Tuesday, September 26, 2006

Today's Trades: GG, STLD and FLIR

Those candles I pointed to last night did exactly as expected, and I couldn't be happier. It was a frantic morning for me, trying to keep up with the strong open for many, many stocks in these two sectors.

GG had a strong day and may have more bounce left. I still own 350 shares, and won't hesitate to protect profits if there is weakness.

I bought 500 shares STLD at $48.40. While the stock looks ready to break resistance at 50, I decided to take my profits and run. The fact that 50 was both a breakdown point and is a round number made it an easy decision. My limit sell order was easily hit at $49.90 for a $750 profit (+3.01%). I may look to re-enter if the stock easily breaks 50.

I bought 500 shares of FLIR at $26.85. The stock has been in an uptrend and looks to be rebounding from a slight pullback. Take a look at both the 10 minute and daily charts below. The fact that the stock closed strong on high volume is encouraging.

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