Here's a sample of how our "Today's Picks" page looks, updated daily before the start of the market, in the members' area:
Today's Daytrading Picks: Monday April 9, 2000
LGTO XRX WOMN GMGC PMTC DCLK A HWP
This Week's Watchlist: A AMZN AOL ATML GENE GENE HLTH HWP MOT NOVL CMCSK HLTH MFNX NEON ETYS HAS TOY IFMX ICIX ITWO JAKK RBAK CS
Swing Trading Bottom Fish Picks for April = EMLX NOVL SPLS DBCC CCL AOR SSCC VISX BNBN JBX YUM BBI BGEN G HLTH NEON ITWO
MARKET COMMENTARY for the Week of 4/10- 4/14: .
Almost tax time - what impact if any that may have on the market is yet to be seen.
Not much to post yet, we'll have to see if last week's bounce was a bottom for the market that will hold on Monday.
As always, decide on small stops before you get into a trade.
Remember the most profitable daytrading opportunities come from Shorting Gaps up on the Open and Buying Gaps Down on the open. Check the % gainers/losers in your quote system and look for ones after 10am w/volume >500K
Our weekly stock picks are ones that, based on TA, should have a good upside potential for trading during the next 5 trading days or so. Before buying, make sure you see higher highs and higher lows (whether you're bottomfishing or buying into strength). And, trade small shares using stops to be safe!
NUMBER ONE OBSERVATION ABOUT THE NASDAQ: ON DAYS THAT SELL OFF DURING THE FIRST HOUR OR SO, EXPECT A "10:30 BOUNCE". Of course, the steeper the selloff the faster, more earlier the bounce is (as early as 10am). I buy a lot of stock at 10:30 +/- 10 minutes on days that open down; buy at 9:40ish for strong open days.
Other pick list sites I like:
Using DTU's Stock Picks:
These stocks are likely to be "in motion" and volatile during the week; you should keep an eye on them and either try and buy on a pullback or breakthrough. Most of the stocks I pick are in 'extremes on volume" and due for a reversal, either they look oversold or are showing recent buying strength.
Homework activity: see if you can identify where 5-day support and resistance are for these stocks above..Use www.bigcharts.com
Note for new traders: it's fine to daytrade 50-100 shares of the more expensive stocks; sometimes they provide the best gains (I made $640 on a three-day hold of 40 DCLK a few months ago, even though I usually don't hold overnight). Remember, cheap stocks are the riskiest plays of all; they are cheap for a reason. Buying strong stocks that are getting stronger is much better than buying cheap stocks and hoping they'll magically go up.
FAQ: How do you pick these stocks for the weeks list? I maintain a tracking portfolio of several hundred stocks and look at the 5-day charts for last week for patterns that look bullish....breakthroughs above trading ranges on heavy volume or oversold conditions that look like a bounce / retracement is occurring.
Overall, they have been very successful for our traders as the "week's watchlist" to focus in on.
The day's picks are culled from news stories at cbs.marketwatch.com, chart patterns, bigeasyinvestor.com, and recent volume and chart pattern trends that should follow through.
More important than the picks themselves: Do you see Why these are key support and resistance levels? I use these 5- or 10-day levels to define a high-probability "trading box"; when the stock price approaches one of these levels I look to buy or sell intraday. Ask yourself: If I was an institutional trader, where would I set my buy/sell limits? Also look at the 50/100/200MA for key support/resistance levels that institutional buyers use to determine trade entries and exits.
Stocks in red should be considered short candidates unless they break through previous resistance or gap up on the open. Either way, play these carefully; for very experienced L2 traders only.
Hopefully you are learning through our various activities, lessons and worksheets how to buy off support levels and/or buy if a stock breaks through a key resistance level. Above I have identified recent support and/or resistance levels for each of the stocks, it is up to you to determine the appropriate time to buy based on what the market is doing.
Please do your own research prior to buying or selling any security and use the above as confirming data for your own thoughtful analysis, and read our disclaimer. Again, this is an educational, not a picklist, site. We hope you make good trades! Submit screensnaps of your winning trades to our Hall of Fame. Good Trading!
