Momentum Trader Report: 03/26/08

Market Gives Some Back

The market gave back some of its gains from the last three days. That’s not surprising after its recent move up. It’s encouraging that volume was low during this sell-off. However, the S&P 500 sits at its 50 MA. Keep a close eye on what it does from here.

Commodities, especially oil, rebounded strongly today. These sectors were badly damaged last week. One oil stock that rebounded nicely today was BZP. I have not been posting the chart for this, but it had been on the watchlist since 3/18, although the entry price had not been updated.

I really didn’t expect oil to move for awhile, but this chart still looked strong. Keep an eye on the watchlist as well as the charts here, as I sometimes keep stocks on the watchlist that still look strong. Speaking of the watchlist, I had posted an incorrect entry for OI yesterday. I noticed it this morning when placing my orders. I’ll try to keep a better eye on that. If you’re following along, be sure to compare the entries to the charts.

TITN was a big winner from yesterday, and it quickly pushed into all time highs this morning, before moving much lower to end the day down on heavy volume. This is why it’s a good idea to take profits as the stock moves up. If you’re holding this one, don’t let it turn into a loser.

Some stocks are setting up, and with some rest, could go higher if the market cooperates. There are a few charts I will be watching, in case we go higher.

Trade Ideas for 03/27/08:

Good luck and good trading!