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 daytrades 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 daytrades. 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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As discussed in yesterdays article, we look to be trying to bounce this morning as we are at the bottom of the current trading range.  Good odds of a continued bounce, but keep stop losses tight as nothing is certain, especially in an uncertain market.  I’m plenty active this morning and taking advantage of the potentially good attempt by the bulls.

Boise (BZ)
Walter Investment (WAC)
Pharmacyclics (PCYC)
Entegris (ENTG)
TCF Financial (TCB)
Kapstone Paper (KS)
Taiwan Semiconductor (TSM)
Exelixis (EXEL)
Magma Design Automation (LAVA)

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

Long EXEL, LAVA, PCYC, and UWM but positions can change any minute pending today’s action

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