On Thursday, February 22, we had four Stocks to Watch and three Around the Horn subscription trades. Of these, three hit for profits, one hit for a loss and three were no-shows.

Valero (VLO) was a Fast Ball long from Thursday’s Around the Horn subscription service. There were two good entry opportunities in VLO. The first was off the open. This time VLO only made it past the 50% to target and then the R1 pivot levels before dropping off. As it was within a dime or so of the target before losing steam, we chose to peel off Ã,½ shares on the way back down past the 50% to target level (and announced this in the live trading War Room so those trading with us would know). This is not always the case, as often times we keep the full boat at the breakeven stop, but today there was news, so we were suspicious. The remaining shares had a breakeven stop behind them and were closed out. The second entry opportunity was after a low and support at the open level, then trade up through the entry and over the 8-simple moving average. This time, VLO hit the Initial Profit target and exit was at this level.

Valero


Barrick Gold (ABX) was a Fast Ball long from Thursday’s Around the Horn subscription service. Entry was just off the open, and though it looked good at first, ABX quickly turned against us and took us to our planned stop loss. Exit was at the stop loss level.

Barrick Gold


Salesforce.com Corp (CRM) was a Fast Ball short from Thursday’s Around the Horn subscription service. CRM was gapped into yesterdays range off the open and looked like our trade wasn’t going to happen today. CRM did set up in the morning, however, and the entry was at the planned entry level, either at the reversal/weakness or when it crossed the 8-period simple moving average on the way back down. CRM exceeded our initial profit target and exit was on higher lows as it again crossed the 8-period simple moving average.

Salesforce.com Corp


Getty Images (GYI) was a Line Drive long from Wednesday night’s Stocks to Watch column. Entry was at the 56.42 to .47 level (.10 to .15 above yesterday’s high). GYI spiked early on, and then settled into a trading range on support for much of the morning. Exit was either on the break of the 20-period simple moving average or the consolidation support.

Getty Images


Extra Innings for Friday, February 23, 2007:

ETN was a Sinker short for today that not only did not trigger, followed through and made a beautiful Line Drive long pattern for tomorrow. With these conflicting indications, we will be open to long or short moves on intraday pattern setups.

ETN


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Julie Peterson-Manz is cofounder of TraderInsight.com. Email her at Julie@peterson-manz-trading.net.