We’re green to start and I think it’ll stick today, opposite of Friday. Look for higher lows on the QQQ, DIA and SPY ETF’s.
U.S. stock futures pointed to a higher opening for Wall Street on Monday, driven by optimism about progress toward solving Europe’s debt crisis after Italy announced additional fiscal measures and as investors awaited U.S. economic data. At 10 a.m. Eastern time, factory orders data for October as well as the Institute for Supply Management’s non-manufacturing report for November will be released.
As always you can expect 3-5 new swing trade alerts this week by Skype, text and email. We have class scheduled on Tuesday and Thursday at 9 p.m. EST and I’m working on a new project I’ll be announcing later this week (Momentum traders mount up) if you catch my drift haha!!!
Anyway here are my thoughts on today’s open swing trades. Hoping to close all of these green this week and go 5/5 on all new swing trades like last week.
THQI – I really like this chart, the short interest and my entry. If it turns down I’ll buy 10k shares at $1.55 and stop all below there. If it continues up I might add 10k into strength and look for 10% or around $1.90 to $2 for my profit.
LOCM – So far LOCM is playing nice off that $2 support we talked about and this type of price action could lead to a squeeze. Today’s the 8th day of creeping action and if it powers through $2.40’s then I think we’ll see $2.70 to $3 which is where I start to consider taking profit, depending on how strong the move is.
HKN – Still holding my range but I’ve yet to see Ledbed push it again. I’m at the mercy of his pump or direct news out of the company because the volume is drying up. Mental stop below $2.60 or so with a goal between $3 and $4 short term.
USAT – This has been a boring trade. Like EK last week it’s just drifting lower. Unlike EK though, USAT doesn’t put out fluff news so if we get something this week odds are it’ll move the stock provided it’s good of course. I’ll add if I see any signs we’re turning and look for $1.60 as my exit in the short term. The stock really isn’t giving me a reason to sell so long at it hold $1 so we’ll see how this week goes. If $1 breaks hard then I’ll be forced to give up on this trade.