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Long Cobalt (CIE) and My Position Updates

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July 13, 2012 – Comments (0) | RELATED TICKERS: CIE

Moments before this post I jumped in Cobalt International Energy (CIE) at $24.22. One of the plays in this current market that has done exceedingly well for me have been the breakouts from support, and then waiting for a few days to even a week perhaps for it to pull back to that original breakout/support level. In fact, in the case of CIE, you could say that the stock 'bull-flagged' its way back to support which is pretty impressive and not nearly as common as the other setup type I just described. 

Coupled with the double bottom of late, its formed a nice base, and with the market bouncing off of support from the 6/4 trend-line today, should it be able to continue into next week, this stock should provide a nice return. 

As for other positions I'm currently holding, the CMG trade and AGU are doing great, and while Netflix is trading lower, I'm still up nicely on it, and have learned from many experiences trading this stock, to just let it trade in a vaccum outside of general market movements. My remaining two positions HD and TPC have been rather quiet today. At this point, I'm looking to hold everything over the weekend, and don't see any major weak spots in my current holdings. 

Here's the CIE Trade Setup

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