PCX – Patriot Coal

So far my PCX – Patriot Coal trade is working well. Check the chart on my public list for possible targets. I also want to direct your attention to the posting I wrote a while back explaining my entry rationale and what I was looking for. It’s a great lesson on why timing is more important than price and why being disciplined and patient is so important. Well worth rereading.

A few thoughts on the markets:

• I see health care stocks popping up in my scans. This is a sign the pullback with MRGE – Merge Healthcare is probably a great buying opportunity as the sector is doing well and starting to move up.
• Semis started popping up in my scans this week. It’s been ages I’ve seen this. For me this is a sign the market is much stronger than most people out there think. That doesn’t mean the markets will go up in a straight line. But for now the market tells me the best idea is to stay bullish.
• Mining stocks did well today. Some started to move up on good volume.
• BXI.V – Bio Extraction is building a nice flag. In my book this is an excellent and very bullish chart pattern. Probably the most bullish chart on my list.

Have a great evening!