[INTRA-DAY ACTION]

Two words for today: SELL OFF!!

Sea of red yet again following the smashing of the US markets last night. Made my bread this morning again in the first 20 minutes - as usual prob sold out early. Turned my CHTR into a profit and had a quick entry/exit in PUB too.

Currently short on EXPN for the next few hours. I'm not even considering any longs in any stocks at the moment, you'd be crazy too with this kind of selling pressure.

Update 11:00
I'm having a pretty passive day today, there's a lot of swinging going on at the moment, so I've just picked a few charts, and I'm waiting till about lunch time to see what kind of channels they will be in.

My EXPN trade was bad and I stopped out pretty quick, and a good job too because it reversed very quickly. I just missed out on a CHTR trade because my brokers response time wasn't quick enough and it had dropped to my target by the time my price came in.

I'll post a few intra-day charts with some stuff on them, this is what I'm watching while I'm messing around in my room:


Evening update:
The markets really just didn't know what to do today. I'm scratching my watchlist for tomorrow, because it's just too risky to be trading at the moment, especially on stocks that have made moves.

Tomorrow I'm going to focus on GSK, PFD, XTA, IMI, WEIR, IEC, SGRO, DES and SVT. Some are from the alerts section, but most of these are new and represent pretty straight forward plays, and the market will really dictate where these go tomorrow.

DES is by far the most interesting. It is a stock I was heavily involved in for quite a while at the start of my campaign - and today it slashed 20% off the price, after triggering a sell signal yesterday.

I am looking for continued momentum tomorrow or a bounce. This is all on the back of no news so I suspect some heavy manipulation is at play, as it closed with a 12% spread.

What I didn't like about today, was that the stocks that have had severe selling pressure for the past month had strong bull days with huge ranges - you can't even call an inside day or a 180 on these. Also, the stocks performing near highs did the reverse, and sold off quite strong while the FTSE gained 0.9% and finished the day on a double top. This could either crash hard, or continue the momentum into tomorrow morning.

A couple of stocks I watched in the US - TSO and HAL, were totally slaughtered in the morning, gained back on a strong 2 hour rally, and then gave it all back to finish flat. It was a half day stateside, so I'm not sure how much bearing that will have on tomorrows FTSE.

Here's a few more setups for tomorrow, starting with XTA which has hit the important 200MA:


WEIR is looking to drop down and out after a down day. 860 and 800 are key prices, while in the short term at least the trading range is 900-800. I'm bearish.


GSK is looking good. A breakout confirmed today on good volume. I'd look to enter at 1185 tomorrow, with 1200 representing a sticky patch until a price target around 1275. I'm bullish.


Oh forgot to mention, and this just sums it all up:
  • Stocks making yearly highs: 4
  • Stocks making yearly lows: 240
I think that means that about 11% of the stocks on the London Stoch Exchange are making 52 week lows. Can you believe that!?

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