Monday, August 15, 2011

AVP nice daytrade with a tight stop

AVP is a buy at this price at $21.78. After chopping around for several days AVP finally made a strong move that it is ready to try a relief rally. I'm looking for AVP to get back to it's daily 20MA around the $24 area over the next few days. If you want an aggressive stop you may place it below the $21 area or if you want to give yourself alittle more room you may place it below $20.

I marked the entry with a green arrow and possible stop areas with the red arrows. You can learn more about my strategies in the swing trade lessons section.

QQQ following through with our rally

The QQQ's is following through with the rally that we have been expecting. The QQQ were very quiet in the morning session rallying late in the day to close the day at it's high. I wouldn't celebrate the rally just yet. We have some major resistance that will be coming up in the $56 area so I would expect that to be the first test. I wouldn't be surprised to see the QQQ's pull back alittle here which could actually be a bullish sign if it could create a higher low.

We want the QQQ's to break above and hold that $56 area in order to get momentum to test the highs. If we hold above we could look to test the $59 area once again. I marked the $56 resistance area with a red arrow.

I would look to take alittle profits on any longs if we get another day or two of rallies without any pullback.

Find out more about this QQQ Daytrade.