The stock market rallied early, but tailed off in the last hour, making it a difficult day for daytraders seeking to hold gains through the close. It was a good day to exit positions that may have been held since Monday. DRYS was a perfect example of a 3 day cycle that is common to many markets. It had a decent rally on Monday, followed by a sizable move on Tuesday and a strong open today. However, it reversed course and closed near its lows for the day. A good day trader and short term swing trader would have many opportunities to exit the position throughout the day....at the open, after its early rally, or even at the close. CMI, another one of our Monday picks, continued upward today, but should have been exited at the close.
Our daytrading picks for today would have resulted in one trade. POT had a nice rally that faded at the end of the day, which had resulted in a small loss. MA and BRY did not offer trades to the long side, which was their directional bias for the day.
Thursday's picks are AXYS and USO.
Scott Cole
www.bestdaytradingstocks.com
www.kungfutrader.com
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