Thursday, September 3, 2009
Broadening Top developing a Problem NOW
Posting all the time, "Observe your Stops & Limits" all the time may seem "CRYING WOLF" at times, however, IMO, we are in for either a range shift [ up or down ] or a serious correction. Either way to protect yourself you could 1/ Strictly observe your Stop Limits, and on any Buys you have, strictly observe your Limit orders.
If you access PROMETHEUS INSIGHTS, you will see they have an excellent gold chart, known as the GCI, which has broken to the upside nicely. It is up to you whether you want to chase these gold stocks. My subscribers will be gettting an update on gold issues in this issue.
If you dont know where to place your stops, please use Up To 3 Standard Deviations, or if you want OUT of the market, use a 5% Trailing Stop Sell Order [ Scottrade is good at this ]. My standard practice is to use approximately a Stop Sell order at approximately 2 Standard Deviations below the current market price, to keep from being stopped out of stocks I like that are running. Stocks I dont care about get a 5% trailing stop order placed beneath them. If you have any doubts or issues with this, feel free either to leave a comment, or contact me and I will do my best to assist you.
This is your heads up for today, after which we will resume our regular broadcasting schedule. UP NEXT : Who wants to play SURVIOR ? CANADIAN SURVIVOR !