January 16th, Friday

Normally I stay away from trading on Fridays, along with a few other holiday related days, so I only watched some key times to see what was happening. I would like to take a look at three of my charts anyway to check out the PP200 possibilities that occurred.

Talisman Energy first.

The premarket action looked like a similar setup as yesterday, likely headed down after a gap up. With this kind of gap I would expect a gap fade strategy to work well...if I could short. The first trade would not be a sure thing as it is only on the halfway point between PP and R1. Two and three are specifically using 200sma and end up being very small as the 1/2R1 acts as resistance. Fourth is right off the PP but again a small trade. All told there might have been 45 cents altogether here, 300 share trades assuming commissions and no other losses would yield $105...making every trade and exiting well.

Suncor

The first possible trades were only playing with the 1/2R1 so they were not solid PP200 trade setups...but could have been traded given the rest of the indicators being in good shape...but they weren't as I checked a few times. After 1130h was the key time here as the price came down to meet the 200sma and it acted as support. The following four trades were solid and could have garnered $1.15 per share...200 shares less commissions for $190. The fifth trade would have been the kicker for a good 70 cent run.

I really need to get comfortable with this ETF as I am only playing long, as I have mentioned many times. The chart after the fact looks really spotty as the price appears to jump around. This is the uncertainty factor on these. The quotes show another story though as they smoothly slide from price to price and I think I could nail some of them in between the gaps. It looked like three decent trades but this is even farther out specualation than I have been doing on other charts.

Jeff.