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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A gap-down this morning on bad economic data.  Watch for the markets to digest this data and firm up as we continue to grow more tolerant (as we continue to expect bad data).  Early chatter that bad data may mean QE3 or what some call a light QE3 (QE 2.5) is on the horizon.  I’m not a believer in that, but I am a believer in some daytrading opportunities due to that chatter.  Watch for the Russell (IWM) to get above resistance at 84.10.  If it can, the bulls should be more in control for small caps.

Ikanos Comm (IKAN)
Aeterna Zentaris (AEZS)
Pharmathene (PIP)
Melco Crown (MPEL)
Crosshair Exploration (CXZ)
Spectrum Pharm (SPPI)
ZAGG Inc (ZAGG)
Neoprobe Corp (NEOP)
Quepasa (QPSA)
Magma Design (LAVA)
Rediff (REDF)
Sify Tech (SIFY)
Cheniere Energy (LNG)
Parker Drilling (PKD)
— Short Side Plays
Proshares Ultrashort S&P 500 (SDS) (going long on this = short)

 

As always, do your own homework to see if you agree.  Good luck out there.

Mike

No positions

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