Hey all, Aaron here. Welcome to the new site. ATMcharts is no more. I love the pseudonym and I’ll stick with it for now. That name just isn’t a brand i’m comfortable with moving forward. That said, the charts will still be (A)t (T)he (M)oney
I’m working my butt off to make this new site better. There is still yet much work to be done! As many of you know, blogger hosted the old site and is just a bare necessities platform. Sunday is the official launch day. I’m excited for the new content and ideas coming your way shortly.
One such feature is opening my books to share everything i’m doing in the market. For now, here’s a look at my positions and why I’m in them.
Keep in mind these ideas probably don’t make sense for most traders right now, especially after this sharp rally to start the week.
SRPT got hammered on news of a delayed trial with apparent negative results pending. The trial has been pushed back quite awhile and now the stock has formed a STRONG reversal at a key long term support. There may be lots of room to run in this one and we know our stop loss area is roughly ~11.30. There MAY be room up to ~17-18 or even the falling 10 week moving average.
TROX is a battered materials name that has diverged bullishly for quite some time. To me that suggests pent up energy that can release to the upside in a big way over the next few weeks.
In recent weeks, support has firmed up at 3.10. Tuesday, we saw a false breakdown of that area. For my purposes, that’s the max stop loss area. Over the falling 50D MA at 3.80 this could see 4.70 in short order. That said, resistance is resistance until it isn’t and I’ve already started to cut this position down from the original size.
Don’t tell anybody but coal has really shaped up of late. SXC has a clear bottom formation, the volume characteristics we want to see in that bottom formation AND a ton of room to move higher. Again the 4 area is resistance until it isn’t. 5 is another level to keep an eye on as well. The chart is fine as long as it holds above a rising 20D MA. Again, that’s basically an impossible reward to risk ratio for new longs at this point.
See you on launch day! Trade ’em well!