or trendline on above average volume 

2. Sell -4% to 7% from buy point,intra-day

3. Take gains 20-30% above buying point

4. Use trailing stoploss to protect your gains

5. If you have three straight failure -4% to 7% ,stop buying and do postanalysis