Monday, September 29, 2008

Getting Long ATP Oil and Gas - ATPG

I want to bring to your attention ATP oil and gas ticker ATPG (chart above). I hilighted this last week and with todays action we seem to have a change in the patten. What looked to be an inverted head and shoulders, now appears to be forming a double bottom. I am comfortable a getting long 1 unit here of ATPG at $ 18.35 with a stop at $16.98

Some may say how can this be with the pattern changing. This is precisely why we must remain flexible, tuned into the charts and watching them always alert for changes and never, ever married to our positions. We are married to our spouses, our sports teams but never our positions.

Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:
Long 2 units of Ultrashort S&P ticker SDS @ 61.75 stop at $57.69
Long 2 units of Ultrashort Dow ticker DXD @ $57.85 stop at $53.79
Long 1 unit of US Natural Gas Fund ticker UNG @ $ 35.70 stop at $31.89
Short 1 unit Int'l Bus Machines ticker IBM @ $129.05 stop at $126.36
Short 2 units of Apple ticker AAPL @ $178.05 stop at $177.76
Short 2 units ticker CRM @ $56.05 stop at $60.62
Long 1 unit of Agnico Eagle ticker AEM $60.20 stop at $55.89
Long 1 unit ATP Oil & Gas ticker ATPG @ $18.45 stop $16.98
Long 2 units Hecla Mining ticker HL @ $5.20 stop at $3.89

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