Most mornings, if the conditions are ripe for it, I will put together my early radar of potential daytrades for the day.
From this list, I tend to highlight at least one of my trades publicly, if not more, pending how much time I have. I try to get most of my day trades in after amateur hour (the first hour of trading), but before the third or fourth hour of the day sets in. I want time for a stock to run-up during the day, so I am not pressed to sell too close to the market close with everyone else. These are not blind buys though, I utilize various tools to determine the best area to place my buys. Some of my bids get filled and I have a trade, some do not. That’s how it goes.
I utilize stop losses with all these trades and most of my action is discussed in the free live chat, so use the chat if you have immediate questions. I try to update my StockTalks/Twitter with some of the information as best as possible from the live chat. Lastly, I will update the site and forums later in the day or at night.
I will attempt to post my radar before 10am central on days I am actively seeking day trades. I try to keep my plays under $15 and above $1.
This radar changes everyday, sometimes in just a few hours, so do not view this as my radar for any day other than today. These recent lists tend to be a great starting point when identifying new favorable swing trades and long-term plays, after more homework of course. Here is today’s current list, which may change at any time during the day, already prefiltered for you:
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Morning Summary:
Thursday was a highly volatile day with unreasonable swings that is keeping some of the bulls on the sideslines. I don’t blame them as I am also sitting on the sidelines. Many of my stop losses were triggered yesterday and this move up is hard to buy with all the headline risk and going into the weekend. Usually a summer afternoon is light volume trading too, which can be more dangerous. If I do any moves today, it will be quick trades most likely.
Monday will be a new day and a new week to buy, I’ll be looking for Monday to build some more long swing trades. The macro data this week is seemingly trumping some of the good earnings, next week should be more earnings based and I look forward to it.
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Long Rental Radar:
Endologix Inc (ELGX)
Ruth’s Hospitality Group, Inc. (RUTH)
Akorn, Inc. (AKRX)
SciClone Pharmaceuticals, Inc. (SCLN)
Kodiak Oil & Gas Corp (KOG)
Ocwen Financial Corporation (OCN)
Glu Mobile Inc. (GLUU)
Bounce Radar:
Proshares Ultra Russell 2000 (UWM) 2x IWM
Breakdown Radar:
Proshares Ultrashort Russell 2000 (TWM) 2x Inverse IWM
Direxion Daily Small Cap Bear 3x Shares (TZA)
As always, do your own homework to see if you agree. Good luck out there.
Mike
At the time of publication, Kudrna was long AKRX but positions may change at any time
(ELGX: 9.36 +0.12 +1.30%, vol: 1,579,796, avg vol: 529,423, 50-day: 8.55, 200-day: 7.25, yield: N/A, cap: 531.2M, short ratio 5.50, 52wk: 3.68 – 8.47, 1yr target: 10.29)
(AKRX: 7.48 +0.09 +1.22%, vol: 429,524, avg vol: 849,924, 50-day: 6.84, 200-day: 6.10, yield: N/A, cap: 707.2M, short ratio 6.20, 52wk: 2.59 – 7.62, 1yr target: 9.00)
(RUTH: 6.71 -0.18 -2.61%, vol: 413,715, avg vol: 310,665, 50-day: 5.71, 200-day: 5.14, yield: N/A, cap: 228.1M, short ratio 10.90, 52wk: 3.15 – 7.10, 1yr target: 7.00)
(UWM: 47.32 +0.57 +1.22%, vol: 1,663,694, avg vol: 1,860,860, 50-day: 45.71, 200-day: 46.11, yield: 0.01, cap: N/A, short ratio N/A, 52wk: 24.17 – 52.16, 1yr target: 0.00)
(TWM: 41.32 -0.56 -1.34%, vol: 4,618,019, avg vol: 4,060,630, 50-day: 43.49, 200-day: 44.69, yield: N/A, cap: N/A, short ratio N/A, 52wk: 39.02 – 99.80, 1yr target: 0.00)
(TZA: 34.04 -0.69 -1.99%, vol: 17,839,696, avg vol: 16,113,300, 50-day: 36.89, 200-day: 38.96, yield: N/A, cap: N/A, short ratio N/A, 52wk: 31.58 – 136.95, 1yr target: 0.00)
