Hey hey everyone! Thought I'd do a quick update on the stocks I'm looking at tomorrow and give y'all my thoughts on the market! So we did hit some new highs over $190 which was pretty cool but it just got sold off on heavy volume so I still think the market is a bit fragile here at these levels. Friday's close was pretty strong though, so I think we will still just channel for a while in this $185-190 area. That's cool though - there is some nice volatility intraday and things are always moving so I can't complain, as a day trader at least! I've also found that buying breakouts and shorting weakness has not worked nearly as well the last couple months as it has in the past, so I've changed up a bit to buying dips and shorting pops. That seems to be working a lot better so keep that in mind if you're trading. Often the breakouts are failing and it is easy to just wait for the stock to break out, fail, and then buy the dip! This has always been a strategy of mine but I had put it on hold for 2013 because you could pretty much throw a dart while upside down, dizzy and blindfolded and something would go up, lol. Also I am moving away a bit from trading small stocks and trading some higher priced stocks which seem to move a bit better and have better liquidity/more predictability in these conditions. The HDYs, BIOFs and DRLs are still ripping but they require a lot more volume in order to form nice patterns, I've found.
For tomorrow I'm watching:
JWN for a long continuation over Friday's high. Probably a red to green type move
JE for a gap down and bounce after a huge move downward the last couple days
QUIK for a gap up and potential short fader
AVNR for a breakout over $5.20
MXWL for a range break over $16
Hope y'all are doing well! I haven't been posting much cause I've actually been doing some 1 on 1 trading with people live via Skype during the day and doing a lot of classes at night and that's been really fun. Shoot me a PM if you're interested in doing that and maybe we can trade together!
Alrighty...over and out! Let me know if y'all see anything hot for tomorrow/this week!
Chris
Submitted May 18, 2014 at 09:29PM by greenbartrading http://ift.tt/1jtEPCm
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