Yo yo!
Fade day in the markets on Friday with SPY testing that $188 level and then doing a bit of a nosedive into the close, but made for some great short opps in ITMN, ECYT, DDD and others. My strategy currently doesn't allow shorting but I cheated a bit at the end of the day anyway and shorted ITMN, lol so I finished flattish but overall not a bad day. I just didn't do much trading at all until late in the day and then I ended up with quite the slippage on my SIMO long so that sucked, but like I said was able to counteract with a late day short in ITMN. I am a bit unsure of what to expect from the market as for the last few weeks it has just been very indecisive but as long as we hold above that 50dma I will be slightly long-biased. I had a great weekend celebrating a bday for a friend and then attending a pretty awesome event entitled "Men Doing Manly Things" where we went and rented full auto machine guns, then had a smoker cookout w/ BBQ ribs, steak, sausage, bacon, beer and cigars, so I currently smell like a campfire and am high on testosterone, all ready for Monday aggression and money-making! My watchlist is pretty slim again but there were a few names I found that might be worth watching:
PTX parabolic short setup
MNGA long for intraday trades
ABTL short continuation under lows
I will also be watching intraday movers like earnings and news plays as always, and most of my plays will probably come from there. That being said, stay agile out there and remember that when the market is moving sideways it is often better to sit on your hands than to force trades. All we need is a couple decent months of rallying and we can hammer everything and blow our accounts sky high when the opportunities are there. Most traders in my experience over trade and kill their accounts in this type of market, so I tend to focus only on the HOTTEST setups and only trade when I am willing to really lay the hammer down.
Hope everyone had a great weekend and has a great week!
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 23, 2014 at 11:27PM by greenbartrading http://ift.tt/NIBr8s
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