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:
The Euro fears have disappeared for at least now and the market caught many bears offside while catching many bulls under-invested. Many stocks just do not have favorable entry levels unless we know the market is just going to go up and up from here. This is making it a low volume morning where bulls are trying to feel the situation out. Lately, it has been tough as many of us have wanted to fall asleep during the boring action. We must keep our eyes peeled though and aggressively move if the bulls take control with enthusiasm. However, at this point, I am more inclined to go short than long, so my radar is mostly for show outside the index shorts that I am eyeing.
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Long Rental Radar:
PDL BioPharma (PDLI)
Akorn (AKRX)
Cheniere Energy (LNG)
Achillion Pharmaceuticals (ACHN)
Wi-LAN Inc (WILN)
Hot Topic Inc. (HOTT)
MIPS Technologies Inc. (MIPS)
Melco Crown Entertainment Ltd. (MPEL)
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 and PDLI but positions may change at any time
(ACHN: 8.31 0.00 0.00%, vol: 0, avg vol: 1,204,060, 50-day: 7.22, 200-day: 6.07, yield: N/A, cap: 485.4M, short ratio 2.30, 52wk: 2.35 – 8.95, 1yr target: 9.86)
(AKRX: 7.35 0.00 0.00%, vol: 0, avg vol: 826,225, 50-day: 6.90, 200-day: 6.13, yield: N/A, cap: 694.9M, short ratio 6.20, 52wk: 2.95 – 7.62, 1yr target: 9.00)
(PDLI: 6.39 0.00 0.00%, vol: 0, avg vol: 2,744,790, 50-day: 6.03, 200-day: 5.83, yield: 12.52, cap: 892.5M, short ratio 6.30, 52wk: 4.66 – 6.75, 1yr target: 7.00)
(UWM: 48.638 0.00 0.00%, vol: 1,200, avg vol: 1,928,380, 50-day: 45.65, 200-day: 46.25, yield: 0.01, cap: N/A, short ratio N/A, 52wk: 24.17 – 52.16, 1yr target: 0.00)
(TWM: 40.08 0.00 0.00%, vol: 200, avg vol: 4,053,310, 50-day: 43.35, 200-day: 44.44, yield: N/A, cap: N/A, short ratio N/A, 52wk: 38.44 – 95.32, 1yr target: 0.00)
(TZA: 32.45 0.00 0.00%, vol: 7,470, avg vol: 16,449,100, 50-day: 36.74, 200-day: 38.55, yield: N/A, cap: N/A, short ratio N/A, 52wk: 30.58 – 125.01, 1yr target: 0.00)
