What a day for the market. We were due for a bounce, there was too much doom and gloom, but what a bounce it was! Shorts got absolutely clobbered today. A pick from last night broke out today, and broke out big. It was BZP.

 

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I marked two buy points on this. One near 19.47 and the other near 19.90. Either one would have triggered as the stock finished +12.5%.

APA also triggered today. It was a pick from Sunday, and it technically triggered yesterday above 118, but pulled back. If you passed or got stopped out, it offered a reentry.

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It’s too early to say whether we are in a new rally, or that the bottom is in. But today was a nice show of strength in the market. Big moves like we had today though are not uncommon in a bear market. Here’s an interesting fact from IBD:

The nine biggest up days in Wall Street history all occurred during the bear market of 2000-02 - Investors Business Daily

Trade Ideas for 03/12/08

A lot of charts are still pretty broken right now. Here are a couple of charts to watch should the market rally.

These are trade ideas for educational purposes. Just because a stock is listed here, doesn’t mean it is necessarily a buy when it is triggered. Use your own due diligence. If you decide to trade these, watch volume and market action to determine if it is a good buy. Stops and targets are not listed. Use your own discretion.

 

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ECA has built a nice symmetrical triangle.

 

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HES is on the move after bouncing off the 50 MA, and could be a buy once it breaks the upper blue line.

 

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WLT is a past pick from February that could break into new highs.

Good luck and good trading!