The market is in stand still mode. There is no momentum in either direction. The dip buyers are on holiday. Shorts are scared of squeeze. Day traders and short term traders are having a field day running up stocks like ESCL 60% plus. This typical of holiday markets.
Stocks up on high volume:
ANO,Anooraq Resources Corp (Google Yahoo Earnings BW Chart)
CSLR,Consulier Engineering (Google Yahoo Earnings BW Chart)
EDA,Endeavor Acquisition Corp (Google Yahoo Earnings BW Chart)
EGO,El Dorado Gold Corp (Google Yahoo Earnings BW Chart)
ESCL,Escala Group Inc (Google Yahoo Earnings BW Chart)
GMKT,GMarket Inc (Google Yahoo Earnings BW Chart)
GNVC,Genvec Inc (Google Yahoo Earnings BW Chart)
IIG,Imergent Inc (Google Yahoo Earnings BW Chart)
KERX,Keryx Biopharmaceuticals (Google Yahoo Earnings BW Chart)
NCTY,The9 Limited (Google Yahoo Earnings BW Chart)
NXXI,Nutrition 21 Inc (Google Yahoo Earnings BW Chart)
OSIS,Osi Systems Inc (Google Yahoo Earnings BW Chart)
OSTK,Overstock.com Inc (Google Yahoo Earnings BW Chart)
SQNM,Sequenom Inc (Google Yahoo Earnings BW Chart)
SYNM,Syntroleum Corporation (Google Yahoo Earnings BW Chart)
TGB,Taseko Mines Ltd (Google Yahoo Earnings BW Chart)
TOMO,Tom Online (Google Yahoo Earnings BW Chart)
TTF,Thai Fund Inc (Google Yahoo Earnings BW Chart)
TTG,Tutogen Medical Inc (Google Yahoo Earnings BW Chart)
VCI,Valassis Communications (Google Yahoo Earnings BW Chart)
VEH,Valero Group Holdings LLC (Google Yahoo Earnings BW Chart)
The market is set for a bounce and should be positive by day end.
8 comments:
This is what I said yesterday, "My plan is to play the last bit of downward momo but to focus more on identifying dips to buy."
It is exactly what happened today.
Like I said before, you have to anticipate, not react. Today's downside was nothing compared to yesterday's slide which was forseeable on Friday afternoon's distribution.
QQQQ still underneath resistance for the moment, at least
There is never a shortage of short term plays. If you just use the top 1% scan I shared with Prashant some days ago. In those 25 stocks you will find atleast 2- or 3 making 2-5 dollar move everyday. For example today you have IIG making 4 dolar move.
If you want to day trade, that is the simplest and most effective list. Everyday look at only 20 stocks.
AKAM not looking bad today - decent volume and probably wont break resistance - could be set up for short soon
APA, already weak, is right back up against resistance on tiny volume
I use Trade Ideas to tell me when stocks have moved (or are moving) with some statistical interest. I run several screens everyday (some everyday, some dependent on market conditions) and have noticed that stocks that hit more than 1 screen tend to outperform in the near term. I look for standard deviation breakout, uncharacteristic volume, opening range breakouts, etc.
I usually chart 10-20 of these and look at daily charts for support/resistance and ideas of what may happen in the near term. Additionally, I write and draw on my charts to get my hypotheses in hard format.
I also keep a list of interesting charts from the past 2-3 days which I often get trade ideas from this list. One especially good long idea is a stock that was up yesterday and is today testing the top part of yesterday's range since the open. If it breaks out you have new daily highs, crossing of opening high, breakout from previous day's range, etc...multiple forms of edge lining up. That's how you rake in the big bucks.
The key to day trading is to create a list of edges that daytraders usually use and only trade those candidates that currently have multiple of those charactersitcs. This is how you increase the probability of a profitable outcome. This is how Trader X can win 80% of the time as he claims. It's not that hard
KERX also on my list got high volume eod. Keep on watch for action tomorrow.
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