The Morrisian Indicator

Well, yesterday I took my first profit in my paper trading account.  FCX went down substantially yesterday and 3 of the options that I bought for $1.05 sold off for $1.40 a-piece.  The number of options that I hold for FCX went from 9 to 6.  I put in an order to sell 3 more options for $1.75.  Also I have 9 AKS put options that I bought for $.40 cents a-piece is starting to show a profit.  I put in an order to sell 3 of these options for $.55.  If this is accomplished my next order will be to sell 3 AKS put options for $.70.  My 6 AMD options are showing a loss but not much of a loss.

I did my charting today and there is no buy or sell signals to report.  I can say however, that NBR is very close to producing a buy signal.  It is now at -.03 on my chart.  Should it break above the centerline especially on strong volume that will be a buy signal.  When one looks at a chart of NBR the stock is clearly acting like it wants to bounce off of its 20 period moving average to the upside.  The only stock I am following that shows a large volume increase is GNW.  While it is not showing a buy signal GNW is very much in an uptrend.  Actually it is in too much of an uptrend.  I do not want to consider getting into GNW until the price recedes and the stock bounces off of its 20 period moving average, which is still below its 50 period moving average.

EC Morris

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s