Tuesday, February 19, 2008

Trading for 2/20/08

I threw out my rule yesterday about not trading the first hour, after a buy stop I had from last week triggered at the open. I also saw two other picks from last night acting very frisky, so I tried to go with it. Here's how some of the picks did:

The biggest was performed was MTL. My caution kept me out of this one though. What a breakout! It even closed strong.

CLF was also a pick from last night that started quick and ran until later in the day where it started to sell off. It reports earnings on 2/21, so be careful if you are holding this. As a general rule, I try to be out before earnings.

GLD also broke the shoulder I mentioned last night, so it looks like it will go higher from here.

POT broke out today, I did take this one for a day trade. Will try again later if it looks good.

I didn't post CF last night, but I did have it as a pick last Wednesday, and I had a buy stop order in for this one, which was triggered right at the open. I didn't expect it to trigger. or I probably would have canceled the order. Good thing! This was why I threw out yesterdays plan to not trade the first hour. I left this order open and was in it, so what the heck. May as well trade.

AKS also broke out finally, but sold off. Would try again if conditions are right.

Here are some picks I will be watching tomorrow:

Waiting for CMED

I like CREE , but not if it goes any lower.

There is some resistance just above 85. If HES can break that, then it could go higher.

I mentioned last night that MON could be a buy after it breaks 120. Today it reached 119.99. There is clearly some resistance there. Let's see if it can break it tomorrow. Would try just above 120.

May try MOS if is breaks into new highs tomorrow.


PTEC looks ready to move.

RRC. Technically, this previous winner broke my buy point today, but volume was average. It could try again tomorrow.

YTEC needs to hold support at 17.

I am not posting charts for BMRN and CMO, but they are still on my list. See last nights post.

Good trading.

EDIT: I removed KGC. Earnings are due out on Thursday, so I'll pass.

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