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Showing posts with label stock tips. Show all posts
Showing posts with label stock tips. Show all posts
Monday, January 23, 2012
Top Day Trading Stock of the day
While the overall stock market went nowhere today, there were some good day trading opportunities. The best stock to day trade today, though, based on how we like to trade, was Noble Energy (NBL). This is a classic opening range breakout stock that never looked back.
www.bestdaytradingstocks.com
www.bestdaytradingstocks.com
Wednesday, January 18, 2012
Wednesday, February 23, 2011
Stock Market Commentary
Yesterday was a true selling day for the market, with all of the averages down at least 1.5%. The reasons for the decline are of no matter. It is simply a warning shot that the market is due for a correction. I found it interesting that the futures pointed to a rebound early this morning, but slowly declined into the open, and now the market is down as I write this about 11 am. If there is follow through today, then yesterday's action suggests a correction is at hand. If another true selling day occurs within the next week, then the easier money will likely be made on the short side. For now, it is a good idea to consider both long and short trades when daytrading to hedge your bets.
Scott Cole
www.bestdaytradingstocks.com
Scott Cole
www.bestdaytradingstocks.com
Thursday, January 20, 2011
Stock Market Commentary
Yesterday's trading action suggests a short term top may now be in place for the market. With the exception of the Dow Jones Industrials, all of the major averages were down at least 1%. Also, yesterday's close was below the previous four closes. When that occurs the day after a new high is made, odds are that a top is in place in the near term.
Daytraders should pay attention to a potential change in character for this market. While yesterday is just one trading day, if it's action is not reversed in the next few days, then the market is likely heading for a bit of a correction. As a result, the best opportunities will involve short positions or long positions within ETFs that short the market.
Scott Cole
www.bestdaytradingstocks.com
Daytraders should pay attention to a potential change in character for this market. While yesterday is just one trading day, if it's action is not reversed in the next few days, then the market is likely heading for a bit of a correction. As a result, the best opportunities will involve short positions or long positions within ETFs that short the market.
Scott Cole
www.bestdaytradingstocks.com
Monday, July 12, 2010
Stocks Trade Modestly Higher in Sluggish Trade
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
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
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
Tuesday, June 29, 2010
Stocks Get Hammered as Economic Worries Mount
U.S. Stocks fell sharply today as traders worried about the prospects of a double dip recession. The major averages closed anywhere from down 2.65% for the Dow Industrials to over 4% for the Dow Transports. Tech stocks really took it on the chin. The charts for the S&P 500 and Nasdaq averages look quite ominous, with large breakaway gaps appearing, and the lows of the day penetrating the June and February lows on the S&P 500. In fact, the S&P closed at its lowest level since last November.
This says to me that we have broken out to the downside. In all the other cases where the S&P tested the 1040 area this year, it actually closed above 1060 each time. Today, it closed at 1041 after trading as low as 1035. As such, the neckline is broken in my view, and the next major support area is 950. The only thing that can turn this around is a major upside surprise in the jobs data this week. If it comes in weak, look out below.
Scott Cole
www.bestdaytradingstocks.com
This says to me that we have broken out to the downside. In all the other cases where the S&P tested the 1040 area this year, it actually closed above 1060 each time. Today, it closed at 1041 after trading as low as 1035. As such, the neckline is broken in my view, and the next major support area is 950. The only thing that can turn this around is a major upside surprise in the jobs data this week. If it comes in weak, look out below.
Scott Cole
www.bestdaytradingstocks.com
Stocks To Open Sharply Lower Tuesday
U.S. Stocks are set to open significantly lower Tuesday morning after China reported slower economic growth than previously estimated. Dow Jones Industrial futures are lower by over 110 points as of 8:45 ET, while S&P 500 futures are lower by 14. This equates to 1% losses across the board.
China has been one of the bright spots in the global economy in the last year, but its stock market has plunged sharply, suggesting that the Chinese economy is set for a more significant slowdown. This would put a big dent in the global economic recovery prospects.
For daytraders, this lower open will signify a breakout from the trading range of the last two trading days. This could imply a significant move to the downside, so the easier money should be made on short positions.
Scott Cole
www.bestdaytradingstocks.com
China has been one of the bright spots in the global economy in the last year, but its stock market has plunged sharply, suggesting that the Chinese economy is set for a more significant slowdown. This would put a big dent in the global economic recovery prospects.
For daytraders, this lower open will signify a breakout from the trading range of the last two trading days. This could imply a significant move to the downside, so the easier money should be made on short positions.
Scott Cole
www.bestdaytradingstocks.com
Tuesday, June 22, 2010
Bad Day for Stocks
U.S. Stocks closed sharply lower today after a modest open to the upside. The culprit? Likely the existing home sales data that came out this morning, showing a 2.2% drop in sales in May. This was a bad number because there should have been a surge in sales from the contracts signed in March and April as the tax credit was set to expire. So, an actual drop in sales suggests that the real estate market is still soft. What a surprise! With no jobs being created, how would we expect a significant bounce in the market? The fact is, more declines are likely until this economy really starts to turn around.
Anyhow, the major averages lost anywhere from 0.8% in the case of the Nasdaq 100 to nearly 4% for the Dow Transports. Another culprit again was the Euro, which declined again, but not nearly as much as yesterday.
One big concern among technical analysts is that there is a big head and shoulders top forming on all of the major averages. Some technicians will try to forecast the move if the neck line is broken to the downside as the distance between the neck line and the top of the head. For the S&P 500, this would take the market down under 900. For the Dow Industrials, down to about 8,000.
You can bet that a decline of that magnitude will be forecasting higher unemployment and a double dip recession ahead. However, I am not convinced that we will see that kind of a drop in the market. While I remain cautious, if not bearish, I think the Democrats will do everything in their power to try and fend off a double dip recession to save their asses in November.
On another note, I mentioned yesterday that I did not generally like the overall action in Apple yesterday. Today, however, it bucked the overall market trend and closed higher, although it has formed an inside day on its chart. Keep an eye on Apple...if it fails up here, you can bet the overall market is in trouble.
Scott Cole
www.bestdaytradingstocks.com
Anyhow, the major averages lost anywhere from 0.8% in the case of the Nasdaq 100 to nearly 4% for the Dow Transports. Another culprit again was the Euro, which declined again, but not nearly as much as yesterday.
One big concern among technical analysts is that there is a big head and shoulders top forming on all of the major averages. Some technicians will try to forecast the move if the neck line is broken to the downside as the distance between the neck line and the top of the head. For the S&P 500, this would take the market down under 900. For the Dow Industrials, down to about 8,000.
You can bet that a decline of that magnitude will be forecasting higher unemployment and a double dip recession ahead. However, I am not convinced that we will see that kind of a drop in the market. While I remain cautious, if not bearish, I think the Democrats will do everything in their power to try and fend off a double dip recession to save their asses in November.
On another note, I mentioned yesterday that I did not generally like the overall action in Apple yesterday. Today, however, it bucked the overall market trend and closed higher, although it has formed an inside day on its chart. Keep an eye on Apple...if it fails up here, you can bet the overall market is in trouble.
Scott Cole
www.bestdaytradingstocks.com
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