The general market is still in down trend but markets look ripe for a quick bounce up. I sold my SKF yesterday at $144 (entered at $118) with a limit order and got triggered for a very nice profit. I will look to get in again around $117-$123.

Today I bought DDM (Ultralong Dow), SSO (Ultralong S&P) and QLD (Ultralong QQQQ). These should be in play for about a week then lets see what the market is doing.

My SKF trade was on the mark!!!. Got in at $118 the next day as I said in my SKF trading plan. It’s now up to $140…up over $22 or +18% in a week. We are getting to highs very soon and I’m looking to sell at $145 and taking profits.

Shockingly the downward pressure is soft right now. Yes there is price action but there is no follow through volume. Look at the DIA today we closed on 13.8 million shares versus yesterday of 21 million versus 27 million on March 17. Means each time we head down there is sell selling pressure. I expect a counter trend bounce this week into next for July 4th weekend. The DIA should bounce up to $123-$125. I will buy some DDM (Ultralong 2x DIA) long in the morning.

Buying more PWAV again at $4.20..this wants to go higher.

The markets are still controlled by the weakness in the financial markets. I was short the XLF (financials ETF) by buying the SKF (2x Short the XLF) riding it from $105 to $119. I’m now waiting for the XLF to climb up this weak to around $23.87 from June 8 last swing on good volume. If it climbs up on lighter volume then I will short the XLF using the SKF and buy around $115 to $118.

I’m out of the QID for now as the tech stock want to go higher into next week. I’m looking to buy back into the QID next week at around $38.

PWAV has formed a bullish flag. Look at the weekly chart chart and you see that there was a nice up trust 5 weeks ago and we are pulling back on lighter volume. Additionally we broke out of the downtrend channel with strength.

Now on the daily price is pulling back and OBV is good. I will buy PWAV here at $4.01.

Both the NMX and CME look very weak. NMX price is rising the last 7 days on low volume and it’s still in a down trend. I’m shorting this and looking for it to go down to $81 first then to $75 to retest March 17.

Good old favorite RIMM look very weak and looks like it will break past the $129 level. If it does then its going to $120 then $100. But siting out this one.

FWLT also is weak and broke the last swing on May 27 with greater volume. Looking to short this on the bounce up at around $74. I see this going all the way down to $60.

I got stopped out of ABAT at 3.73 and the low of the day was 3.72. Volume was low so this may bounce higher but I’ll watch for now.

QQQQ looks weak and wants to retest $41. I will buy the QID (2x short of QQQQ) at around $39.50. My first target is $44, then up to $48. Stop at 38.70.

Look at the daily QQQQ which look weak.

QID is now showing strength.

Apple finally announced the iPhone 3G today for $200 as speculated. This stock is running out of volume and could not break past $190 last week. This wants to go down to $160 for a test.

Holly cow look at the SKF!!! I sold early at $120 on Friday but a profit is still a profit.

Goldstar (GSS) is a buy today at $3.22. The chart below is a daily and you will see support at $3.00 range. Even on the down days last week this was moving up. My first target is $3.80 then $4.31.

Also bought Northgate Minerals (NXG) at $2.99. My first target is 3.50

I sold my position in CPST on Friday at $3.60 for a nice 23% profit. I will buy on this pullback at around 3.40-3.50. Looks like it’s consolidating this coming week.

For a long term core holding I bought Goldman (GS) at $172 on Friday. Goldman Sachs is a money printing machine and is a solid company. At around $150-180 this is a create buy as it’s going to $250 in about a year.

Look at the monthly chart and you can see that it’s near the lower channel trend line which is a buy point.

Then the daily chart the volume is drying up and the stochastic is turning up and along with the MACD histrogram.

Buying Advanced Battery Technologies (ABAT) for a trade from $4.01 with a stop at $3.71 and a first price target of $5.00 then up to $7.00.  Why do I think this will run up…?

Daily chart below shows a nice sign of strength May 12 then since then the price has held and the volume drying. It’s just building strength to go higher.

Now look at the month there is huge volume back in October 2007 at the $7.00 price range. Where there is high volume price will tend to gravitate towards that price.

A week ago I entered into NNVC and mentioned it would swing around. I bought more at the dip in the $1.05 range and my average cost is $1.16. NNVC wants to run to $1.50 next.

Bought into YGE on Thursday at $21.75. If you look at the chart below you will see an up trending green line and there is price support around $20 (see the blue line). The OBV indicator is turning up which is a good sign.  My first target is $27.50 with a stop just below $19.30.