Momentum Trader Report: 04/16/08

What a rally today! It’s a good thing I didn’t listen to myself and take the rest of the week off from trading, as I considered doing in my post from 4/14. That was my capitulation moment. When you see me typing things like that, you can be pretty sure a short term bottom is in.

There was only one stock on the watchlist for today. I wish I had more, but it triggered and closed well.

RRC was not on the watchlist for today. It was on the watchlist for yesterday, and it broke out. I mentioned last night that it could still be bought here as it broke out into new highs. Today it did just that.

Although I only had one pick in the watchlist for today, I had a couple of charts that I almost posted. I ALMOST posted this chart last night.

I didn’t like the overhead resistance at 42. Look what it did today.

No, I didn’t trade this. I try to stick with the gameplan.

But I cant fret about that. Just to show you what a good day it was for Momentum-Trader.com, let me show you how some of the picks from this month have been doing:

Who says technical analysis doesn’t work? But everyone looks like a genius in a bull market. Whats that? Its a bear market? Behold, the power of momentum stocks.

You can find the post date, breakout date and entry point of all of these stocks on the Past Performance page.

Trade Ideas for 04/17/08:

Good luck and good trading!