Wild games in thin market

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.

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8 comments:

Unknown said...: 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.; Dec 19, 2006, 1:52:00 PM
Unknown said...: QQQQ still underneath resistance for the moment, at least; Dec 19, 2006, 2:14:00 PM
Pradeep Bonde said...: 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.; Dec 19, 2006, 2:19:00 PM
Unknown said...: AKAM not looking bad today - decent volume and probably wont break resistance - could be set up for short soon; Dec 19, 2006, 2:38:00 PM
Unknown said...: APA, already weak, is right back up against resistance on tiny volume; Dec 19, 2006, 2:40:00 PM
Unknown said...: 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.; Dec 19, 2006, 2:55:00 PM
Unknown said...: 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; Dec 19, 2006, 3:01:00 PM
Unknown said...: KERX also on my list got high volume eod. Keep on watch for action tomorrow.; Dec 19, 2006, 4:02:00 PM

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