Hey guys!
Hope everyone had a fun labor day weekend and nice trading week so far. I've been posting most of my ideas on Twitter since I've been so busy mentoring and stuff at night but it's been a crazy few weeks! SPY has just been nuts. Awesome for trading intraday but it's very unpredictable and erratic from day to day, trying to guess whether it's gonna gap up, gap down, open flat, and then after said gap whether we will go up or down. Seems like people are just still in indecision/fear mode overall so IMO the best plan is just to take it day by day. There is incredible volatility intraday with stocks running (and falling) dollars left and right so you really have to size down your positions and go for a bigger percentage gain vs trying to keep a super tight stop and getting wicked out just due to the natural volatility we're seeing right now. I've found a lot of success lately by increasing my standards for what I trade in terms of float. Normally I stick in the 50-100m share range but lately those have just been too nuts for me, so I've been trading more in the 200-400m share float range since they are a bit less wicky and unpredictable intraday. I think a real key in this market is just sticking to your plans. You're going to take a lot of losses and get wicked out of a lot of stuff that will be really frustrating but you can't let it get to you. Your goal is just to finish green every day so keep your losses small and trade smart and you'll be just fine!
For tomorrow I really like SUNE for a short. It was selling off all day today and was super liquid, but be aware it was also following SPY pretty closely so if SPY rebounds, gaps or is strong tomorrow this will probably be off the table for me. ASTI is also nice. They did some silly presentation today telling people that they have a $3.00+ valuation because they have burned $200m in R&D and CAPEX, lol but ... the presentation had lots of pretty colors and such so it looks like that is all people need as it was printing .41 in after hours. So I'll be stalking that tomorrow to see if it gets some juice but I definitely am not attached to it. JOY could be an interesting one as it's been testing support from its first big red day on earnings for a few days now and seems to want more downside. Lastly I noticed SNSS had a very subtle volume expansion today so I'll be keeping an eye on that.
Hope everyone had a great day!
Chris
Submitted September 09, 2015 at 11:34PM by ghostofgbt http://ift.tt/1NqWpWa
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