Oye vey what a day!
After everyone freaked out about Yelle's comments yesterday, the bulls came right back in today to bounce the market strongly and close near highs. This is great action if you're a bull. We have heavy resistance at $188 on SPY so hopefully we can push through and hold above that tomorrow. I had a bit of a crazy day as I started out w/ $500 in losses on two quirky trades but stayed aggressive throughout and was able to get back to almost flat with a nice trade in ASTM for $400+, but unfortunately trading bigger sizes is expensive so I got eaten by commission today. There are a couple things I could have done better but emotions took over a bit and caused me to bail flat on the 2nd time I hit SVA, I guess since I had taken a loss on it already, and it was acting sketchy, lol. Anyway, I finished the day down about 100 bucks , so again no biggie, just part of the game in building up a new strategy. I keep seeing hints of great things coming with gains like that $500 whopper in RAX the other day, 17+% in CUR and the $400 in ASTM today. These are all still relatively small sizes (2-3k shares) compared to where I see this going (30-50k blocks) so being able to maintain a $100 loss is actually pretty good. Anyway, as always, gonna just keep chugging along and soon I'll be exploding this account to Juuuuuupiter!!! Hopefully This is helping some people out there learn the importance of risk management too. Here are some ideas for tomorrow:
BIOF long. This SUCKER! I took 2k shares at 3.74 at 10:25am and it crapped itself 10 min later for a $265 loss, only to reverse and blow through $3.74 to 4 bucks at the end of the day lol. I will get my revenge just like I did on GALT though! Muwahaha!
ALIM once again triggered my $7 alert indicating it is still trying to break that level. I have my eye on this like a hawk for when it breaks and I reset my alert every night. Only a matter of time just like I said with CUR and GALT.
MXWL on watch for intraday trades if it starts to bounce off this clean 2-day pullback.
PEIX long over $16.30. Make sure this one has volume to back it up as it is up a bunch of days in a row so it will need some juice to push through highs w/ force.
SPLS still watching short under $11.14. It looks ugly.
ANAC long over highs for a range breakout to new highs.
IQNT long over $14.60 for a breakout/bounce play
SNSS long over $7.50 for a flag breakout.
CJJD long over $2.35 for a continuation.
A lot of these are not going to be ready so I just have alerts set and am watching them passively. A lot of momentum names are getting pretty exhausted now so it is difficult to find stuff to trade. The best way to handle this kind of market in my experience, if you're day trading, is to focus on strong intraday movers with catalysts: earnings news, FDA clearance, upgrades, downgrades, etc. You can find a list each morning of the big gappers at http://ift.tt/OGqZ1X (look at the pre-market section) to get an idea of what will be in play that day. The only things I see that will probably be ready to take action tomorrow are BIOF and CJJD. Be aware that both of those are going to be very risky/volatile plays so I don't recommend anyone who is a beginner messing with them. Other than that I am only playing what comes across my scanner.
Ok that's it! Hope everyone has a good day!
Chris
DISCLAIMER: I am a day/swing trader. LONG means I'm expecting price to go up, not that it's a long term trade. SHORT means I'm expecting price to go down, not that it's a short term trade. Just because I post these here does not necessarily mean I'm buying/shorting them. They are ONLY ideas, may not be traded at all, and if I do take them, 99% of the positions will be closed by the end of the day. One other thing...any swing recommendations should be taken w/ extreme caution - lock in some profits as I am not checking these to see if they have earnings or anything before posting, so if they do they could make crazy moves. Do your own DD on them. If ya have any questions, feel free to ask below and as always, share your ideas too. The more the merrier!
Submitted March 20, 2014 at 11:46PM by greenbartrading http://ift.tt/1jahZAe
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