Thursday, March 10, 2011

Update and watch list for today...

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:

I will still be keeping an eye on $CPWM for possible secondary break outs especially if the markets manage to continue its current rally.

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:

I also like $MCZ long but this stock is generally choppy and does not trend very nicely intra day. None the less it has managed to form a pattern which I like after gapping up on bullish news three times in the past month or so. Here is the set up I am 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:

So those are the set ups that I will be looking at at the open. If I find any interesting breakouts intra day; I will tweet about them as I usually do.

Good luck and good trading!

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