Let me back up> So on my morning watch my favorite play of the day was $CLNT so I pulled up the chart decided my entry price, placed my limit order and the market opened. I missed the entry by literally 1 penny. For a few minutes I had assumed that I was in it, then I realized I didn't get a fill. So I continued to raise my limit price with no success and eventually I had to just sit on the sidelines and watch. Needless to say I was in a pretty. Fast forward back to my next brilliant trades $AERL and $RCON they were both flagging fairly well and I took my positions in both. In all honesty I took them both a little higher than I wanted but I wasn't about to miss another $CLNT!! Do you see what I did there?
I made an emotional decision based on missing another stock that ripped higher with the purchase of two stocks that should have had nothing to do with my purchase or influenced my decision to buy in any way!!!!
Me>>= Stupid Stupid Stupid !!!!!
I took entries in both that were less than ideal and I paid the price for that. I was stopped out of both positions for minor losses but losses none the less. Then I got real emotional and jumped back into $RCON for a revenge trade. This is where I got lucky. I say that because the market was getting kinda funky all day with Big Ben being on deck. I had a better entry in $RCON then I did with the first buy, but it is an erratic stock and can drop like a rock in the blink of an eye. Fortunately for me it had a big spike and Immediately sold half into that spike. Eventually selling it all as the market began to unravel. It was a good trade I made good money but in retrospect I probably shouldn't have taken the trade. The rest of the day I spent closing out lotto plays and other swing positions raising cash. Near the end of the day I took a position in $UVXY and held it overnight. I mentioned this weekend in my video watch list that a lot of low quality stocks seem to be running and that often when the garbage and stocks/sectors that were left for dead begin to run it could be time for a correction. I noticed this was even more pronounced on Tuesday night when I was going through my scans.
I am not saying that we are about to have a huge correction. However, I would suggest taking a more of a defensive position and protecting or collecting the profits you have earned. Things have been far to easy lately a correction in the markets will be healthy and stock picking will become more difficult but the opportunities will still be there. It will just require discipline, with a sound (NON -EMOTIONAL) execution of strategy to reap the rewards.
FOR YOU SWING TRADERS AND LONG TERM HOLDERS > REMEMBER TO BUILD YOUR WISH LIST!! I wouldn't be buying any of my wish list stocks today or tomorrow let the markets absorb the move we have had and settle.
Important note> Many of the stocks from my video watch list last weekend have blown up and they have been taken off immediate watch. My watch list is just that, a watch list. They are not stocks that I am buying unless they do what I want them to do. If the setup fails then they get dropped off the list. On the flip side there were several that also held up well. Those are the ones we want to focus on. If the market continues to weaken and they continue to hold strength they are the stocks we want to play when there is a market bounce.
Morning movers and stocks that caught my eye
$PSUN earnings,$JMBA nice chart, $NVAX like the daily, $VVTV earnings , $GALE, $SREV, $RSH, held up well, $GRPN looks pretty strong, $CAMP nice daily, $RPRX pr, $ROSG surprising strength, $EMMS, $NTWK pr potential snap back,$OMER pr 5 dolla holla , $MRIN pr, $VELT had some strength yesterday, $NSPR pr
Seeking Alpha
Today's Markets:
In Asia, Japan: Closed. Hong Kong +0.1% to 22689. China +1.44% to 2205. India -0.81% to 19575.
In Europe, at midday, London +0.23%. Paris +0.16%. Frankfurt +.20%.
Futures at 7:00: Dow -0.05%. S&P -0.09%. Nasdaq: Flat. Crude +0.62%to $94.57. Gold +1.04% to $1483.00.
In Asia, Japan: Closed. Hong Kong +0.1% to 22689. China +1.44% to 2205. India -0.81% to 19575.
In Europe, at midday, London +0.23%. Paris +0.16%. Frankfurt +.20%.
Futures at 7:00: Dow -0.05%. S&P -0.09%. Nasdaq: Flat. Crude +0.62%to $94.57. Gold +1.04% to $1483.00.
Today's economic calendar:
8:30 Nonfarm payrolls
10:00 Factory Orders
10:00 ISM Non-Manufacturing Index
8:30 Nonfarm payrolls
10:00 Factory Orders
10:00 ISM Non-Manufacturing Index
Notable earnings before today's open: ADP, AXL, BBEP, BPL, CBOE,DUK, FBN, GBDC, GTXI, HST, LNT, MCO, NGLS, NRF, NVE, NWL, PNW,POM, PPC, REGN, SE, SEP, SMP, UPL, WCG, XLS, YRCW
Notable earnings after today's close: MTGE
Briefing.com
| Today's Upgrades: | ||
| Company | Ticker | Brokerage Firm |
| Pacific Sunwear | PSUN | Wedbush |
| Mack-Cali Realty | CLI | Stifel |
| SunTrust Banks | STI | Guggenheim |
| Thomson Reuters | TRI | Piper Jaffray |
| Hewlett-Packard | HPQ | Jefferies |
| Diamond Offshore | DO | Goldman |
| VeriFone | PAY | Sun Trust Rbsn Humphrey |
| China Distance Education | DL | Oppenheimer |
| Starwood Hotels | HOT | Morgan Stanley |
| Starwood Hotels | HOT | BofA/Merrill |
| Atwood Oceanics | ATW | Goldman |
| FactSet | FDS | Piper Jaffray |
| Today's Downgrades: | ||
| Company | Ticker | Brokerage Firm |
| Comerica | CMA | Susquehanna |
| Multiband | MBND | Northland Capital |
| ReneSola | SOL | Credit Suisse |
| Patterson-UTI | PTEN | Goldman |
| Realty Income | O | Goldman |
| Devon Energy | DVN | JP Morgan |
| KingFisher plc | KGFHY | Nomura |
| Anglo American | AAUKY | Jefferies |
| ARM Holdings | ARMH | Exane BNP Paribas |
Good luck trading today!! Be cautious, be diligent, and stick to your plan!!
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