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MJTT Stock of the Week

Written by Zachary A. Musso On 12/31/2008 10:13:00 AM
It was Apple on Monday and half way into Tueday, but do the fact that the stock slacked so bad yesterday, I decided to dump my position in that and use the money from it to buy into DRYS at 3:52pm yesterday right before market close.  DRYS was stagnant all day, reacting to nothing at all.  The thing that threw me for a loop was that on the second day of the first $SPX rally of the month (the Dec. 15-17 Rally) DRYS did the same thing and then exploded.  I picked it up at $9.64 and dumped it a little after market open at $10.92.  Good trade if I do say so myself:

DRYS  20Day

If it stays stagnant today like it did on the third day of the rally, it may make another push to $14.  Do I want to take that risk?  Not really, I just made 14% off of it and don't feel like blowing that.  We'll have to see about that one.

The $SPX still has the chance to go to 910 right now, for the rally just went into explode mode.  Watch for a dip in the next couple of hours.  If you see one developing, don't think that the rally is over; it's just taking a Reality Dip.  Plus, if it takes a dip and survives, going back up to whatever level it was at before it dipped and then some, the rally has officially ended.  Watch the $SPX!!!

$SPX  20Day

Updates later...  As for now...

Keep Tradin'


ZM


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MJTT Disclaimer

I am not, by any means, a financial analyst. All posts and tickers mentioned in them are my opinions and my opinions only. If you buy and sell ANY tickers because of my recommendation, you are trading at your own risk.

Zachary A. Musso - MJTT Owner/Author

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Fully Discretionary, Speculative Futures Trader - Technical Analysis Junkie - Bentley University Class of 2014.

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