Friday, November 8, 2013

Challenge Yourself

Good morning folks, 
Yesterday I sat on my hands nearly all day. I did take one day trade which I wound up selling for a 2 cent loss. I also scaled out more sings and I added to my recent $OMEX swing. The market broke some key support yesterday and I fear there may be more weakness ahead. Unless you had $TWTR from its offering price @ 26 it was a challenging day. Even good earnings plays seem to lack any real follow through. Now the Russell is testing its 50 day, while the NASDAQ and SP 500 are testing their 20 day. Earnings season will be winding down and I am left wondering what could drive the market higher? I am not saying there won't be opportunity. However, if you are long bias in your trading it will become more difficult if we begin a new distribution phase in the markets. Its not time to panic yet we still have come cushion to fall before we violate our overall upward trend.

There is no reason to try and be a hero here. 
Don't try to outsmart the market, trade or don't trade the market in front of you and remember that the most important rule is Protect your capital and do not chase anything!

Morning movers and other stocks to watch   

$CYTX earnings 200 day bounce,  $SNTS earnings, $SQNM snapback off earnings, $HZNP earnings 50 day bounce, $ABIO continuation?, $QTWW interesting action yesterday held up fairly well, $RVLT earnings can be a pop and flopper, $ARAY earnings,$NVDA earnings, $MITK earnings     

 “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% to 14086.8. Hong Kong -0.6% to 22744. China -1.1%to 2106. India -0.75% to 20666.
In Europe, at midday, London -0.4%. Paris -0.9%. Frankfurt -0.6%.
Futures at 6:20: Dow +0.1%. S&P +0.2%. Nasdaq +0.35%. Crude -0.1%to $94.12. Gold +0.05% to $1309.20.
Ten-year Treasury Yield +1 bps to 2.61%.
Notable earnings before today's open: AINVCOVCVCDRHEBIX,EGOHALOHMSYLGFNTWK
Good Luck trading Today!!