Play Ball!
Monday, April 2, 2007 at 08:40PM Nice market action to go with it! Maybe people are excited b/c today's the opening day of the baseball season, but whatever the case, we are definitely enjoying a change of pace from this market. Yes, this is a short week but there was nothing short on setups today. We had many setups to consider and we played most of them. The question remains, is this sort of action going to last a couple of days? We think the odds is high that we see some continued good action and timing is just about right too going into the earning season. Lets just get right into some action here...
WBD, hope you didn't get tired of seeing WBD recently here?, today was the payoff with a big move over $83. A 5 point intraday move from low to high of day.
BW, this was a big earnings winner here from low 40's to 49. It rebounded recently and consolidated near the top. $50 was probably the breakout point and it broke out convincingly, with volume of course. We like this one and feel this could be the beginning of a leg up. At this point, we don't know how high it can go but as long as the momentum is there and trading action looks positive, we'll just ride it along.
JSDA, we noted during the weekend journal that Cramer definitely has an effect on a stock like this one. We sure got the action from it today and it's now ready to challenge the old high. We think there's enough enthusiasm and momentum from speculators/traders that this one can go higher. Market's stability is also providing a catalyst for people to pile some capital into some of these momentum names.
GMRK, although this one is new on our playlist , it's definitely one we've had our eyes on for a while. We like its consolidating action last little while and earlier today we felt it could b/o. Action was confirmed and we followed. Hopefully this one keeps up a good pace next little while. Remember in quality plays it is not about catching the initial move but just being in it when it continues. Did it matter if you bought BW the first time at 42 or 44 if it got to $49?. The point is finding the right plays and we think this one could be one.
GROW, it looks like some stocks just won't go away. We didn't play the most recent rise b/c we weren't sure how the stock is going to act after the split. Well it setup nicely today and this is something we couldn't just pass on. Again, this stock is very much a momentum stock and it's pure momentum trading, nothing more. We just want readers to be aware of this fact and trade accordingly, and with a cool head.
OYOG OEH BTJ HOT NIHD, just some good old fashioned action/setup with these ones and we added some of each today.
There are probably a few other ones worth mentioning but we felt there's so much out there today that everyone can get a couple of his/her own favourite and call it a day. Three more days to go till the long weekend and lets keep our fingers crossed for some good action for the next couple of days. With the Nasdaq barely green end of day, we can definitely say we had DJIM readers in the right stocks today.