Sunday, August 1, 2010

Stocks I will be stalking tomorrow...

Just in case you did not notice, it is earnings season. With the market indexes in a confirmed uptrend, my focus is now on buying earnings flag. I am already long of IGTE and ISLN. Both of these stocks exploded from bases this month after they announced earnings that beat estimates. Over the past few days they have consolidated beautifully during the four day pullback in the indexes and formed nice flags which I entered as they broke out on Friday.

Come Monday morning, I will be watching the first 30 mins of trading or so closely. The stocks I will be looking to enter are INFN, INFA and IDT. If we open within Friday's trading range or if we get a weak open like a gap down then I will be looking to get long these stocks anytime they hit my buy trigger. On the other hand, if we get a very strong open like a gap up and my stocks gap above the buy trigger then I will not enter but instead wait until later in the day to initiate buys at potentially better points like a break above intra day resistance or on a bounce off intra day support.

So thats my focus for Monday.

Good luck and good trading!

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