Saturday, December 17, 2011

SOXL Up Against Support...

SOXL is about to hit an 18 month support line. With lower highs for the past year, we should be able to get a quick trade in sometime early next week for $4.00 - $6.00. We want to get in as close to $23.00 with a target around $27.00 - $28.00 and a stop around $22.00.

The market has tried to go up the past couple of days. If that continues, I won't wait for $23.00, instead, I'll jump on this trade Monday morning.

Stops are extremely important since we have a very tight range. We could see a breakout in either direction.

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