The two swing trades last week, GLUU and WAVX paid off nicely, however, the unrealized gain on QPSA is almost double that right now so I’m looking forward to locking that up soon. I know many of you already paid yourself on QPSA and for that I say congratulations, that’s what this service is about.
Regarding GLUU and WAVX, hot huge gains but certainly the 10% I aim for on all swing trades. They were a little more work than I’d like, especially on GLUU but trading requires work sometimes and so long as we can come out ahead I’m fine with that. WAVX is a good example of drift trading the channel and I’ll do a new video to explain that today. We’re here to make a living remember, not hit home runs.
QPSA thoughts on the last day in October.
QPSA has played out better than expected so far up about 50% unrealized profit in 1-week. This week is important because we’ll get new data soon on short interest. Last time short interest was reported was October 14th and it was over 13 days to cover. I’d be shocked if it fell 50%, despite the stock moving up 50% and wouldn’t be surprised if it is still above 10 days to cover which would bode well for us. I doubt short interest has gained though. Once I see that report I’ll have a better idea for this week with regard to closing the trade. The myYearbook catalyst is still on the table, I’d love for them to successfully pull that off this week because that would certainly be my sell signal. I’ll keep you posted on QPSA as the day goes on. Right now my goal is $5 – $6.
The Chicago-area purchasing managers index for October is set for release at 9:45 a.m. EDT.
Employment data for October is set for release on Friday, topping the week’s lineup of economic data. The report is expected to show nonfarm payrolls rose by just 90,000 in October, according to a MarketWatch survey of economists, after a rise of 103,000 in September.
You can expect 3-5 new swing trade alerts this week. I’ll have a watch list out shortly.