NEED TO GET BACK TO BEING A CHARTIST AND QUIT WORRYING ABOUT WHAT THE "NEWS" SAYS

I realized after looking back at my recent blogs that I am looking at the news more than I am looking at my charts. Darvas had the benefit of being blinded from financial news and did very well for himself.


Here are the stocks I currently own. Click on the chart to get a better view of what is going on.

ALJ: Currently $42.86. Target $45 which is the upper trend line. Stop loss at $40 since that was previous resistance for 4 tries when it was broken on the 4th try. Usually, resistance becomes support. So now $40 resistance should be $40 support.

I bought at $41.22 due to breakout above previous resistance of $39.91. 10% target is $43.91.

BIDU: Current price $143.07. Target $149.50. Stop loss currently at $134.00. My original purchase price was $131.15 due to closing above the "handle" in a cup with handle which happened in Mid-May. Notice the stock is bouncing between a rising channel. If one wishes to take short-term trades, buy when the bottom trendline is touched and sell when the upper line is touched. Any break down below the trend line is a sell signal.

IFOX: Currently 17.97 which is around the area of previous "resistance" in February. The breakout above $17 from a Cup with Handle happened in late May and the stock advanced only to come back and use that same spot as "support" at $17 just a few days ago. I added a few shares at $17.80.






ICE: just brokeout above "resistance" at $155. This stock was originally purchased in September, 2006 by me near $78. Yes, 100% return in 9 months. I'll take it. Plan on adding more shares near $155 if you can afford it. The chart may look as if the stock is in the middle of the red channels, but realize that $155 was resistance for a solid month.

ICON: Broke out of a Cup with Handle today. The reason why is the huge volume see on May 21 helped propel ICON higher, but it then retraced and the huge trading volume today allowed it to break the handle. This stock too has been a long time holder and I added more shared today at $22.35. Buying up to $22.94 is OK. That is the limit of the "don't buy beyond 5% of the breakout price" as described in How to Make Money in Stocks. Since $21.75 was the previous high, the breakout price is $0.10 higher than the previous high. The buy point is thus $21.85 and $22.94 is 5% higher.
MA: Currently $157.65 and at the top of a trendline. Bought at $143.53. I bought this one when it was a little overextended and probably shouldn't have, but I have lucked out. I am going to take my profits as near to $160 as possible.






NTGR: This one has been held onto for many months after an original breakout on an earnings release. It still continues to rise and I am holding on. Hopefully it will pass the most recent resistance at $38 and move higher. I am going to set my target near $39.50 which is near a 20% profit. Original purchase was $33.3247.





RBN: Currently $47.89. Since this one just broke out of a cup with handle, there is no trend line set yet. I expect the stock to retrace back down to between $46 and $47. I intend to add more shares if it does. Stop loss at 8% below breakout price of $46.78 is $43.03.






RIMM: has been a nice mover. Current price is $173.75. Original buy at $149.5749. The amazing part is that my target price is near $190.00 with a stop loss $167.50.








RATE: This stock is hitting the upper channel in a trendline. Why am I not selling? Well, this stock broke out of a Cup with Handle at $43.64, rested and then took off again. With the stock currently 13% higher than the buy point, it is off limits for buying. Paring off some shares in the name of profit is good. Think. 13% in one month is better than most brokerage houses.

Hope this helps.
Good luck trading.
JD