Market pulling back nicely on volume but not price - DRYS, UWM, ANO
Posted on March 30th, 2009 in Long Trade | No Comments »
The broad indexes fell on price but the volume was light which is what I am looking for. We want this to pullback and buy on a retracement.
I am still holding on to DRYS which went down on lighter volume. It’s in my buy zone and should head up to test $7.
I entered into UWM (Ultralong Russell 2000) which rejected the price and volume 3 days ago. My stop is under today’s low. Target is $17-18 range.
Entered into ANO also at $0.64, really nice up volume 2 and 7 days ago. I noticed the volume was really low as the price retraced - time to buy!!! Target is $1.10. Placing stop below $0.50.
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