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28 Apr

Watch List For April 28, 2011

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I few people have asked me to put my watch list out earlier so I’ll start aiming for 12pm EST. This will allow the west coast to check it in the evening and the east coast first thing in the morning. The reason I must wait until 9pm EST to start working on my watch list is because after hours trading needs to settle and post market press needs time to get out. Then I like to read the news to see who is talking about what. Hopefully that clears up why it doesn’t go out at 5pm EST. The evening watch list will comprise more research based short term trade ideas and then each morning I’ll issue a pre-market watch as well for potential day trade ideas.

$.25 – $1.00

RPC had excellent news at 4pm yesterday and it’s up big already in the pre-market trading around $.62. If you look at the chart, support is at $.55 and $.46. The way I might try and play this is to put a bid in at $.55 (risky approach) or $.46 (conservative approach) and hope to get filled as soon as the market opens before it heads back up at which point I’ll try and sell. I did the same thing with GENE yesterday but missed my fill on the bid by $.01 before it ran over $1.00 which would have been a $5k score. The idea is… when a stock is up big in the pre-market, people who are already in might lock in profits right away driving the share price down in a quick sell off allowing me to get filled before it surges back up. The obvious risk is it never surges back up which has happened to me a number of times… never know when a stock will react well or sell off on good news. So again, with GENE, it opened on a big gap at $4.92, I entered a bid for 5k shares at $4.85 and the dip hit $4.86 before before running to $7.00 – hit one of those and it’s quick cash. Of course you need to be around the computer to do it. The happen every day and it’s a strategy I’ll teach you more about. Never pay the price they are asking though in case it dips and doesn’t come back. If it runs away from you right away and never looks back, oh well, they’ll be more tomorrow.

$3.00 – $4.00

CAMT dropped good earnings this morning, not great but good. I like the sideways chart pattern here and it’s getting some small bites already in the pre-market. Might be a short term trade from here up to $4.50 or so with the first round of resistance set at $4.16.

 

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