Wednesday, May 20, 2009

Day Traders get their day

It's not 1 PM yet so too early to call it but thus far it looks like a reversal day. Consolidation near resistance is actually good for the bullish case -- as long as the pull-back doesn't gain momentum towards 88. Let's see how it looks at 4 PM.

These are ALL the stocks that triggered from last night's newsletter, losers and winners.

ACI 18 worked well if you were fast.

CLF 25.

CNX 40.5

GNK 21


MEE 21.4

Best set-up of the day goes to base and break 1 point under daily spot on MON (91 base and break under 92 daily spot).

NEM 44.75

PCU 20

TBSI 10.5 didn't work. We don't like trading sub-$20 stocks and regret putting this one on the letter.

VMW 29 excellent set-up for a big size/close stop trade (as opposed to wider stop/fewer shares trades we recommend on commodities).