The NASDAQ gapped up and traded in a fairly narrow range on higher volume probably due to some month-end window dressing. Tomorrow we have an abundance of economic data which will be a key driver to the trading session. However, just a feeling and feelings need to be confirmed, but today's session felt choppy and shaky. The daily chart looks like it might be setting up for a bearish island reversal ( AAPL chart as well).Economic Calendar: Nonfarm payrolls, Unemployment rate, Hourly wages, Avg. work week, Personal income/spending, and Core PCE inflation at 8:30; ISM index and Michigan Sentiment at 10:00.
After Hours Summary: DELL up 5.5% on earnings/outlook
Companies moving in after hours trading in reaction to earnings: Trading Up: DELL +5.5%; JCG +4.3%; PLL +2.4%; WIND +1.3%; HRS +1.2%; ESL +1.1%; OVTI +1.1%... Trading Down: AFCE -6.0%; GAIN -3.2%; NCS -2.2%; ATVI -1.4%; BRCD -1.2%; HOV -1.0%...
Companies moving in reaction to news: Trading Up: ANTP +32.4% (products corporation awarded contract); ISTA +13.1% (announces positive preliminary results from ecabet sodium phase IIb study); DXCM +6.0% (receives FDA approval for its 7-day STS Continuous Glucose Monitoring System)... Trading Down: DDSS -44.5% (receives second approvable letter from FDA for once-daily Tramadol); CRAI -16.8% (prelim Q2 revs below consensus, and EPS below consensus; co lowers FY07 guidance); BLUD -8.3% (sees FY08 $0.92-0.96 vs $1.03 Reuters consensus; sees revs $249-257 mln vs $259.98 mln Reuters consensus; CFO to resign for family reasons); WRE -1.6% (announces public offering of 1.6 mln common shares); FRX -1.4% (Topline results of Phase III study in acute ischemic stroke do not demonstrate difference between Desmoteplase and placebo); CTRN -1.3% (announces offering by stockholders of approx 2 mln shares).
2 comments:
Hi Jamie, Really enjoy reading your blog. Because of you, I have become a much better day trader. Thank You!.
I have a few questions: Do you use market orders or stop market orders? Also, any thoughts on Limit orders? Do you actively use them?. Any suggestions?
I find with market orders, prices always run-away from my pivot point and I often refuse to chase the stock, thereby missing the trade.
With stop market orders I worry the market makers will see my open order, fill me, as I watch prices reverse. Thanks again, and keep up the teriffic job you are doing for all of us.
Thanks Anon, Appreciate the feedback!
For base and break setups, I use buy stop orders, 2 ticks above the base. I rarely get a bad fill, its usually within 1-3 cents of my buy price.
For stocks with a wider spread, I sometimes use the buy stop limit orders. Once in a while price goes right through my order and I have to wait for a pullback. When that happens, I cancel the order and place a simple limit order.
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