Wednesday, June 25, 2008

TSO - Bottom Fishing?

I bought some TSO this morning @ $21.62. This is not my typical breakout-buy, or even a bounce-off-double-bottom-buy. But the stock is down from over $65 and trades at single digit PE's. It is just now generating some white candles, breaking only the shortest term down trend lines on the daily charts.

In about an hour, I am up 50 cents, about 2.5% and have a mental stop at break-even. With resistance at 24 and again at 28, the risk:reward is decent and in a perfect world, we have a major bottom in the making.



Anonymous said...

So, did u exercise your mental stop?

Thx, Wayne (new to the blog)

Unknown said...

Yep---was lucky enough to get out at break even. Tomorrow is another day.

(Or is it?)