The trade of the Day was
RELV. Thanks to DT for highlighting this name on the
Downtown Trader blog yesterday. This stock is not liquid so patience pays off.
The SMH had a very high trade count in pre-market, so I took this
BRCM trade on the open with no intention of holding beyond 15-20 minutes. It worked out perfectly as you can see from the chart. I learned this the hard way. Unless the gap up is a story or momentum stock or the market has a strong trend, these gap plays are usually very short in duration and often have sharp pullbacks as BRCM did this morning. Lesson learned - sell into stength. You can always get back in if there is a shallow, low volume pullback.
AVII was a quick, late day scalp on a break of a consolidation triangle. It closed on strength so it will be on my watch list tomorrow morning. I had a great trade with this name on Friday and after two consolidation days, it may be ready to pop again.
The trade of the Day was RELV. Thanks to DT for highlighting this name on the Downtown Trader blog yesterday. This stock is not liquid so patience pays off.
The SMH had a very high trade count in pre-market, so I took this BRCM trade on the open with no intention of holding beyond 15-20 minutes. It worked out perfectly as you can see from the chart. I learned this the hard way. Unless the gap up is a story or momentum stock or the market has a strong trend, these gap plays are usually very short in duration and often have sharp pullbacks as BRCM did this morning. Lesson learned - sell into stength. You can always get back in if there is a shallow, low volume pullback.
AVII was a quick, late day scalp on a break of a consolidation triangle. It closed on strength so it will be on my watch list tomorrow morning. I had a great trade with this name on Friday and after two consolidation days, it may be ready to pop again.
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