Thursday, April 14, 2011
Update and ideas for tomorrow...
IDEAS FOR TOMORROW
So I am still bullish on the markets short term. I am anticipating a green day tomorrow in the markets and so long positions should do well. I am still holding 400 $MCZ from $2.09 buy on Tuesday and 200 $HYGS from $5.61 buy today. Worst case on these positions from here is a flat on both of them. For $MCZ I will be looking to book profits on any gap and/or spike up to the $2.30 - $2.35 resistance level. $HYGS did not explode like I thought it would today. So if it does not look poised to do so from early on tomorrow I will likely book a small profit on this one and free up my buying power. I like $SPPI long thru $9.00 tomorrow w/ $8.80 stop loss for a swing trade but my favorite idea and the only one I am planning on trading tomorrow is $SHZ. I will be looking to long this stock @ $6.50ish w/ a $6.30 stop loss and $7.10 initial profit target but we both know this has the potential to go even further than $7.10 if it really gets going. Hence the reason I like this set up so much! $MRGE is ok but not my favorite idea. I really like the look of the low float oils in particular $DBLE and $BDCO which are currently trying to complete handles in very nice cup with handle patterns. With $OIL knocking on new 52-week highs and the potential for further bad news out of the Middle East these stocks might very well explode in the near future if not tomorrow! Would have loved to start a position in one of them (I prefer $DBLE) but I do not having enough buying power at the moment!
So that's my plan for tomorrow. Good luck and good trading!