Sunday, June 2, 2013

Game plan and watch list for 6/3/2013

After being bearish for all of last week and holding onto $SCTY and $SPWR shorts; I finally got a move in my favour on Friday evening. However, earlier in the session, the strength in the market deceived me into thinking we'd break to the upside and so I added $SKUL, $OSH and $MNKD long. Since I had only one day trade available I was forced to hold them over the weekend. Besides I got a strong close in $OSH (up 18.5%). So I have some cushion in case we get a gap down on Monday.

In addition, $MNKD released some news after the close. So I'm hoping this gives $MNKD at least a little pop on Monday into which I can book a profit. I will definitely be looking to cut my $SKUL position as it closed a few pennies from my stop loss. With $OSH I'm hoping to get a big gap and/or vertical spike right off the open into which I will sell at least 1/2 of my position. I have no plans of getting out of $SCTY and $SPWR short positions unless by some miracle they start spiking on massive buying. It is more likely that they dip down to my take profit target levels where I will definitely take them off.

I'm still bearish and even more so now after the heavy selling on Friday. In light of this I'll be looking to add shorts only tomorrow (see my best short ideas below). If however, we get another day or two of sharp selling and $XRM and $RPXC hold up and then manage to break out with the markets bouncing later in the week; I will definitely be looking to add them. Other wise, I recommend staying away from longs in the first half of next week.

Here are my watches for tomorrow:

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