Thursday, March 24, 2011

Update and watch list for tomorrow...


I used my last day trade for the week today in $TSON. It was a solid trade and I booked about $100 in profits. Here is the video of the trade:

Right now I am 100% cash and my account is now up about 9% (from the starting balance: $1,450) after starting the week down 11.8%! I have no intention of trading until next week since I have no more day trades left. I was looking to get long the $VIX via an option position looking for a bounce next week or a pull back in the indexes but...

I am caught in two minds about the markets since I am seeing signs of a potential bounce especially in the emerging markets indexes but also bear flag formations on the US indexes like the SPY especially. Very few stocks are following through whether long or short and so I do not encourage too much swing trading at this moment. I myself have been pre-dominantly day trading and holding overnight with the intention of a quick exit next morning only when I have a profit cushion in a stock with a substantial catalyst likely to gap the stock higher the next day (e.g $PRAN, $CHGS trades this week).


I only see one set up from the stocks in my watch lists that I like and its a long trade in $FTK:

That's all for now folks. Good luck and good trading!

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