No day trading radar for today. Reason being is with the holiday weekend coming up, trading can tend to die off at any time today.
Right now we are currently moving on positive ISM numbers, but I’m unconvinced it will drive good volume the rest of the day. I’m maintaining some trades and will likely be taking profits rather than adding today. I’m still long Endologix Inc (ELGX), Akorn, Inc. (AKRX), and Achillion Pharmaceuticals, Inc. (ACHN), among others, but continuing to trim until next week. Both ELGX and AKRX hit new 52-week highs this week.
We will see a heavy week of economic data next week that could create a pullback. I would consider this potentially positive before earning season starts the week after that. We will see. Tread careful out there, maybe some of you have better luck trading on days like this just before a holiday weekend, but historically I have not.
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Good luck out there,
Mike
At the time of publication, Kudrna was long ELGX, AKRX, and ACHN but positions may change at any time.
