Momentum Trader Report: 06/11/08

The market took another huge hit today with another surge in oil prices. Although a bad day for the indexes, it was a great day for some of the recent triggers from the Watchlist. There was also a stock that triggered today. Let’s look at that first.

TITN surged past the entry point early in the morning, and offered a great opportunity for the nimble traders, but pulled back quickly. It offered a reward for those who held on, rallying even higher yet in the afternoon.

This is a volatile stock in a very volatile market, and they report earnings this coming Monday. I had no interest in holding it, but did take a nice day trade in it.

I was stopped out of my WDC position today, for a total profit of about 5.5%. However, 4 recent picks from the Watchlist did very well today, and I am calling them my Four Horsemen, because these stocks keep going up, despite the apocalypse happening in the market. They are MOS, POT, AGU and CMP. All finished higher today, and two of them much higher!

AGU lead the fertilizers higher today by raising their Q2 guidance. It gapped up huge in the morning, and closed +8.65%! It’s nice to be in these gap ups. This stock was actually worrying me yesterday.

MOS was the other big mover, up almost 4% today.

Take a look at the NASDAQ. Of the 3 indexes, this one was showing some slim signs of hope. Today, it plunged below the 50-Day SMA. It looks like lower prices from here.

This market has been showing a lot of whipsaw action, with big moves in both directions. I still plan to only day trade all new triggers from the Watchlist until the market stabilizes.

Trade Ideas for 06/12/08:

Good luck and good trading!