Getting Ready For Monday

Few economic calendar events that I’ll have my eye on:

• $HON earnings
• $VZ earnings
• $ICO earnings
• $AMGN earnings
• $PFWD earnings
• New Home Sales 10:00 AM ET

Overall, I think the market looks top heavy and I believe we are due for some retracement or at least some consolidation.  Having said that, I play for the day/moment, so I’m not too concerned which way it goes – I will prepare for either direction.

If the market looks weak:

I’m a fan of $GOOG, but we’re a little top heavy and at horizontal resistance.  If the market shows weakness, I might short and look for move down to 425 range.  I still think GOOG is a long-term winner.  $AMCC is trying to lose support under MA50.  Might be a short candidate, as well.

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Tags: AMCC, AMGN, BCON, DPTR, FNSR, GA, GNBT, GOOG, HON, ICO, PFWD, RAD, SONS, STSI, VZ

Portfolio Update (Week in Review)

Here is a quick summary of my trades (June 8 – 12):

Currently holding $BLDP and $CPBY.  Both flat right now.  The following trades were closed last week and as you can tell, life was good. The only losing trades were from OCNF and ACUS.

$AXL: 12.8% gain

$ICO: 2.3% gain

$ARNA: 8% gain

$CEGE: 6% gain

$URRE: 9.5% gain

$LJPC: 3.3% gain

$SOLR: 6% gain

$CAEI: 7% gain

$VRNM: 4% gain

$ACUS: 6% loss

$OCNF: 5% loss

Tags: ACUS, ARNA, AXL, CAEI, CEGE, ICO, LJPC, OCNF, SOLR, URRE

Portfolio Update

Today was definitely a good day for sitting in front of the computer and scalping.  The market offered numerous opportunities for those with great timing – unfortunately, I didn’t have a lot of time (damn that day job).

What happened in my wallet:

• I sold the second 1/2 of my position in AXL – this was a great trade pocketing me just under 13% in total.
• I scalped ICO for 2.3%.  Blah.. I know, not that exciting, but it all adds up.
• I scalped ARNA for 8% gain – left a lot on the table, but not bad considering how much time I spent away from the computer..
• I scalped CEGE for 6.5% gain.

What didn’t go so well:

• Still holding (what’s wrong me with) OCNF – currently down 4.5%
• Still holding ACUS – down 8%
• Still holding LJPC – flat

There is a good chance I will not hold these three by this time tomorrow.  ACUS caught me by surprise.  I was doing fine and then the bottom fell out in the early afternoon.

Overall, I can’t complain.  I pocketed great returns today… now I just need to be smart tomorrow with the 3 positions I’m sleeping with.

Tags: ACUS, ARNA, AXL, CEGE, ICO, LJPC, OCNF

I’m Back

© www.mcawilliams.com

I took a few days off from the wonderful world of trading to finish up a few projects around the house and just relax.

Now that many of the to-dos  are in my rear-view mirror, it’s time to, cautiously, put one or two toes back in the day-trading pool.

I currently own CPE, long, (bought on MA20 last week) and sold a lot of positions last week for great profits – ICO, HERO, and more.

Watch List Clean Up:

WOW. I really wish I would have played more from this list – especially Friday.  Good grief – the breakouts were numerous.

• PMI - 50MA bounce – as hoped.
• ICO – kaboom
• CENX – double kaboom.
• AES – strong moves Thursday and Friday
• PCX - wow. Where was I all week?
• ARNA experienced massive moves Wed/Thursday. Beautiful day trades.
• ALD – KABOOOOOM  thank you ma’am.
• BEE still interesting.
• ACAS – I feel ill with all of these winners off of the watch list.
• NOVL – still interesting. MA20/MA50 about to collide with triangle.  Looks more like a short than a long.
• MWA – yet, another.
• IM - go go go

Ok, that was painful.  I missed out on so many opportunities that were right there in front of me.  Oh, well – time to look forward – the Watch List is cleaned up and ready for new additions (next post).

Tags: ACAS, AES, ALD, ARNA, BEE, CENX, CPE, HERO, ICO, IM, MWA, NOVL, PCX, PMI

What a Great Day!

Man, oh, man… the Watch List had a big day and continues to perform.  However, just because I post a list of stocks that I’m watching, doesn’t mean that I’ll take a position.  Instead, I like to watch the action of each and then try to pick a few that breakout.  For the stocks I do jump in, I immediately set a stop below the previous resistance/setup.  As it moves up, I raise my stop or set a trailing stop. I try to avoid as much risk as possible…

Watch List Thoughts:

ICO – good day, but not a breakout. I have a position  at $1.94 with a crazy tight stop. I’m hoping for a move on Monday to follow the great move in PCX (also on my watch list)

PLD – looks like MA20 might be the new support.  I might buy and hold for swing with eye on MA20 support.

AES - I’m really interested in a possible swing trade through trendline resistance.

PCX – nice move through horizontal resistance with volume. May have more upside.

FIG – removing FIG from Watch List after major breakout.  There may be more upside, but I’m not looking for entry right now.

GNCMA – still doing the rain dance for a $7.50 breakout.

GLD – yes, GLD moved up today as I hoped, but where is the volume.  CDE or HL was the way to go for a quick scalp.

DIG – watching at $25 horizontal resistance.

ALD – hitting against the top of an ascending triangle – might go long above.

BEE – I’m starting to really like BEE. Accumulation volume and seeing a lot of support on MA50.  Might see an MA20/50 crossover Monday.

LJPC - I’m giving up on this one, for now. I’ll watch from a distance.

NEXM – still strong

MPEL – great move today. Check out the volume accumulation.

BC – BBBBBBBBBBBBBBBBBBBBOOOOOOOOOOOOOOOOOOOMMMMMMMMM.  My play of the day.  Moved well through horizontal support and never looked back.

ALTU - KAAAAAAAAABOOOOOOOM.

Tags: AES, ALD, ALTU, BC, BEE, DIG, FIG, GLD, GNCMA, ICO, LJPC, MPEL, NEXM, PCX, PLD