Tuesday, March 27, 2007

My Trade Candidates for 3/28/2007

Here are some setups for Wednesday. Got a nice move today out of LMRA; looking for re-entry on pullback as noted above; I may regret not leaving it on as it finished very strong.

In addition to the setups above, consider taking a look at the following (some are pretty thin - be sure to check what kind of volume they trade): LJPC, SIGA, ADLR, HLTH (I'm still prowling on these, waiting for the right entry - you've probably seen them in posts of recent days) as well as TALX, ZUMZ and GLUU. On the short side, I watched IDCC for what seemed like forever for a break down and it looks like it might have finally started today. I'll be watching for a rally back up and a short entry if conditions seem right for it. NATI, my short from yesterday, can't seem to decide where it's going, but it does look like a stock that's ready to tank - we'll see.

I should point out that while I post a certain set of stocks as potential setups for the following day, they often don't move as anticipated and the entry doesn't develop that day. However, I keep many of those on my watch lists for the following days and they often do develop into a tradable entry - either along the lines that I originally anticipated or a bit different based on how the stock trades in the interim period. So, if it seems like there is quite a bit of overlap on symbols from day to day, it's because there often is until a good entry develops.


john said...

Good morning, John. I've been reading your blog for a couple of days now... very nice! (And it's about as different from my blog as two can be - I'm jhatcher.blogspot.com).

I've been trading stocks for roughly 15 years, though doubtless with far less success than you. Anyway, I've got a question on your format. Your column of Enter (above/below) - are you always looking to enter long positions above that price and short below it? Waiting for the stock to start to move in the right direction before taking a position?

John Gilner said...

Hi John - I'm glad you like the blog format, thanks! The enter above/below is exactly what you said: if it's a long position I enter just above the price pointed out, if short, just below that price (meaning a penny or two). That is called confirmation, meaning the price movement you anticipate is confirmed by actual movement.

Jason said...

long RMBS at 21.43. Needs to break through 21.60 resistance. Maybe today can set up to be a short trap and launch. Stop 21.35 now.

John Gilner said...

Jason, I definitley think you're early on RMBS. Yes, it may help to break 21.60, but it may only fill the gap up to around 21.70 if it does. For me, the stock would need to consolidate just under the 21.90 area and the break out on volume (on the ST chart). Right now, the short term trend is mixed at best, possibly headed down. I see the logic in your stop at 21.35, but be sure to honor it! BTW, the daily chart POTENTIALLY looks good, but could go either way when that pennant shape comes to a conclusion.