Momentum Trader Report: 04/01/08

Market Moves Strongly After Resting

I picked a bad day to tread into the market lightly. The market has been consolidating for the last few days on light volume, and it today it made an incredible surge. A nice way to start the month.

There were a lot of stocks in the watchlist, and many of them moved today, making a great day for trading. . Let’s get to it.

ISRG was the biggest mover from the watchlist. It had a text book chart, reaching as high as 4.8% from its entry point.

PRGO was also a huge winner today.

MA could have been bought earlier than the 230 buy point listed in the watch list. It ended up closing just a tad lower from the entry point listed here, but still looks good.

I was expecting a larger moved from OI. It pulled back after breaking out. Who knows, maybe tomorrow?

CLF also broke out today, but pulled back from the breakout point.

With this kind of move today, the market should really rest a bit, like it did last week. That would be the best thing if the market is going to continue to move higher.

Trade Ideas for 04/02/08:

Good luck and good trading!