Big Wave Trading video lesson for Friday’s stock market session.
The market was slightly higher today but it still had the feel of a constructive pullback overall. That was probably due to the intraday trading range and the overall low volume combined with our holdings appreciating overall. Our market models remain under a BUY signal across the board and the current conditions of the market are overbought. This means that we should continue to expect choppy upside action and/or should be prepared by raising our stops to the correct support levels for a potential normal pullback. Never forget, most corrections start off as normal pullbacks.
We have a new speculative long position tonight. CRIS looks like CRMD’s brother. However, CRMD’s signal was not as risky and CRMD was not on penny trader’s radar. CRIS could be more explosive but that seems hard to believe considering CRMD has returned 140%+ since our signal date less than one month ago. If anyone happened to take that chart long on any of the dates they were highlighted in the “stocks on watch” section, you should definitely take some off the table following today’s climax-type move ahead of earnings. 25% minimum. Let’s see if CRIS can repeat.
New Speculative Long Positions: CRIS (1%)
CRIS – Final cut loss levels: 3.16, 3.14, and 2.99.
