For this week’s watch list, look to our Facebook group where Justin will be keeping everyone up to date on weekly market action…http://www.facebook.com/profile.php?id=10029906&ref=profile#/group.php?gid=57750268853
Last weeks trading session didn’t produce much. As mentioned in a previous write up called “First 15-min. Rule” we do nothing the first 15 minutes the market is open. This gives us an initial gauge of market direction. Typically if a stock gaps up or down off the open it fills, therefore if a stock we are thinking about going long gaps up above our entry price, it will either begin to fail in the first 15 minutes, or move…
All of them. Especially the strong ones. Here are a few that stand out… Long: ALXN, AMZN, CHE, GILD, HANS, IPI, MOS, NITE, POT, SLGN Short: FE, KR, MMS, PLCE If we get a rally, you can expect the weakest sectors, financials, materials, and transports to get the biggest lift. Whereas the current leaders, healthcare, telecom, and utilities may not see as large of a rally at these levels.
To recap last week’s watch list we had 8 winners, 0 losers, and 4 remain open (1 of which depends on where you placed your stop). View the detailed analysis below… MYGN – Continues to break to new highsCECO & COCO – Positions remains open. The gap down on Thursday did not trigger our stop since we do not trade the first 15-min bar. After the first 15-min bar closed, we placed a stop under the low of the day.POT,…
If you’re still looking to catch a move in the Basic Materials Sector look to stocks like IPI and BBG as they are the lagers of the group. ALWAYS make sure to manage your risk. PNRA is forming a nice triangle, watch for a move higher or a continued breakdown on stronger volume. MMC, KBW and ROG are candidates for bounces of resistance here and we are keeping our eye on FLIR as it has had a nice move down…
While there still aren’t any phenomenal setups out there, keep these on your radar for the next few days. Long: Buy over Monday’s High (Stop under the low): ATHN, AVA, HANS, MMS Short: Watch for breakdowns in: EMN, MMC, SIGI, SINA, SIVB, WAT Wait for a small bounce in FDX, LNN, SJT to go short. A great way to keep positions managed in this market climate is to have a basket of longs and shorts. This way, if we move…
Week 5 was a great week for our watchlist. We had a big streak of winners those of which were MYGN, GILD, PALM, CTX, and ERTS. As we move into week 6, look for updates in future posts as we would like to wait for Monday’s price action to signal a direction.
To recap we are still long MYGN, GILD and short HUBG. ASEI and AXP hit our profit targets with nice gains. BMRN could be actionable long over the high of the low day, which at this point is Thursday’s high. With stocks like SIVB, RL and SINA that gap on the open you need to look at your risk to reward and see if the stock is still at a low risk entry point. Wait for the first 15 minute…