Shane Burke
05-24-2009, 07:02 PM
Last Thursday was the best accumulation day in three weeks. Was successful in establishing the following positions:
TGC @ $0.54
KTOS @ $0.72-$0.74
CNVR @ $0.24-$0.31
These stocks are positioned very well to run over the coming weeks.
The Dow appears to have bottomed at 8,200. Was patiently waiting the previous week for a major sell-off following the significant 2-month trend line break and that just never happened as seen below.
http://pennystocksbull.com/stockcharts/dow6m5-25-09.jpg
Now, the major 13-month trend line is yet again in play. If this gets snapped watch out because Dow 9,000+ is right around the corner.
http://pennystocksbull.com/stockcharts/dow1y5-25-09.jpg
Further confirmation of the market bottom is seen in the EUR/YEN cross which is my personal favorite currency pair and great indicator of future stock market movements. Notice the perfect cup-with-handle breakout pattern. The white downtrend line is the equivalent of the 13-month downtrend line on the Dow chart. If the EUR/YEN breaks that white downtrend line you can bet the Dow will break it's downtrend line shortly thereafter.
http://pennystocksbull.com/stockcharts/euryen5-25-09.jpg
*Established a long in the EUR/YEN Thursday night at 131.24 with a stop below 129.64, intend on holding for the 140's.
TGC @ $0.54
KTOS @ $0.72-$0.74
CNVR @ $0.24-$0.31
These stocks are positioned very well to run over the coming weeks.
The Dow appears to have bottomed at 8,200. Was patiently waiting the previous week for a major sell-off following the significant 2-month trend line break and that just never happened as seen below.
http://pennystocksbull.com/stockcharts/dow6m5-25-09.jpg
Now, the major 13-month trend line is yet again in play. If this gets snapped watch out because Dow 9,000+ is right around the corner.
http://pennystocksbull.com/stockcharts/dow1y5-25-09.jpg
Further confirmation of the market bottom is seen in the EUR/YEN cross which is my personal favorite currency pair and great indicator of future stock market movements. Notice the perfect cup-with-handle breakout pattern. The white downtrend line is the equivalent of the 13-month downtrend line on the Dow chart. If the EUR/YEN breaks that white downtrend line you can bet the Dow will break it's downtrend line shortly thereafter.
http://pennystocksbull.com/stockcharts/euryen5-25-09.jpg
*Established a long in the EUR/YEN Thursday night at 131.24 with a stop below 129.64, intend on holding for the 140's.