Momentum Trader Report: 01/24/10

24 Jan

Posted by Momentum-Trader as Momentum-Trader Report

Probably a quick post tonight. The market sold off big on Friday, and the indexes have all broke previous support levels.

The Dow broke a long term trendline going back to last summer. This is not a good sign for the index.

The best looking though is the NASDAQ, which could find some support.

I was still holding a couple of longs into Friday, and they actually did quite well. MNTA and CHUX all had great days, but I sold these Friday, as well as my other open positions, wanting to be in cash over the weekend. I had no triggers on Friday.

GLD may find some support, is it now sits at the 100-day SMA.

I am looking to get into DZZ on a pullback, so we could see that soon if GLD bounces.

I am looking to play a bounce this week, so I have a couple of long ideas. These will likely be day trades.

Trade Ideas for 01/25/10:

Two stocks I really like right now are JDAS and EWBC. However, both reports earnings this week (JDAS on Monday after hours). So that had vut my Watchlist down to a couple of stocks. These have held up well over the recent selling, and if the market bounces, these could do well.