Hey everyone! Hope y'all had a good day. Was a solid day for me w/ my biggest trade being INO short from $6.77 and covering $6.50, $6.49, $6.46 and $6.37. I did take a few other trades (CPRX long at 3.67, CYTR long at $3.23, HELI long at $2.27) but most of them just kinda farted around so I sold them flat or for small gains. I took one loss on MPC short at $105.25 (covered at $105.42) and actually it worked but I didn't really like my entry on it so I decided to cut the loss. I also initiated a new swing on LF at $2.59. Anyway overall good day. Tomorrow I will be out for the morning because I am doing Career Day at a school and gonna teach a bunch of kids about the stock market and what it's like to be a trader! Haha so that should be fun and also should get some funny and insightful questions hopefully, but I will be out cause it's from 8-10am so I will prob be back to trading like 11am. That being said I may not trade much tomorrow since most money I make is usually in the morning, but I'll make a quick list here anyway.
INO - This was my main winner today. I think it goes lower but it needed a rest first. Based on the 30 min chart I would reshort this in the $6.65-6.70 area with a stop $6.80-6.90. There is no support until like 4 bucks so it can go much lower but entry is important because it's a bit stretched right now. Don't short it on weakness, best to catch a bounce on it.
CPRX - Nice move from my list last night over the $3.60 area just like I suspected. I missed the first entry but tried it at $3.67 and it ended up getting stuck so I took it off at $3.70. Admittedly I could have held for a swing but I don't like to get too many positions going at once. Anyway if this can pull back and hold the $3.68-3.65 area then it can go red to green and hit $4 fairly easily IMO.
HELI - Nice push on this today. Again I had it at $2.27 but didn't like my entry enough to swing. I think before it breaks $2.50 it will need to fart around a bit but if you can keep your risk low enough that $2.50 gives you good r/r then it can be played on a dip tomorrow. It's a bit thin so be careful. I personally won't play it for a few days.
CHGG - Nice earnings today and closed very strong. Usually when a stock rips like this and closes right on highs it will gap up in the morning. If the gap isn't too strong or if it gaps down slightly it can go red to green and take out today's high. If it gaps up and pulls back starting to find support near today's high then it can be played w/ risk against the low once it puts in a higher low. I could see this go to $9-9.20 tomorrow.
BTU - Energy name that looks like it is bottoming a bit. I could see buying this on a pullback to the $7.60-$7.70 area and risking to under $7.30 for an $8 breakout. Just realize these types of stocks are heavily affected by what SPY and the major market ETFs do so if SPY is a sloppy mess like it was for most of the morning today I would leave it alone. These are best to play when you have a strong trend in the ETF they are related to.
SIGM - Final idea: Nice breakout today over $7. This has a big weekly breakout in the $7.30-$7.50 area and over that has no major resistance until high $8s. Ideal entry on this would be to see it hold $7.20 in the morning and go red to green. However, I would not be opposed to buying it if it doesn't hold 7.20 and flushes to $7.10-7.00...if that happens though there's a chance it could just fade back and stick at $6.90-7 so probability is reduced in that case. If you look at the run leading into this big flag in late December though you can see it has a tendency to go on big multi-day runs. Anyway that would be my plan...if it holds $7.20 then r/g through highs and risk against $7.20. Otherwise buy $7.00-7.10 and risk $6.75 or so. Scenario 1 is ideal.
I also still have my VG swing which I think is getting very close at this point. $4.61 is the breakout and this may go tomorrow. LF also over $2.61 should get moving. I still have CYTR on watch for a move over $3.30. It tried today but couldn't get through. And lastly I added VHC to the list just to watch for now. I like the way this daily is setting up but it's still too rangey for me right now.
Hope everyone has fun and I'll post again tomorrow hopefully!
Chris
Submitted February 24, 2015 at 11:43PM by greenbartrading http://ift.tt/18ju3LR
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