Lacking any economic catalysts to begin the week stocks started the day off gapping higher. Volume tracked lower for much of the day indicating institutional players were sitting on the sidelines staying away from the action. It appeared the action was driven by short-sellers covering their positions. It was certainly disappointing to see volume come in lower on such a large percentage move on the indexes. At this point, a day with gains is nice but at some point we need accumulation to support this uptrend.
For my surprie, Ford was one of the weakest stocks in today's market. It closed only with +0.18% gain and traded for a long time in minus day during a day. Hmmm.. If u can explain this, write in the comments please.
My other pick to look for today was COT. I suposed that this stocks is much stronger then market. And really, we saw +8.31% gain but we didnt see good patterns to enter.
HEB - its really my winner. Gained +48%. Still waiting announcement about their drug which is expected this week.
VNDA - was another big gainer but we didnt see trading it @10$ region, so we didnt enter long on it.
Today i made a mistake with MGM. News was focused today on this stock. I entered @8.5 range breakout (for long position) but this breakout was false and MGM traded in downside range with small angle. Only after lunch it began to go with market and closed for +13.95%. Sounds horriblle but i didnt estimate, when i was enetering a position, that news about JP morgan upgrade, Kerkorian purchase all in market already. Stock gained for that moment 10% already. Even strong market couldnt to push it higher for a long time.
Today world perceived very good the victory of N party on elections in India. If i now mistaken Indian Stock Index gained nearly 20%. We have intersting situatin in Indian bank which trading on NYSE - IBN . No question that this was very tasty short on 30$ breakout. But even on weak market this level hold good. I waited for 30$ breakout to enter short and after lunch of it entered it and we could close this position on 29.29 in last minutes of market. But why we didnt do this thing during trading day. Why we did not buy at 30$ and sell at 30.5 region? We could profit doing this many times today.
We would have no troubles today with this powerfull up trend if we would just to listen to this expirience man on twitter - TraderFeed or to his indicators. Even looking to a simple tick we could made nice daytrading profit. Tick always indicated uptrend today. And today's moving up was confirmed good with sectors, indexes.
Tuesday, May 19, 2009
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