Wednesday, March 30, 2011

Update and watch list for tomorrow...

UPDATE

I made no trades today as I planned. There were a few attempted break outs in the morning today from last night's watch list but only one was really successful. The oil stocks ($DK and $WNR) made early break out attempts which failed although $DK did recover and closed near the HOD. $$INPH attempted a low volume break out which failed immediately. $BDCO and $LEI never came close to breaking out. The two short set ups I did not really pay attention to although $HBIO did fade nicely in the afternoon after a small morning spike and was therefore a good short as per the plan on last night's watch list. The real star from last night's watch list was $SRZ and I tweeted furiously about this set up. After consolidating for nearly three hours beneath $11.95 it broke out on massive volume (which I always look for when buying/selling breakouts/downs). It trended nicely higher all day and closed up over 3% from the recommended buy point ($12.00). On a separate note, there is very little doubt now that we have now transitioned back into an intermediate term uptrend (after a brief correction) as per my trusted indicator the T2118 (Freestockcharts.com). So my bias is now towards long swings at the moment but I will short over extensions if the risk/reward is good!

WATCHLIST



So that's my watch list for tomorrow guys..short and sweet! 

Good luck and good trading!

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