well, it feels that there is only a couple of plays that are worth watching today, let alone playing. some of the high momentum stocks are taking a breather today, NVEC PWEI NEU ...etc. but, fortunately it's someone else' headache at the moment. It's definitely not easy playing these momentum stocks when the potential risk is just as big as the potential reward. When all things considered, I guess you have to look at the overall market environment and overall momentum plays environment. For the three plays I just mentioned, the way I'd approach them is going nuts when it's having a really good day and let go most of the sizes near the end of the day and try not to hold a meaningful amt over night. When I look at these high calibre momo names, every day is really a new adventure and unless we are in a favourable small cap environment, you have to approach it in an ultra cautious and conservative manner. The whole point is protect your capital, your profit and protect yourself from becoming over emotional when trading these names.
BTJ, this one is a bit different from the above three and why I think a normal pullback right away may not be in the cards. I thought BTJ play came out too fast and too sudden. Nobody expected such a huge jump in IBD number. The day it came out earning, I think I checked its IBD rating and its eps was only 74. I thought oh well the best it can probably do is to get to mid 80s range in terms of eps rating. This 99 99 stuff is catching alot of momo, ibd type of crowd off guard. We are all scrambling at once to get in on it. What would've been a one day or two day wonder may now last alot longer than ppl expect. To me, the play right now is to buy on every dip, even as it inches higher. Even if it doesn't make it onto the list this weekend, this will be in play next week. At least IFO ERS HSR gave pple alot of heads up time before they got onto IBD, this BTJ is just too fast and furious.
HWCC, does anyone else besides me noticed that it has 98 99 rating according to IBD? I don't know what's the requirement to get on the list or maybe this one is just IPO or lack of min. daily volume but when it does get on the list it should be another shock to those who aren't famaliar with it. I added some.
so at the end, you really don't have to catch every single play out there, just make sure that you hammer the best ones.
cheers,
Demi/ YourPersonalTrader
Late day buying all week ....always a good thing to see, maybe this 20pt NASD reversal has some juice into todays close.