Watch List for 4/24/08
There's quite a few notable earnings before the bell (MMM, MOT, PEP, DOW, & POT).
In addition, we have the durable goods orders & jobless claims.
So far the futures are pointing to a weaker than expected opening with some underwhelming earnings related news from SBUX, AMZN, AAPL & QCOM after the bell Wednesday.
Anyhow here are some names to keep an eye on.
If POT disappoints or starts to sell off as a result of its tremendous run up, also keep an eye on MOS below 131.
If the AG sector does well, I like AG just above Wednesday's high. It's formed a nice hammer at its previous break out point of 68 and isn't nearly as over extended as the rest of the sector.
Other possible longs:
- NUE is finally starting to turn up and looks like it wants to push higher
- CLF - bull flag
- HANS has formed a narrow range hammer off of long term support and could be due for a bounce
- MELI - bull flag
- I like LULU over 34 as buying pressure should pick up providing the volume is good.
Possible shorts if the market rolls over:
- CMED - bear flag
- VIP - descending triangle - short below 29 on good volume
- APOL - bear flag
- With further weakness in gold look to short AEM / ABX
- STLD if steel starts to roll over
How do you play the stocks on your watchlist: daytrades, swing trades, or combo of both?
Thanks
Anonymous said... April 24, 2008 at 5:56 AM
A combo of both really. Some candidates are better off as swing trades and others are better off as day trades.
I mainly day trade, but will enter a swing trades if I like the way a stock is acting on a day to day basis, and the stop of the stock is in a manageable/logical position.
The other problem with swing trading, especially lately, is that there have been so many companies reporting earnings. Say you were swing trading a stock in a certain sector. Lets say Coal for example, although the stock you are holding for a swing isn't reporting earnings, a poor earnings report / negative conference call comments from any of the other coal stocks could negatively impact your swing trade.
I'm still getting around posting up a 'how I trade' type post, but one thing I won't do is hold a stock through earnings.
Cheers
Trader M.D. said... April 24, 2008 at 6:23 PM
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