Monday's report. What we will in a range.

Today's market character was horrible range after 20 min drop on the market open. Days like this are always hard to trade because a lot of patterns having false breakouts, low volatility, and a lot of stocks a just trading plus-minus some points...
Today's watch list was added by financial companies - BAC, AXP, WFC and USB, COF, BBT (last 3 announced about selling own stocks to refinance their debts).
As today market character was range we have small number of opportunities to enter from my big stock list. We had only some patterns to play in not very good stocks. They are thin (low average day volume)and have big spread..
1st trade was shorting GRA. This company was found not guilty to the poison crime. After this news announced we have 1h growth from 9.5 to 13. I preapered to short this after 12.2 breakout before the market and did it. I shorted @12.18 but in some ticks GRA was already traded @12.5. Thats why i dont like thin stocks. When somebody with even not small buying power want to move it in 10-30 points he have no problems with this. I put rather big stop loss as for daytrade @12.62 . Some ticks more and we already trading in 12$ region :-). I decide to close position using limit order. But anyway closed it only @12.08. We got resistance @12. I reentered on its breakout @11.97. At this moment market was making some down moves so this enter was ok. But from this moment market range become more and more stronger. I have to close position, seeing market conditions, on lows region 11.8 . But waiting for breakout and got stop loss @12.10 after long time position holding.

IRF - company which announces bad q1 earning at 7May after market close. Now trading in range 13-14$. This stock will be in Tuesday's stock list for short @13$ breakout.
AXP - due to negative market mood on financial companies, mostly all financials opened with a down gap. The same situation we saw in AXP. After opened with a down gap it have traded in a range as whole market. But at the afternoon it formed nice support @26.5. Market hadnt power to go down or up , so we can expect breakout AXP but with low target to go down more. So nice trade idea was to buy AXP some above 26$. The idea worked and we earned another 20 points.

Another good picks were COF and BBT. After news about "selling own stocks" announces this stocks was a small number of all which traded in nice trend.
So! Be happy and hope that tommorrow we will have better markte conditions to have more patterns for making profits!