No new trades for me Monday or Tuesday but you can bet I’m on the hunt for my first trade of this week today…bull rally baby and I love it. Like a Post-it note in a hurricane, odds are it won’t stick but we’re traders so taking risks is our job. Right now it looks good and I’m an optimist for the first time this week. Anyway, this could be the day we close some of the overdue swings up green, here is what’s on deck.
U.S. stock futures rose on Wednesday, buoyed by hopes that European leaders will take decisive action this week to resolve the sovereign-debt crisis roiling the euro zone. The U.S. economic calendar, meanwhile, is fairly thin on Wednesday. Data on consumer credit for October will be released at 3 p.m. Eastern time.
LOCM – decent news out this morning but not enough to summon massive buying. I think we might get over $2.40 though considering the green futures and news. This video from yesterday on LOCM still applies so make sure you check it out.
USAT – really like this stock above $1 but it has light volume so it’s a wait and hold game for me. Some swings do turn long if they hold support, for USAT that’s at $1, so I’m still riding the train here, albeit a very slow, slow, slooooow moving train.
THQI – bad timing on the downgrade, that’s 2 this month and the only 2 since I started running this newsletter. CEDC last week went up against the downgrade but THQI did not. Having said that it did hold support and my range of $1.55 where I plan to add my second half should it go there. Didn’t really want to double up the day of the downgrade, I’d like to see the bottom / turn before I do that so if we get a higher low today I might pick up my full position here. If not, $1.55 is my stop and my adjusted goal is above $1.80 for about 5%.
HKN – based on his emails it looks like Ledbed is done pumping HKN. This can be good but it can also be bad. I was planning on his touts driving it to $4 but it appears he may have moved onto another pump. If it holds $2.60 it’s in play, below and I’ll consider finding an exit at some point during the day.
Finally, I’ll be out early today around 2:30 p.m. EST so should you need me into the close I won’t be here but I will be around all evening.