China Stocks and Imclone Systems

There’s some nice setups forming in many stocks I watch.

Those China stocks that were hot last Fall have dropped back to earth and warrant some attention here. PTR, SNP and, JRJC are three with higher low pivots on the daily chart. Note the volume on the moves higher today.

Imclone Systems – IMCL looks excellent after breaking out higher today. Look at a monthly chart, and you’ll see no overhead resistance for the past 3 years. I had to enter the stock twice, as my first entry was stopped out. I guess I should have used the 60-minute chart. I sold 2/3 at 48.6 near the first day high and kept the rest.