The market continues to trend higher, even as the smartest people on Wall Street think we are due for a sell-off. I am not disagreeing with those people and I do believe the market continues to move higher because most people think its going lower. Saying that, when it comes to trading, you have to follow the market and let your trades work for you. Trying to short this market has proven to be a losing proposition, but going long has been tough as well. You have to trade each stock based on its own merit and hopefully things will work out for you.
For Monday we are watching Cree Incorporated (CREE) for a breakout move. As you can below, the stock has been trading in a decreasing consolidation range, waiting for a high volume breakout. We have seen a few moves, but there was no follow through, which pushed the stock back into this range. The high of this range is $40.61, which is the price we are watching for this upside move.
You can see our free daily watch list at http://www.todaytrader.com/ You do not have sign up, just click on the watch list word on the left side of the page. No registration is required.
Mickey Welcher is President of Spectral Asset Management LLC and works with Today Trader. He has extensive trading experience and money management for clients. If you have any questions, please contact him at mickey @spectralam.com
For Monday we are watching Cree Incorporated (CREE) for a breakout move. As you can below, the stock has been trading in a decreasing consolidation range, waiting for a high volume breakout. We have seen a few moves, but there was no follow through, which pushed the stock back into this range. The high of this range is $40.61, which is the price we are watching for this upside move.
You can see our free daily watch list at http://www.todaytrader.com/ You do not have sign up, just click on the watch list word on the left side of the page. No registration is required.
Mickey Welcher is President of Spectral Asset Management LLC and works with Today Trader. He has extensive trading experience and money management for clients. If you have any questions, please contact him at mickey @spectralam.com
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