Momentum Trader Report: 04/16/09

It was a crazy day as the market chopped at the start, then rallied into the close. I had 12 stocks in my Watchlist for today, which is rare for me, and half of them triggered. Let’s look at those:

I screwed up the entry on this one by not updating it in the Watchlist. As the stock pulled back, so did the entry point. Instead of 49, it should have been 48.

There was also some nice movement in past picks, like this one, which I almost posted last night, but the pattern seemed too high.

Speaking of past picks, all eyes were on Google earnings after hours. At first, the market reacted well to their blowout earnings, but then gave back all the after hour gains and then some after digesting their report.

I had Google as a pick last month. I wish I could say I held it until now.

There will be earnings in the morning from Citigroup and General Electric. They could move the market.

Although I said I was going to day trade these, I am still holding some, and to be honest, not feeling great about it now. We’ll see what tomorrow brings.

Trade Ideas for 04/17/09:

This rally may be running out of steam, and buying here could be risky, but am looking for quick trades.

Good luck and good trading!