Firstly, I wanted to take a quick look at one of my buy recommendations from last week. The stock I had recommended buying was $KONG and I had great conviction in this set up. Of course this set up came when I had no day trades. So I couldn't take it! Here is what the chart looks like now:
The best set up from yesterday's session was easily $CPWM. I absolutely loved the set up on the daily chart and early price/volume action after a big earnings surprise. Also knowing that the stock was a former runner on earnings meant that the odds of success was high. Here is the daily chart:
However, there was a very ugly sell off from 11:00 - 12:00 which I took as a sign to stay away from the stock although it did rally nicely into the close of trade. Here is a 15 min chart of what I was looking at:
In terms of set ups for today, I have seen three that I like. My favorite set up is $UDRL which unlike it peers which have sold off hard on heavy volume; $UDRL has managed to move sideways in a tight range. This leads me to think that if the oils bounce today or may be tomorrow then $UDRL should lead the move higher.
Here is the set up I'm looking at:
The third set up that I like is $SGRP. I am looking for a short trade in this stock. One must note, however, that is stock is very thin and can have wide spreads. So one may want to cut size and be quick to cut losses if one decides to trade this stock. Here is what I am looking at:
Good luck and good trading!