Monday, December 13, 2010

An instant 10% return?

I wrote earlier this month on the idea of not to worry about something that you never had in any of life's adventures.  something you never had

Today I just experienced the same feeling and I am committed to holding strong.  This morning before the market opened I wanted to get long something on the commodity end.  I always have a list of stocks I am willing to buy or short and I pulled out my list and of the 150 companies I cover I saw one that fit what I was looking for.

Molycorp: mcp

Here is what I saw:
  • stock showed long bias (above opening range and held above for half duration of defined opening range)
  • broke through prior months resistance
  • all three moving averages pointing in direction of bias
So sure, nailing a 10% move the day you invest is quite an accomplishment and all stars were aligned but what does one do next?  I am willing to risk all of my gains today to potentially get more gains.  I won't let this turn into a loser but I will be patient to let this turn into a superstar.  If I lose my gains, what's the difference.  Also remember if the market tells you that you are correct you should add, not sell.

What has the opposite characteristics at this point in time?


  1. Nice move on MCP. I quizzed some chat room members about making a play on it, but choose to SOH instead. Congrats on the good play (I'm jealous)!

    Some other platform users mentioned some curious actions from yesterday: no actual positions having been taken. Descriptions sounded familiar to other first-person events. Visit Swimmin' or Drownin' blog for more details. ps: nice apple tree image above

  2. Thanks man! Sometimes you get a little luck, but my indicators did say that this is what is about to move.

    What is the link to Swimmin' or Drownin' blog???