Momentum Trader Report: 05/15/08

Yesterday, it looked like we were in for a correction, and today the market reclaimed its losses. Most notable was the NASDAQ. Last night, I posted a chart of the QQQQ showing a topping candle. That candle was nullified today as the QQQQ rallied into the close, driven largely by Intel.

Energy and oil stocks were looking good this morning. I was happy to see stocks like CNX recover their losses from yesterday, but they sold off later in the morning. They managed to recover somewhat in the afternoon. This morning may have been a gift for taking some profits in the energy and oil stocks. These stocks could very well go higher still, but the action is hard to stomach.

This has really been a stock pickers market, and there have been some nice runners in this market, many of them posted here. One is GGB, which broke out earlier this month. This has been climbing nicely. I have my stop below the 10-day MA.

Take a look at CLF. I no longer own this, but wondering why I ever sold it. I had it as a pick here back at 128 (The stock has just split). It’s up almost 50% since then.

Trade Ideas for 05/16/08:

My plan was not to trade tomorrow due to OpEx, and I still may not. But I saw some charts that looked pretty good here. However, ALL OF THESE ARE OIL STOCKS. As seen today, oil and energy stocks can be very volatile right now. I would consider these for day trading tomorrow, if they move with heavy volume.

I’m not posting entries on these in the Watchlist, as I think they’re a bit risky.

Good luck and good trading!