Tuesday, March 22, 2011

Update and watch list for tomorrow...

I made two trades today. One bone headed trade in $PRAN in the morning after the move was clearly near exhaustion. I took a quick small loss of about $50.00 including commissions as I always do with losers. This was a bit depressing after nailing such a nice day trade in the same stock yesterday afternoon. However, I kept my head in the game and my eyes glued to $CHGS as some thing was clearly up in the group (compare average volume on the five minute chart of early in the morning to the past few days and you'll see what I mean) and I knew from the recent past that when ever these stocks run for what ever reason $CHGS is usually the leader of the pack. I waited and waited and waited and then when I saw $CHGS running at the highs near midday I longed it at $2.60 and I am still holding it. So I am carrying 250 shares of $CHGS over night looking for a gap and spike tomorrow morning.

The low float oils also came alive today with oil finally popping after holding support last week. Here is the chart:


Silver also did well and this meant that the $VGZ trade recommendation from last night's watch list played out beautifully as it broke the trigger level ($3.90) to new highs and popped as high as $4.22 for easy profits. Silver still looks like it wants to pop. Here is the chart:


Apart these two groups the Indian internet plays $REDF and $SIFY seem to be coming alive and the biotechs are also still hot; $SPPI triggered right near the close after the first break out attempt in the morning failed but never hit the recommended stop. The rare earths ($MCP, $CHGS, $SHZ, $REE, $AVL) and low float oils should be enough (these will be my focus tomorrow morning if I get a chance to trade) so no need to look any where else really for day trading ideas in the morning.

I have one swing trade idea that I am itching to put on tomorrow or sometime this week. A long $VIX trade. Here it is:


Hope you make MOOLA tomorrow!

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