Every market has points of pullback. I’ve come to realize they’re not worth trying to catch. There’s usually plenty of other trades to keep busy with. Today, one of my trading buddies was commenting on the Dow Jones 30, and it’s non-stop run lately. As a trader, I looked up the Proshares Ultrashort for the Dow 30. DXD didn’t really interest me. I went with QID instead. One aspect I looked at on the QID chart was the distance it was trading from the 20 dma. It’s been rare to get as far as 3 points away. That was one factor in my decision to go long. QID popped at the open, but the market provided trades on the long side, moving the ETF back near the opening price. I bought QID as it’s trading pattern made a higher high buy signal. A stop was placed under the day’s low. Shares were added as the opening bar was cleared. A little combination of instinct trading, and technical analysis, made up my online stock trading today. 1/3 was sold near the close. I’ve got a 49.20 target for the 2nd 1/3, and 50 for the rest.

Gold stocks continue their dip. I’d be losing money had I stayed in. Protect your capital.

I’m seeing a head and shoulders technical pattern forming on the FMCN - FocusMedia Holding Ltd. daily chart. I’ve set an alarm near 36 to monitor. Price projects down to 31 if the pattern plays out. There’s a triple bottom there now. It’s been my experience, that triple bottoms don’t hold. Earnings are due the end of May on the stock.

I took a quick day trade in FMCN this morning. Focus Media stalled at 50dma and 20dma resistance. The 50dma is starting to trend down, with a lower high on the weekly and daily charts. When the stock stalled, I waited for a reversal bar on the 5-minute chart. That candlestick gave me a risk R of .30. With this trade a mini reverse capitulation play, I just wanted to score a quick R. The big picture has a bearish outlook, but today has bullish posture, so I wanted to be quick when fighting that trend. 1/2 was covered for 1R, but the other half stopped near break even. Consistent singles will get you into the hall of fame.