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3 May

Watch List For May 4, 2011

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Here is the technical analysis behind these potential trades. Keep in mind many of them are still setting up but it’s good for you to learn what I look for.

$.25 – $1.00

We’ve nailed CHTL before and it might be ready again tomorrow but this will not go out by email if I trade it because it could be a fast mover. I have not heard what’s causing this move and with no news I assume it’s promotion. I’m mad I missed the runup from the $.15 range because it was literally one of the only green stocks on my watch lists today. Last time I caught the runup early on, so I’ll probably pass here unless I get a good feeling in the morning. My trading range as of right now would be $.19 to $.25 as a day trade only. Primary concern here is strength because the last two runs were met with a ton of selling. I’ll be watching to see if those runup buyers will be taking profit or looking for a bigger move this time around.

LQMT showed some signs of life today but no news yet. Liquidity is less than desirable but provided nothing changes, this will be a trade for me at some point and I hope it’s a big one. It’s starting to develop support at $.44 but without buyers I’d expect that to fail soon too leaving the low $.30’s next. This fade away pattern is excellent for me because each day a former buyer gives up and sells there is less resistance if and when the catalyst does arrive.

PLPE also showed signs of life today but I’m not a buyer yet. Only 73 trades today with less than 200,000 shares trading hands just isn’t enough yet but it’s a good sign. I still think it could test the $.60’s so I’ll give it more time and await a catalyst to scalp in and out of like last time.

$1.00 – $3.00

AEZS, USAT, ZLCS and JMBA have all been on recent watch list and USAT and ZLCS are former winners. They all have something in common and that’s they got a little ahead of themselves and have since corrected. AEZS, USAT and ZLCS all being ascending triangle breakout plays. I’m now looking for them to settle at their respective supports, develop sideways trading patterns and identify catalysts for another successful swing.

$3.00 – $5.00

COOL and LOCM are trades I’ve nailed recently and I will be watching them closely for entry, although there probably several days to a week out from what I can see. LOCM obviously bad earnings and COOL just pulling back. LOCM will either set up shop at $3.60 support or $3.20 to be the next stop. As off right now LOCM will probably be a trade for me again in the future do to the large short interest and potential to be bought. COOL corrected and I’m watching this $3.10 – $3.30 range to see if establishes a shelf of support. This stock has good traction amongst the trading community and if it starts to walk back up we’d have an ascending triangle formation again and you know what those lead to… i.e. see my USAT, HEK and ZLCS videos and trades.

$5.00 – $10.00

While I don’t do watch list stocks for $5 and up, I’d say continue to keep your eye on my two open trades ANIK at $8.65 and EXAR at $6.31 as they’ll both have earnings this week and that will be a good learning lesson for all of us bad or good. Right now I’m comfortable holding both into earnings but that could always change if the risk / reward changes.

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