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24 Aug

7 Stocks I’m Looking To Trade Thursday August 25, 2011

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Short biased on LBAS. Actually have some shares short overnight and looking to add to my position Thursday. Shares spiked Tuesday but had no follow up Wednesday so I’m trying to catch the next sell off. Very little buying today could turn into a waterfall tomorrow if it tests Tuesday’s open around $.70. A break of $.70 and we could very open the door to $.60 which is my ultimate goal. If it spikes Thursday at the open I’ll look to short more at the top.

Short biased on AMAT who put out there earnings Wednesday and shares fell in AH trading. With a poor outlook, there is a good chance this one heads down into the single digits tomorrow, especially if we see some pullback in the market. I’m looking to short 1-2k shares if it squeezes at the open. First support is around $10.30 followed by $10.00 which would trigger a boat load of stops leaving $8 as the next major support.

Looking to daytrade PSS who put out good earnings Wednesday and is currently up 37% AH. Tried to short AH at $15.20 but spike only made it to $14.40 range before pulling back. This one took out a ton of resistance Wednesday night but I don’t think it will go above $15.50 Thursday. I’m looking to short it initially because I think it rips and dips. Then I’ll go long once it washes out all the profit taking.

ZAGG is one I’d like to short Wednesday but then go long soon. Problem is, no shares to short at either of my brokers. They had good earnings recently, yet shares are having a hard time breaking to new highs. A big dip could be just ahead now that it’s testing $13 support. A break of $13 and I think $11.50 is definitely possible before it turns back up. Market has been up 3 days in a row now, yet ZAGG has dropped on all 3… not a good sign in my opinion.

QPSA put out some bad earnings recently, hence the drop, but it does have a good deal to take into consideration. Chart is looking solid so if I start to see some volume I’ll go long on this one as a swing trade. In addition, this stock is heavily shorted so it could squeeze $.30 to $.50 at anytime.

MCZ is hanging around support of $.75. It’s recent run to $1.00 gives us a sweet trading range that I’m looking to exploit. I’ll probably jump in soon with 5k shares (small due to liquidity) and see if I can catch the next train above a buck.

COOL buyers came back the last two days but didn’t do much to the PPS. So long as shares hold onto the 20 and 200 moving averages I might take a small long position, see if I can’t catch a ride to $2.70. If the market turns down Thursday, which it might with Steve Jobs resigning from Apple Inc., I’m inclined to take this short from $2.30 down to $2.00 support. Market conditions reign here, we’ll just need to see what Thursday brings.

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