Trade of the Day - Baidu.com Inc. NASDAQ (BIDU)

As per last night's watch list, BIDU is one of only a handful of good looking long setups left on the NASDAQ which meets my liquidity requirements. I set a buy stop order 10 cents above Friday's high and I was filled on the open. I took a 50% profit as price approached resistance in the $91.00 area and I closed the position as price approached $93.00. I didn't want to be greedy and hold out for a test of $94.00 with the markets in such a weak state.

The inspiration for putting BIDU back on my watch list came from reading other blogs namely: highchartpatterns and downtowntrader as well as running a few scans. You know that things are very bearish when your bullish scans only generate two or three names. The NASDAQ market as well as the balance of my watch list were pretty much range bound.