Wednesday morning

Gator's Chart of the Day: WETF

This is a trade I am currently in.  (You already know that if you follow the blog at all.)  I was stalking the stock after it fell hard when things were not going so well in the news out of Japan.  When I saw it found support (bottom arrow)  around 10.50 I wanted in but missed it for various reasons.  When it pulled back from the 50 day kiss and 20 day (top arrow) close I watched for the next bounce (arrow on 7/5) and missed it again.  (I really didn't want to enter on Friday.)

When the stock opened higher on Monday I entered with a half position and a tight stop.  Yesterday I added  and when the stock held above the 50 day for the requisite 15+ minutes I generally insist on.  Now I'm ready for a final add if/when the stock moves above the last arrow on volume or if it holds above 12.50 even if the volume is a bit light.  Speaking of volume, it has not been heavy but the last 3 trading days have seen higher levels each day and the close has been higher than the open.  I like that.  I hope to ride to a test of the May high.