PEP, EMC, BBY: New positions

PEP, EMC, and BBY have responded well to resistance. These positions were added after this morning's open.

Large BBY.

Large PEP.

Large EMC.

OIL: Out

I'm out of OIL. I typically don't exit trades like this but the run up of the general market over the last week has me reviewing my longs. 11.2% gain. I'm on the sidelines.

Large version here.

CPB Campbell Soup: Short here

I'm short CPB. It's been a huge laggard in this market. In fact, it's one of the few stocks to trade lower than March lows. I have a stop above resistance.

Large version here.

GLD Gold: Out of trade, on sidelines

This morning I was stopped out of GLD. It broke through its resistance line at $88. I made 0.5% on the trade, certainly nothing to write home about. Today could be a headfake but early heavy volume is interesting. Today's action is not enough to convince me to go long. On the sidelines for now.

Large version here.

PG Procter & Gamble: New position

PG has bounced off support two consecutive days. However, I remain very cautious. 1) The stock is down despite the market being up and 2) the MACD is starting to roll over - not a good sign at a critical support level. I'm long with a stop below trend.

Big version here.

GLD Update #1: Still short

I continue to be short GLD. My short is up 2.03%. I will hold as long as the upper resistance is not violated. I'm also keeping an eye on the $85 area to see if it responds to this support area.

Big version here.

MCD Update #1

MCD broke through support on April 28th. I got stopped out of the trade below the trend line. After selling the position, MCD has continued to drift downwards. It looks like its going to test $50-$51. If it responds to this area I'll take a long position. If not, short. I ended up losing 2% on the trade.

Big version here.