SJ's Stock Market Blog
Refinery stocks to watch
Posted Jul 27th, 2009 at 01:06 PM by StockJock-e
The biotech stocks I mentioned on June 17th all took off nicely, the biotech ETF made a nice pop this past week, so take profits there.
Now lets try find something else that has not run too much yet.
As usual, money looks for to go in uptrending markets like these. The refinery stocks have all been priced for doom, but a few have made some important technical patterns.
SUN has a possible double bottom around $22, no confirmation yet, but it has made a nice move off that support. Its good for a trade here until the downtrend gets challenged.
FTO I just noticed got mentioned on Fast Money, just up my alley.
A nice long support level @ $12, just making a move off it now.
Trading stocks near support lowers your risk/reward if you place a stop at that support level. If SUN starts heading back to $22, I will bail and wait to see if the support holds. Same for FTO @$12.
Now lets try find something else that has not run too much yet.
As usual, money looks for to go in uptrending markets like these. The refinery stocks have all been priced for doom, but a few have made some important technical patterns.
SUN has a possible double bottom around $22, no confirmation yet, but it has made a nice move off that support. Its good for a trade here until the downtrend gets challenged.
FTO I just noticed got mentioned on Fast Money, just up my alley.
A nice long support level @ $12, just making a move off it now.
Trading stocks near support lowers your risk/reward if you place a stop at that support level. If SUN starts heading back to $22, I will bail and wait to see if the support holds. Same for FTO @$12.
Total Comments 1
Comments
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Good trades you've made here StockJock-e. I was watching SUN for a while but didn't get in. I should of since money has been looking for places to go during this uptrend market.
Posted Aug 8th, 2009 at 06:43 PM by Mr. Winky 
