Momentum Trader Report: 09/29/09

A strong start to the day, with many stocks from my Watchlist triggering near the open. But a strong whipsaw move knocked most stock lower, and it was mostly choppy trading from here. Some rest here in the market is expected, but will it continue to move higher? The S&P 500 still has some room, but today’s action shows indecision.

As mentioned, I had several triggers. I took nearly all of them. Let’s take a look.

The biggest winner was DSCO. I didnt post this chart last night, but had it in the Watchlist since last week. I wasn’t in this very long. It made a monster move in the morning, moving 20% above my buy point in a matter of minutes. I caught most of it and closed it for a nice day trade. It was a small position, but still a nice winner. Will watch it again tomorrow.

HITK broke out and kept most of the gains.

NLC triggered later in the afternoon and made a modest move.

CTB was my favorite chart going into the day. It was moving nicely, then took a hit in the morning, and couldnt fully recover. I’m still holding some, but peeled of about half.

WFMI triggered early and looked good, but gave back most of its gains. Also sold half.

I was hoping for a bigger move in PIR. I still have a small position in this.

This wasn’t on the Watchlist, but I posted the chart last night. It triggered early and moved much higher, but I held on too long, only made a small gain on this one.

Got stopped out of this one for a loss shortly after it triggered.

This one was frustrating. It gapped up and I didn’t have a buy stop order, so  I missed it. I used a limit order to get back in. It did pullback a little, but just shy of hitting my limit order. It made a strong move today with very nice volume.

Nice continuationin ILMN, a trigger from last Friday. Still holding this one.

I was very cautious trading last week, not taking some of the triggers from my Watchlist. The market taunted me today with strong moves in some of those stocks I passed on.

But, better to be safe than sorry. I got a little carried away with triggers this morning, buying almost all of them. I don’t plan to do that moving forward.  With October just around the corner, things could get wild in the market.

Trade Ideas for 09/30/09:

I don’t feel comfortable holding positions for several days here. I am looking for day trades mostly. I have a lot of stocks I will be watching, but unlike today, I don’t plan to buy every trigger. I will be picky with these as they trigger, and quick to get out once I have a profit. 

Good luck and good trading!