Thursday, October 17, 2013

Be careful what you wish for!

So we got a deal in Washington the market had a good day yesterday and the pre market is down. 

What is up with that? Well a few things > We had some poor earnings from some pretty big names with the likes of IBM and EBAY. Then of course there are the details of the deal that congress put together. Its temporary, It basically gets us through the holidays and then we will be back in the middle of this nightmare once more. How long will the rest of the world or the ratings agencies continue to let us play this game? No one knows the answer to that question. I can only tell you that something has to change at least that is my humble opinion. 

We can now focus on earnings season and without any doubt there will be some great opportunities out there to take advantage of. No matter what the overall market is doing " good earnings" will move stocks up. Vice versa for stocks that miss their estimates. So watch the pr wire and pay attention to the earnings reports. Don't forget to look for sympathy plays.

Yesterday was a great day for trading those little momentum names. $Gure and $GERN were the big winners for me and $QTWW wound up being a flat day trade.   

Morning movers and other stocks that caught my eye    

$TASR hot daily and pr 20 day Ma bounce, $GALE continuation can be a tricky trader, DSCO pr, 
$ZIOP hot daily, $SNGX very thin bouncing off the 50 day on the daily, $GOGO hot daily, $ZAZA Trying to break back over the 200 day convincing break with volume over 1.50 could send it, 
$PRTS nice flag on the daily 20 day is catching up, $GST potential flat top break out,$KERX continuation, $UNXL kinda hot daily, $PSDV 20 dayma bounce

*********Miners gold and silver seem active this morning******************  

“Carry overs” are stocks that I have featured in prior videos, have on my alert list or tagged on my morning mover lists that still have a potential setup working or developing on the chart that may be actionable. They are still on my radar and I am either already in with a swing or I am looking to enter on a breakout. I am also looking for the setup to breakdown at which point it will discard it from my hot watch list. If I am already in it with a swing I am looking for a place to scale out or exit the trade and on rare occasions I may be adding to my position. Typically I like to sell into strength
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Today's Markets:
In Asia, Japan +0.8% to 14587. Hong Kong -0.6% to 23095. China-0.2% to 2189. India -0.6% to 20416.
In Europe, at midday, London -0.2%. Paris -0.4%. Frankfurt -0.6%.
Futures at 6:20: Dow -0.35%. S&P -0.2%. Nasdaq -0.1%. Crude -0.5%to $101.77. Gold +1.9% to $1306.80.
Ten-year Treasury Yield -3 bps to 2.63%
Good luck trading today !!