Tuesday, Feb. 15:
The bullishness that I had yesterday has not faded. On the other hand, I've learned to never, ever get greedy. In fact, throughout my trading career, I've always been pretty good at identifying entry points ... only to be hobbled later by hanging on too long. Therefore, I've learned to play to my strengths: I rake profits quickly with the confidence that I can keep replenishing my trading list with fresh potential winners.
And when I can't find any more candidates? Ironically, that also works to my favor, as it generally means the market is weakening.
Therefore, along those lines, I cash
which I bought yesterday morning. It may run further, or it may not. I'm happy, though, with my 12.5% one-day win.
On the other hand,
made a nice move, but I pass on cashing that one. As a rule of thumb, if a chart looks so good that I'd buy it
, that's a good sign to just leave the stock alone. PurchasePro, I wouldn't enter again on a bet. Corning, though, still looks yummy so I hold my position.
As far as new trades, I again have only longs. Trust me, I'm looking hard for shorts, but can find nothing. Instead, my five trades read like something out of
Do my bullish feelings continue? Tune in tomorrow to find out!
Gary B. Smith is a freelance writer who trades for his own account from his Maryland home using technical analysis. At time of publication, he held no positions in any securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Smith writes five technical analysis columns for TheStreet.com each week, including Technician's Take, Charted Territory and TSC Technical Forum. While he cannot provide investment advice or recommendations, he welcomes your feedback at