Momentum Trader Report: 04/15/08

It looked liked the market was going to rally hard this morning, but it then pulled back, and appeared the rally was DOA, but buyers came in and pushed stocks higher with good volume. Intel also had strong earning, so there is the expectation that tech stocks will move tomorrow.

I said yesterday that I wasn’t going to trade today, but I can’t stay away from the Wall Street casino. I took some of my picks today, and there were a lot to choose from. There were six stocks in the Watchlist for today, and all six traded above the entry points. Three of them gapped up in the morning, but dipped lower to offer a chance to get in if you wanted. There was also some nice follow through on previous picks. Let’s take a look at the triggers first.

RRC was the best performer today.

FDG also broke out, and looks good here.

BIDU was the other. Volume was low on this, and it eventually retraced.

MEE was one of the three morning gappers. It retraced to offer a change to get in near the 48 entry price, and closed higher.

Ditto for ANR

CNX also pulled back to the entry price after gapping up, but continued lower.

As mentioned, there was some great follow through on past picks if you held them. One I am holding is FTI, which has been doing very well since breaking out yesterday.

FSLR also continued, and could try to break even higher tomorrow. If you remember, I also had this as a pick at 210.

Then there’s HK. What a mover this has been.

Trade Ideas for 04/16/08:

If you missed todays picks, FDG, RRC and ANR still look good here. RRC could be bought when it breaks into new highs. I only have one other pick.

Good luck and good trading!