Another Monday, I don't like them. Still, was a better Monday than usual.
Drive Profits Like You Stole Them
I always do most of my screening and chart work on Sundays to get ready for the week ahead. For shorter term trades I try and stick to a one week time frame. In the iBC trading room, the 12631, I work out ideas and post charts for discussion. Last night I had over 8 real candidates. The soft open today kept most of them from moving, but soon after the open one name was looking good and it was not even a pick of mine.
Sunday night I checked out Art of Tradings Trader Stewie's post:
10 New Setups To Watch Next Week
All nice looks but one stood out to me big time, ROVI. This chart just looked explosive. Here is my work up:
I was trying to sell in the afternoon but my smart phone kept acting up and freezing. Was not a great feeling. I got it pushed through and closed the trade with a 5% gain for the day. Looking at the chart I would revisit this name with a close over $35, this could be a big runner.
(You can follow Stewie on Twitter; @Traderstewie)
The open was pretty messy today but you had to figure it was going to get bought. I had a bunch of names to think about opening spots in, but they were hanging around and there seemed to be no hurry. Add to that I had a hot runner from the position above and technical difficulties with my phone all day and I mostly did nothing.
And that's fine.
As long as the market stops being a freak show of insanity, there is always plenty of time to trade. I have been banging the table for a few weeks about individual names performing better than they have in a while. Even Josh Brown was on CNBC (first clip in this series) talking about the same thing:
Media: Set-Up City
One name I like (it has SEX in the ticker!) is MSEX and it's still looking ready to roll:
It is still a favorable tape that will reward solid homework and set-up hunting. Until I see the names and set ups I am watching start to fail overall in large numbers, I will keep a lack of interest in broad market moves.
Have a good night.