Momentum Trader Report: 06/28/09

28 Jun

Posted by Momentum-Trader as Momentum-Trader Report

The indexes pared early losses on Friday, and all three closed the week basically flat, or in the case of the NASDAQ, slightly higher. Not bad considering the rough start last week.

The S&P 500 has been basically moving sideways the whole month, and could be forming the right shoulder of a bearish head and shoulders pattern. However, indicators look good for more upside, and the bulls have managed to negate the bears move last week.

Although the market been moving sideways, there have been some nice moves for momentum traders. On Friday, I had 6 triggers, with 5 giving nice gains, and continued movement in previous picks. Let’s look at the triggers first.

As I mentioned in Thursdays post, I bought this one early, but it triggered the buy point from the Watchlist on Friday and made a huge move, +9% from the buy point.

SMRT also made a nice move, over +6% from the buy point.

FIRE was another mover, and is still looking good.

MLNK made a nice move, and also looks good. Like FIRE above, this could offer another buy point tomorrow.

ASEI was the other trigger, it failed to catch any momentum though.

Another stock that failed to move after triggering last week was SHFL. It triggered on Wednesday, but moved on Friday. Even if a stock fails to move right away and you get stopped out, it pays to keep an eye on them.

I mentioned in Thursdays post that although I was mostly day trading, I was still holding some stocks. CHS was one of them, and it had an awful day Friday; I had to dump it at the open for a loss. But anoher I was holding was OCN, and it continued to move on Friday, although it had trouble early in the day.

Here’s a few other recent triggers that are still moving:

IBD 100 Stocks for Monday:

Investors Business Daily has the following IBD 100 stocks blackboxed for Monday: SYNA, SNDA, cmg, MFE

Trade Ideas for 06/29/09:

It’s easy to look like a stock picking wizard in this market. It won’t stay that way forever, but there are still a lot of charts that look good. In fact, I have way too many to even post. Here’s some of the stocks I will be watching tomorrow.

Mostly day trading here. These will need some underlying strength in the market as they trigger.