Posted by: ctraderd | June 16, 2013

Watchlist- Week of 6/17/13 $CPSS $IWM $ELNK

Last week, the markets offset each other. The Dow Jones Industrial Average gained +29.56 last week for a total of +.20%, the S&P 500 lost -19.62 for a total of -1.19%, and QQQ shares closed Friday’s trading session at $72.28 losing -1.02 on the week for a total of -1.46%. I only made 1 trade last week, and that trade was when I decided to go long 500 shares of DVAX at $1.22. I exited around 3 hours later on the same day at $1.22 losing -$17.91 on commission. These markets are so insanely crazy and unpredictable right now that I’m just sitting tight and waiting for a good opportunity to arise before I enter anything. One of my biggest rules in trading is “Don’t always feel like you have to be in the markets.” This means that you don’t always have to trade. If you don’t feel like it, or you don’t know how to make money in the markets at the current time, stay out of them. It’s better to do nothing then lose money. To see my trades, visit my profit.ly page. Before making any trades based on this article, read my disclaimer and do your own research!!

1.) Consumer Portfolio Services, Inc. (CPSS)

Last week, CPSS lost -.08 for -1.07%. This thing was all over the place last week. It had multiple .20 moves in both ways, up and down. The weekly range was from $7.32-$7.92. CPSS unfortunately closed near the week’s low at $7.43. I am still sticking to my price target of $13+ with a stop/loss at $6.93, or -25% on the trade as a whole. I am still holding 500 shares from $9.236 average. I’m in for the long haul on this one still guys.

2.) iShares Russell 2000 Index Fund (IWM)

Last week, IWM fell -.48 for a total of -.42%. Just like CPSS, this index was insanely volatile and wild. I am still holding some Jun13 101 Calls which will likely expire worthless and be around at $760 loss when they do. I will then be at a loss on the month, but I believe with a few smart trades I can make that cash back in no time.

3.) EarthLink, Inc. (ELNK)

Last week, ELNK gained +.09 for a total of +1.51%. I longed 500 shares at $6.07 and the stock closed the week at $6.06. My profit target is $6.50 within this week. I also have my stop set at $5.85 just in case this trade turns around on me. I bought ELNK purely on a technical standpoint. On a one year chart in which each candle equals one day, ELNK is form a head and shoulders pattern here currently. Also, ELNK formed a double hammer pattern to initiate the head and shoulders pattern. From what I’ve seen in the past, usually ELNK breaks out a bit afterwards of a double hammer pattern as well.

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