Well, looks like my broker saved me from a bear trap in my first foray into swing trading. Was looking to buy 10 shares of FAZ around $37 yesterday but the money did not get into my account into the after market close. Then this morning, I was ready to short 100 shares of BAC (but things were freezing up in my software and broker website) at $6.28 and that’s near where it closed.
My goals tomorrow are to prevent overtrading (by waiting ten minutes between entries) and determining market structure as early in the session as I can (trending or range day mostly).
Four of the above stocks are above their average high range. I will be looking for them hitting resistance here for a short, or breakouts past these levels – partly depending on whether the bulls or bears are in control tomorrow. I like KEY’s range every day. BBW is at strong resistance and in the past has broken down from here. DRI blew past $30 in aftermarket hours on what seems like good news. Already up way past $32, could run to $35 on volume and momo tomorrow. ABG has almost doubled recently, but today’s spike was on low volume, may be a decent short. OFG is right at its high range point.