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2 Nov

Open Swing Trade Updates For Wednesday November 2, 2011


Asia was down early on following the U.S bear raid Tuesday but then Asia finished pretty good. Europe is doing well and futures are slightly higher so we’ll just play it by ear for now.

Two things I’m watching for is news out of Greece and the Fed meeting today. The two-day meeting of the Federal Open Market Committee is set to conclude with a policy announcement at 12:30 p.m. EDT. Fed Chairman Ben Bernanke will host a news conference at 2:15 p.m. EDT. Until then I’m pretty sure we’ll trade sideways.

Early on data on private-sector jobs from Automatic Data Processing are due at 8:15 a.m. EDT and will be closely watched for clues to Friday’s October non-farm payrolls report.

Nice class last night with about 30 people attending. Well meet again Thursday night for a members only webinar in the JBP chat room. I’ll email you details if you’re new and have never used that room before.

So far I like the chart action on CWTR and hope to get $1.20 to $1.30 soon. Remember, normally I wouldn’t play a stock that just had and offering because funds that got shares at $.85 in the offering are already up 20% and could be resistance if they sell into any moves. So far though we’re not seeing that and insiders continue to support this level so I’m letting it ride. If distribution starts to go down as the market goes up then I’ll consider moving along to another stock.

COOL has their Zumba II launch in November, just in time for the holiday season. I expect the sales numbers will make for good writing material on some of the major media outlets and shares will then break $3.45 resistance as traders get excited about the future outlook. We traded COOL recently for a profit adding at $2.14 and $2.01 before it headed back up and I think it’s setting up to make another move here off that last run now that it’s consolidated. If things get bearish I’ll cut out and buy back at $3 and or $2.75.

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