A huge reversal in the market today, as a sell-off in the morning turned into a rally into the close. The Dow now has had 8 up-days in a row, and a new closing high for the year.

I had a huge win today with IMMU. I liked this chart a lot, but it didn’t much after the breakout, but today, it closed up +60%!

I also had some triggers late in the afternoon:

AXL as well as TSTR were speculative plays for today that needed volume to move.  These traded above their buy points early in the day, but volume and market action was weak. I took a shot with a small position at AXL in the afternoon, which I am still holding, but wishing I had taken the quick profit.

I am removing some stocks from the Watchlist, even though they are still technically fine. I am buying too many stocks, and want to stick with the ones that I think have the best chance of moving, like a BCRX and IMMU. However, usually when I remove a stock from the Watchlist that is still technically sound, that stock tends to move big in the next day or two. Just watch, you’ll see. Here’s what I’m removing: CVH, WSTL, SCI, LEE, NNI, TSTR

Trade Ideas for 08/28/09:


Good luck and good trading!