Wednesday, October 30, 2013

Its Fed day so you know what that means.

Typically that makes for a fairly challenging day since the market has a tendency to remain in a narrow trading range until we get the Fed announcement. Then there is your initial reaction which is almost always a head fake. I am not expecting any earth shattering news or a major change in policy so it should really be a non event in my opinion. 

Yesterday was a much better day for me in terms of day trading but it was still a chop day. I had a few singles and  a nice double on one of my swings which I scaled out half of into strength. I played $FXEN (which I still like for this morning), $CTIC took a couple cents still on radar, $MEET was my swing that gave me a nice pop I scaled out half my swing near the HOD. 

Morning movers and other stocks that caught my eye

$TASR earnings nice daily ,  $FU possible bounce play ,$KUTV hot daily, $HILL pr nice daily thin , $ARIA pr,  $GRMN earnings beat and raise nice daily, $NSPR pr daily not bad active pre market, $GALE nice candle on yesterdays daily, $PTIE flaggin after big pop daily, $OXBT pr thin could be a big mover

Casinos could be in play off Macau numbers
China stocks and solars could also get a bounce today 

I really like $MPEL $MGM $LVS in the sector more of a swing or long term hold for me 

“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

Seeking Alpha
Today's Markets:
In Asia, Japan +1.2% to 14502. Hong Kong +2% to 23304. China +1.55% to 2162. India+0.5% to 21034.
In Europe, at midday, London +0.6%. Paris +0.5%. Frankfurt +0.4%.
Futures at 6:20: Dow +0.35%. S&P +0.3%. Nasdaq +0.4%. Crude -0.5% to $97.72. Gold+0.2% to $1348.
Ten-year Treasury Yield -2 bps to 2.49%.

Good luck trading today !!