GDX, FCX And GOOG

Since Wednesday's technical breakdown through 64.73-64.76 double validated support, the GDX has fallen nearly ten points from there, and three of the downside targets got MADE in yesterday's session:

1. 58.57 - Horizontal support at Black Data Point #3 in The Channel
2. 57.95 - Measured Move off the broken Inverse H&S pattern
3. 55.80 - Measured Move off the completed Double Top



Unlike the GDX, after FCX gapped down at yesterday's open, it came roaring back for a gap fill. It sold off from there, but came right back and challenged Thursday afternoon's high of 32.30. Hmm-mm...that wasn't looking like a stock that wanted to tank anymore. It looked like FCX wanted to run to 33.00 horizontal resistance.

The EMA's still were properly threaded, so when FCX pulled back to test them for support, I placed an order to buy 5,000 shares at 32.00, just above the lowest of the EMA's (the 34), which was at 31.97.

"They" wouldn't let me have the shares. The lows for the next two minutes were 32.02 and 32.03, then FCX broke out above 32.30. Gr-r-r...

Ten minutes later...



Bang! 33.00! Gr-r-r-r-r-r-r-r-r...LOL.



On the next selloff, I bought 5,000 at 32.31, at what "should have been" horizontal support from the Thursday afternoon and early Friday morning highs. It wasn't support, though. Sloppy...sloppy...sloppy. UGH.

Although FCX did end up rallying again, I didn't like that so I sold into the next rally...



...at 32.53, which was the top (34) of the bearishly inverted EMAs basis the 10-Minute chart, for a gain of $1,100.



GOOG also was looking like a stock that didn't want to go down any more, at least not immediately. It had held the 514's twice on Thursday afternoon, again of Friday morning, and basis the 5-Minute chart, the EMAs were bunched together and had turned bullish. I bought 1,000 shares of it at 519.25, looking for at least a challenge of the 522.99 Thursday afternoon high, and possibly a nice breakout.




GOOG did make a breakout bid, but fell back. It still looked okay, but I had expected it to get through resistance on the rally in the NASDAQ and didn't want to give back all of my paper gain. I decided to "take the money" and sold at 521.50 for a gain of $2,250.

The minute that I sold...





...GOOG broke out and a few minutes later was three dollars higher than my exit price. Sheesh. Stocks "know" when we sell, then they rally! LOL.

Couldn't get all of the executions in one screenshot, so...

Buys:



Sells:



Gain on the session: $3,350