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 madness continues today as this market keeps going up while we are still in overbought territory. Jobs numbers are fueling this rally, but was this really unexpected with recent college graduates finding entry-level jobs as cheap employment for companies?
The bears will have to make an attempt to fight at some point, but they are clearly outnumbered at the moment. At some point, this buying frenzy will have to subside for a few days, it has just been crazy it has lasted this long.
I am struggling to find good entry points in charts that create low risk. Lately, it has been toss a dart at a stock and you will win, but the risk in doing so is too high for me as I attempt to stay disciplined.
Join the madness, but keep a close eye on it breaking apart at some point. Take profits when you can, reduce risk, and see what the next move is.
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Long Rental Radar:
Kodiak Oil (KOG)
Coffee Holding Co., Inc (JVA)
Achillion Pharmaceuticals, Inc. (ACHN)
Akorn, Inc. (AKRX)
Endologix Inc (ELGX)
Caribou Coffee Company, Inc. (CBOU)
Glu Mobile Inc. (GLUU)
Melco Crown Entertainment Limited (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 ELGX and KOG but positions may change at any time
(ELGX: 9.54 0.00 0.00%, vol: 0, avg vol: 456,597, 50-day: 8.40, 200-day: 7.17, yield: N/A, cap: 541.5M, short ratio 6.30, 52wk: 3.68 – 9.57, 1yr target: 10.29)
(AKRX: 7.20 0.00 0.00%, vol: 0, avg vol: 814,486, 50-day: 6.76, 200-day: 6.04, yield: N/A, cap: 680.8M, short ratio 6.00, 52wk: 2.59 – 7.33, 1yr target: 9.00)
(CBOU: 13.74 0.00 0.00%, vol: 0, avg vol: 266,711, 50-day: 11.61, 200-day: 10.23, yield: N/A, cap: 282.5M, short ratio 5.00, 52wk: 8.49 – 14.49, 1yr target: 14.00)
(UWM: 50.67 0.00 0.00%, vol: 0, avg vol: 1,772,880, 50-day: 45.51, 200-day: 45.94, yield: 0.01, cap: N/A, short ratio N/A, 52wk: 24.17 – 52.16, 1yr target: 0.00)
(TWM: 38.75 0.00 0.00%, vol: 0, avg vol: 3,928,390, 50-day: 43.83, 200-day: 45.04, yield: N/A, cap: N/A, short ratio N/A, 52wk: 38.44 – 95.32, 1yr target: 0.00)
(TZA: 30.95 0.00 0.00%, vol: 29,140, avg vol: 15,386,600, 50-day: 37.40, 200-day: 39.41, yield: N/A, cap: N/A, short ratio N/A, 52wk: 30.58 – 125.01, 1yr target: 0.00)
