Englishman Trader is supposed to be stopping by today to play "fly on the wall" so if I start using 'we' instead of 'I' it's not because I've suddenly become royalty. :-)
The beloved oil inventory report will be released at 10:30 today so you know what that means for me -- no trades until 10:45. I can't wait until the market stops caring so much about every tick in the price of oil...
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
RFX -26% (Bennett faces life in prison), BELM -21% (guides lower; Baird downgrade), PII -5.8% (reports Q3, guides Q4 lower), FRO -5% (JP Morgan downgrade), SSL -4.2%, BIVN -3.9% (reports JunQ), CRXL -3.9% (extends yesterday's 7% slide), AAUK -3.7%, SONC -3.8% (reports AugQ), MXO -3% (JP Morgan downgrade), NAVG -2.5% (prices offering), CUK -2.2%, BP -2.1%, VPHM -1.9%, HCA -1.5% (guides Q3 lower), NOK -1.3%, AMGN -0.7% (JNJ sues Amgen over sales practice - NY Times).
Gapping Up
LRCX +5.2% (beats by $0.05, Morgan Stanley upgrade; up in sympathy: AMAT +1.4%, ASML +1.2%, NVLS +1.4% -- NVLS also gets ThinkEquity upgrade), ARRS +6.2% (guides higher), VISG +7% (First Albany upgrade), TMR +4.7%, KOMG +4.2% (guides higher), BCRX +3.6% (concerns about bird flu in Romania), BBBB +3.4% (Baird upgrade), CCJ +1.9% (Mad Money mention), TWX +1.1% (WSJ reports Comcast and Google may buy stake in AOL).... Under $3: IPIX +7% (partners with Panasonic), USEY +7% (extends yesterday's 43% move), CPST +4.1% (First Albany defends stock).
Intraday Updates:
- 11:35 I'm still watching and waiting. I see some long candidates (DMA, AAPL, PLAY, TMO...) but the market just isn't cooperating with me. The A/D lines have been negative all day and there's just no momentum out there -- besides sideways.
Disclaimer & How I use this list
hi mike,
would you please tell me where are you getting your A/D figures?
Frank,
I get advance & decline data from eSignal. The tickers for NYSE stocks are $ADV and $DECL. For the Nasdaq they're $ADVQ and $DECLQ. You can also get Advances & Declines on Yahoo. And ADVFN has some nice pie charts of the day's A/D line(s) on their main page
Mike, you should have taken that morning AAPL trade. :-)
ugh!!!
Mike, speaking of AAPL, I wish to God that I had held half my shares and not gone short but at least I had a stop loss at 50.30. I am still a rookie as my market education started in Feb 2005. Anyway I saw the momo and went long at 51. Don't mean to be a pest but to pick your more experienced and intelliigent brain, if you don't enter the market before 10:15, does that mean that you do not enter fades on open gaps in accordance to Nasd futures?
Shawn,
Right, I don't fade opening gaps. Maybe some day I'll start trying that but since I'm a rookie day trader I'm much more comfortable leaving the opening madness to the scalpers and more experienced traders.
As an aside, it's interesting to me that you mentioned your stop loss was at 50.30 b/c when i first saw Apple moving yesterday my first thought was that there would probably be a bit of a short squeeze if it could break 50. Too bad my rules kept me from jumping on board. Seems like you're doing a good job of catching these moves and even more impressive, switching from long to short. Most people, yours truly included, can't do that very well.
Mike, I broke several of my trading rules this week with long / short switching on AAPL, mostly notably only trading on the correct side of the 50MA. But it was the inherent volatility that caused me to disregard my rules. Yet for all my efforts in AAPL, I've only managed to turn a large loss into a small loss as of close Thursday.