Momentum Trader Report: 06/25/09

What a day for stocks as we finally got a bounce, driven by weakness in the dollar and a rise in commodities . The S&P 500 bounced from its recent golden cross, but on average volume. As you can see from the chart below, indicators are pointing higher as the index tries to move out of oversold territory.

I had several triggers from the Watchlist. I day traded most of them, but am still holding a couple, let’s look at those:

This was the chart I liked the least going into today, it moved the best. Go figure. A very nice move in this one.

OCN finally moved. I’ve been stalking this one for a while.

A low volume move on this one, offering a nice day trade.

This one was wild, and I got very lucky with this. It triggered, then immediately pulled back and came close to my stop, but then it surged higher. I sold it right above 26, then kicked myself for selling to soon. Not long after, the bottom fell out of it.

Ths one triggered into the close and I’m hoping moves higher tomorrow.

I traded this one too.

Although I’ve been having a great week trading,  I have missed some great opportunities. Every night I go though about 300 charts, and pick the ones I like, then narrow that list down to between 5 and 10 for the next trading day. It’s not uncommon for me to throw out some stocks that make big moves the next day. Sometimes I’m able to catch them as they move, sometimes I don’t. If I told you some of the stocks I missed this week, you wouldn’t believe me. But honestly,  I almost posted  DTG as a pick for Wednesday, and VVTV as a pick for today. I didn’t trade either of them. But when the market moves like this, a lot of stock make big moves, you can’t catch them all.

I may start posting more charts on those days where I find more than 10 good ones. On days like this when the market is giving money away, it’s important to make as much money as you can.

Trade Ideas for 06/26/09:

Weakness in the dollar and end of the month window dressing could take the market even higher, but I plan to continue day trading, or at least selling some of the position the first day.

Good luck and good trading!