U.S. Stocks closed with modest gains in light trade on Monday as trading shifts to earnings reports. With little economic news over the weekend and during trading today, stocks traded within a narrow trading range, and it appears the market may have tired out a bit after last week's big gains.
Among the big industry performers today were semiconductors, music and video stores, lumber and auto makers.
Low priced stocks were again among the big percentage movers of the day. The exception was Hewitt (HEW) which was up 32% on reports that Aon put in a bid to buy the company. Playboy stock was a big winner today as well. Otherwise, most stocks we look at for daytrading did not move much today. Given that the market has traded up for five consecutive sessions and that the overall trend is still down, we should see some decent daytrades involving short selling over the next couple days.
Scott Cole
www.bestdaytradingstocks.com
Monday, July 12, 2010
Wednesday, July 7, 2010
Stocks Explode to the Upside
U.S. Stocks posted very strong gains today, with no particular reason for the move. Volume was slightly ahead of yesterday, and therefore I give this move some credibility. Stocks rose about 3% across the board today in the major market averages.
Stock index futures were initially suggesting a lower open, but as the market progressed, leading up to the open, they picked up some steam, and the train seemed to gain significant momentum throughout the day. This is the kind of trading day that suggests the possibility of a change in character for the market.
A check of the leading industry groups today indicates that real estate was the big winner on the day. Five of the top twenty groups were real estate related. Other strong performers included banks, technology and casinos.
Going forward, the market still has a big hill to climb to negate the recent downside breakout completely. If the market can push to a close above 1131 on the S&P, then you have a head and shoulders continuation pattern, which is bullish. Ultimately though, I still see a trading range market, but the range just got a bit wider.
Retail sales will be reported tomorrow for June, and that could put a damper on the market. An upside surprise will add to today's momentum.
For daytraders, the pickins could not have been easier. Opening range breakout systems worked beautifully during this move to the upside, since there was not a major upside gap in the major averages. The single best stock from the standpoint of its move for the day, and its volume was Omnivision Technologies. It rose over 11% on the day, and is a nice liquid stock. Check out the chart below.
Scott Cole
www.bestdaytradingstocks.com
Stock index futures were initially suggesting a lower open, but as the market progressed, leading up to the open, they picked up some steam, and the train seemed to gain significant momentum throughout the day. This is the kind of trading day that suggests the possibility of a change in character for the market.
A check of the leading industry groups today indicates that real estate was the big winner on the day. Five of the top twenty groups were real estate related. Other strong performers included banks, technology and casinos.
Going forward, the market still has a big hill to climb to negate the recent downside breakout completely. If the market can push to a close above 1131 on the S&P, then you have a head and shoulders continuation pattern, which is bullish. Ultimately though, I still see a trading range market, but the range just got a bit wider.
Retail sales will be reported tomorrow for June, and that could put a damper on the market. An upside surprise will add to today's momentum.
For daytraders, the pickins could not have been easier. Opening range breakout systems worked beautifully during this move to the upside, since there was not a major upside gap in the major averages. The single best stock from the standpoint of its move for the day, and its volume was Omnivision Technologies. It rose over 11% on the day, and is a nice liquid stock. Check out the chart below.
Scott Cole
www.bestdaytradingstocks.com
Subscribe to:
Posts (Atom)