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19 Oct

Swing Trade Update For Wednesday October 19, 2011

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This is swing trading, play the odds and assess daily, it’s the best job in the world! Right now it looks like we’ll start the day with mixed futures… the S&P 500 and DOW slightly higher, the NASDAQ off by -10 points after Apple disappointed Wall Street.

Yesterday’s alert on GLUU at $3.10 was based on a number of active catalysts including good news out of Europe, a bull market into close and my projection that Apple would hit leading all three indexes into a breakout above the top channel line. See yesterday’s Dow Jones Industrial Average video if you don’t know what I mean there.

This morning we can cross Apple off as a driver and it’s 5% drop certainly isn’t helping the NASDAQ. In addition, there are mixed reports coming out of Europe now, so that could weigh on us a bit too. It’s going to be a game time decision on what to do with GLUU. Positives include Intel and Yahoo impressed and GLUU is set to report earnings on November 3rd, so I expect it to runup before then.

Support on GLUU is at $2.90 or $.20 off entry, resistance is at $3.18 and $3.45. I’ll send a text and email immediately if I decide to sell for any reason. If we don’t score GLUU today, we will get it before earnings, that’s for sure.

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