The stock market closed the day a bit lower, after opening higher on the back of an earnings report by Goldman Sachs. The opening rally was short lived, as the market did not like the bad inflation report, nor weaker housing starts. As a result, it looks like the market is ready to test last week’s lows.
So far, this week has been an exceptional week for daytrading, due mainly to energy related issues. Many of these stocks had nice set ups in place heading into Monday's trading, and have experienced nice moves in the last couple of days.
For Wednesday, we do not have many stocks providing good set ups from the long side, only CEDC and SWN made the cut. Potential short trading opportunities include ISRG, CENX, PTR, WYNN, TSL, LVS, ATI, MGM and WCG. Again, check with your broker to see if you can short any of these stocks, then pay close attention to the open!
I should note that our method of daytrading essentially involves the Opening Range Breakout. However, we are not just looking for big moves in a single day, but sizable multi-day moves starting with that initial breakout. Our ebook, "How to Pick the Best Stocks to Daytrade" describes this strategy in detail. Check it out!
Good Trading!
Scott Cole
www.bestdaytradingstocks.com
www.kungfutrader.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment