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.

We are due an overbought pullback – but will that an opportunity to buy on a dip or the start of the next leg down?

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).

TICK Last %Chg Vol ADR Open High Low
KEY 8.28 4.94 8.4 Mil 0.99 7.94 8.93 6.95
BBW 5.11 15.87 145 K 0.44 4.42 4.86 3.98
OFG 3.6 20 521 K 0.57 3.01 3.58 2.44
DRI 29.9 3.89 5 Mil 1.69 28.72 30.41 27.03
ABG 3.72 31.91 640 K 0.49 2.88 3.37 2.39

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.