Momentum Trader Report: 04/10/08

Nasdaq Leads The Markets Higher

The market closed higher today, led by the Nasdaq which was up +1.27%. This wasn’t the up move I am expecting, but a nice start to what should be a move higher, possibly a big move higher. This consolidation looks pretty bullish, but with OpEx and many financial stocks reporting next week, things could get wild.

There were two triggers from the watchlist. They barley moved after breaking out. Both closed under the entry points, but near their highs.

Hopefully they will follow through tomorrow. Stocks like RIG, KOP and PBT were a few recent picks that barely broke out, but offered nice rewards in the the next day or so that followed. Let’s hope RIMM and EOG can offer a nice payday tomorrow or Monday.

Another stock mentioned here yesterday was CPST. It was up +4.88% today, and is now forming an ascending triangle.

Although a continuation of the rally is expected, a significant down day tomorrow will pretty much kill the chances. I have a list of stocks that I’ll be watching tomorrow, but as always, if market conditions aren’t looking good, I will pass on these even if they trigger.

Trade Ideas for 04/11/08:

Good luck and good trading!