Momentum Trader Report: 06/30/08

The market continues to follow oils lead today. Oil hit another all time intraday high and then pulled back. This made for some choppy action in the market today. The Dow and S&P ended the day with little change, but the NASDAQ closed down at the low of the day, down almost 1%. Tech stocks have been getting beaten since RIMM earnings last week.

There was one breakout from the Watchlist today, and it was ICO. It broke out strong and early, but closed a bit below the entry price.

Another stock from the Watchlist broke out, but it gapped up above the entry point, it was CLF. I typically avoid these kinds of gap ups, preferring to buy them when they pull back. This stock did pull back a little, but closed higher. I might buy some on weakness.

There was continued action in this amazing stock today. ATW closed up +3.59%, and it up over +12% from the buy point I posted last week. I sold some of my shares in this today, but plan hold on to the remaining shares for a while.

There was also more upside today in ZEUS, which was mentioned here last week. It gave back a lot of today’s gains though, but still closed higher.

June was not a good month for the market. But I am ending the month with a much fatter account by cutting the losers early and letting the winners do their thing, and there were some big movers in the fertilizers, AGU, CMP, MOS and POT. All of which were posted here with entry points as they broke out, and of course most recently, ATW. So overall, I am very pleased with this month.

The market is still very oversold. It will be interesting to see if the market tries to bounce this week, or wait until after the holiday. After the holiday makes more sense, but you never know.

Trade Ideas for 07/01/08:

Good luck and good trading!