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17 Jan

Running Of The Bulls; Open Trade Updates For Tuesday January 17, 2012

by

The U.S. stock market was set to return from the long holiday weekend with a bang, as upbeat data from China boosted equity-index futures ahead of Tuesday’s opening bell. Looking ahead, a slew of earnings results from top U.S. banks this week follows a weak report from the first one to report last week.

On the U.S. economic front, the Empire State Manufacturing Survey for January will be released at 8:30 a.m. Eastern time.

The watch list is going to change starting today and will no longer be free. I’ll still post to that watch list section but it’ll be more of a sector scan. Once we’re at Profit.ly this will make more sense. If you have not created a free account at Profit.ly please do so immediately and send my your username and email on file with them.

https://profit.ly/join?aff=304

Today’s watch includes DANG, RENN, LOCM, HDY, COOL, BPAX and EK. DANG’s trading range is between $6 and $6.50 – $7, possibly more. I like RENN off $4 support and up to $4.50. LOCM appears to be on its way to $3, I like a bid around $2.40 for 1/3 size and pick up more around $2.20 and $2 should it pull – otherwise add into this creeping action that usually leads to a burst. Nice move on COOL and now it’s consolidating. Might bid some $2.80 support and swing $3.20 or better. BPAX appears it’s heading back to where I thought it would go which is the $.60’s before the breakout was slowed by the litigation news. If $.55 falls today I might take some swing into the $.60 resistance area. EK  from $.55 to $.70 resistance might work too. Remember, don’t bid of offer round numbers as that’s what most people do. Play off numbers as they’ll be less bids and less offers there.

Open trades…

LGF – I really like this company and will trade it swing to long. The goal is well above $10 and I’ll probably buy more shares at some point.

FLOW – Great chart off of some good news in December. I’ll continue to let it consolidate and look for a solid move into the $4’s swing.

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