The indexes were in the green most of the day and closed higher, but most of the momentum stocks I watch were in the red. Volume was higher than recent days, but still relatively low. It was some crazy end of the quarter action.
There were a lot of stocks in the watch list today. Two triggered and one gapped up on weak volume and sold off for the rest of the day.
One of the stocks that triggered was KEX. It had a nice symmetrical triangle. It gapped lower in the morning, and then rallied nicely from lunch through the end of the day, offering a max gain of 1.09% from the entry price.
It still looks good here.
ANR was a pick that triggered Friday, and then pulled back. I mentioned that it could be entered again if it broke 44. It did today, but volume was anemic, and it pulled back once again. If offered a max gain of .89%, but it really shouldn’t have been played, and I passed on this one.
TNS gapped up nearly 2% from the buy point, and then did the slow grind for the rest of the day. Low volume should have been a good warning that this stock was not to be entered on a pull back.
March was a difficult month for trading. It was too choppy for swing trading; but for day trading, it wasn’t too bad. I have been taking profits just over 1%, and was able to catch most of the move in TITN last week, closing the month in the green. I plan to continue taking most, if not all of the profits in the first day of the breakout going into April, until the market finds some direction.
There are still a lot of stocks in the watchlist. I plan to be very cautious and picky with these, and using smaller positions. Volume and market direction need to be cooperating.
There are more stocks in the watchlist. Their charts were posted in earlier reports.
Good luck and good trading!
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