[INTRA-DAY ACTION]
Oil soaring pre-open today, Fannie and Freddie in another meltdown. Expecting a big dump in financials and a lot of money moving into materials and oil today. I'm watching RIG, SLB, X and OXY on these plays long. Also watching Nucor and Alcoa.
A nice ascending triangle on MA 5min chart is coming to a head, and support resistance levels on drops over at RIMM, BIDU, GM and TSO could be worth playing later in the day. TSO and GM should really be selling off today if oils momentum continues - however I still view $9.96 as strong support on GM so a break of that could see a sizeable drop.
Today should be a good day to make money, but the market will be moving pretty fast and it will be important to watch oil. I will continue to practice the ultra risk:reward mantra today as it has been successful since I've started to adopt that entry strategy.
15:15 update:
FRE on absolute fire this morning, up 35% from the lows of the day after gapping down 8%. That's an easy $1000 if you had enough plums to get into that this morning. I definately did not!
Gap up in the oil stocks have retraced and are attempting to push higher. Alcoa showing nice strength but still a little too close to the downward trendline.
Not much else showing up this morning yet.
15:30 update:
Really need to start programming an effective alert system. Twice in two days I've missed good moves off prior sup/res areas on UAUA. These types of entries offer very low risk.
19:00 update:
Wow - what a boring day. No real action as most stocks just grind along forming ridiculously elongated patterns (RIG 5 min, pennant all day). Calling it a day, this week has been bad for excitement.
A nice ascending triangle on MA 5min chart is coming to a head, and support resistance levels on drops over at RIMM, BIDU, GM and TSO could be worth playing later in the day. TSO and GM should really be selling off today if oils momentum continues - however I still view $9.96 as strong support on GM so a break of that could see a sizeable drop.
Today should be a good day to make money, but the market will be moving pretty fast and it will be important to watch oil. I will continue to practice the ultra risk:reward mantra today as it has been successful since I've started to adopt that entry strategy.
15:15 update:
FRE on absolute fire this morning, up 35% from the lows of the day after gapping down 8%. That's an easy $1000 if you had enough plums to get into that this morning. I definately did not!
Gap up in the oil stocks have retraced and are attempting to push higher. Alcoa showing nice strength but still a little too close to the downward trendline.
Not much else showing up this morning yet.
15:30 update:
Really need to start programming an effective alert system. Twice in two days I've missed good moves off prior sup/res areas on UAUA. These types of entries offer very low risk.
19:00 update:
Wow - what a boring day. No real action as most stocks just grind along forming ridiculously elongated patterns (RIG 5 min, pennant all day). Calling it a day, this week has been bad for excitement.
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