On My Watchlist
Posted on February 15, 2008
Filed Under Profitable Trader |
The market is taking us all for a wild ride. Just when we get a follow through day(although it was a weak one) and we think we are coming off the bottom, the market decides to throw us a curveball. The only good thing about today is that volume was below the 50 dva on all major indexes. Give the market some time to prove that we are really going to rally.
Now is the time to be building your watchlists. CTRP is one I will be watching closely. I really like the ascending triangle formation here. Volume has been picking up nicely during the rallies. I will buy with a stong breakout above the 52 resistance area. Remember, this breakout will only be valid if there is strong volume on the breakout.
In case you don’t know what CTRP does it is basically Priceline in China. For those of you that don’t know this year’s summer olympics will be held in Beijing. Are you starting to see the big picture here? There are going to be an estimated 2 million visitors traveling to China this August. CTRP is the leader in this indusry. When the market does finally rebound, CTRP will really get going.
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