Its a wild ride

Yesterday we had a bounce in the markets and today we look to have a possible triple digit loss on the open. To me this is really showing the characteristics of a market that has found its top and is now getting ready to enter the distribution phase. I sold off more swings yesterday and I played a couple stocks on trades and wound up taking small losses on both. There are days where I just "feel it", I am in the groove and the trades I make just feel right. I get the right entry, I scale out @ the right times and I exit the trade right at or very near my target price . I haven't been "feeling it" for the last two days. All this means is I need to be quick with my trades, limit my swings and keep my powder dry. I am not going to try and force good trades. I may miss out on some good opportunities and that's okay. Capital preservation is my main concern because it allows me to live and fight another day.

Admittedly, I do limit the amount of opportunities I have by not taking trades on the short side. I have just never done it and its probably something I need to start considering. I just have a difficult time with the whole concept. Its like betting against the shooter at the craps table, you can make a lot of money and the odds are probably more in your favor but I just wouldn't feel right about it. It probably has something to do with my childhood and being a Cleveland Browns fan as I am always rooting for the underdog to win. Anybody that knows anything about football knows how painful that has been for me over my lifetime! lol  However, its something I need to get over and expand my horizons. Don't get me wrong I still try to capitalize on a weak market by trading the $TZA which is a short ETF.

Both Seeking Alpha and Briefing.com are lagging today I will update once I get more info.

Morning watch list

 $ACUR pr already in for swing, $MERU , $VRML pr,$OCZ pr, $BIOL, $BLRX pr,$ABMD pr, $SNTS pr, $CUR pr ,$ASTX    



Briefing.com

Gapping up                                                                     

In reaction to strong earnings/guidance: BPFH +13.7% (light volume), ASML     

+6.7%, MRTN +5.4% (light volume), ABMD +4.1%, MAT +2.4%, CPSS +2% (light      
volume).                                                                      

  

Other news: CUR +14.2% (receives FDA approval to commence Phase II Stem Cell  

trial in Amytrophic Lateral Sclerosis), ACUR +9.3% (still checking), BCRX     
+7.5% (Bloomberg discusses increasing fears of Bird Flu as Herbel remedies are
running out), ENDP +6.1% ( being attributed to FDA ruling on generic          
OxyContin), NAV +0.9% (receives EPA certification for 13-liter engine with SCR
), ARMH +0.5% (still checking for anything specific).                         

Early premarket gappers                                                       

                                                                           

Gapping up: BPFH +13.7%, ENDP +6.1%, MRTN +5.4%, NAV +3.1%, CPSS +2%, BP      

+1.5%, ABX +1.3%                                                              

    

Gapping down: EOPN -26.2%, INWK -20.2%, CRUS -11.3%, BMI -8.1%, URI -4.8%, RIO

-3.2%, BBL -3%, BHP -2.9%, YHOO -2.9%, LLTC -2.9%, MT -2.8%, TS -2.7%, BCS    
-2.6%, APL -2.4%, TOT -1.8%, DB -1.7%, RIG -1.7%, AU -1.6%, RDS.A -1.5%       

Today's Upgrades: Company Ticker Brokerage Firm Boise BZ TD Securities Mattersight MATR Craig Hallum Syngenta SYT Nomura NCR Corp NCR Compass Point MetroPCS PCS Guggenheim Yahoo! YHOO BofA/Merrill Eagle Bancorp EGBN Keefe Bruyette Today's Downgrades: Company Ticker Brokerage Firm Mercer Intl MERC TD Securities Grupo Aeroportuario OMAB Citigroup Apt Inv & Mgt AIV Raymond James Associated Estates AEC Raymond James Equity Res EQR Raymond James Mid-America Aptmt MAA Raymond James Essex Property ESS Raymond James Employers Holdings EIG JMP Securities Dreamworks Animation DWA Susquehanna Cirrus Logic CRUS Needham Pepco Hldgs POM Credit Suisse M&T Bank MTB Keefe Bruyette BASF AG BASFY Nomura Continental AG CTTAY.PK Exane BNP Paribas Adecco S.A. AHEXY HSBC Securities

Good luck trading all!