Today was a great day for day trading as there were some decent setup ups to play despite that whip saw environment we witnessed. I went 3 for 4 making some solid gains in STEI, MER and UAUA that were alerted to BLACK SERVICE members in Live Chat as well as real time Email ALerts

Day Trading #1 - STEI

I was following large gap downs on JASO, SOLF, DRYS, and STEI hot out of the gates in the AM but all of them moved to quickly for me to make a sound entry and were risky due to the volatility. STEI was the largest gap down and was moving the slowest so seemed to be the safest and most reliable play if there was a breakout to the upside. As all the other stocks i was watching blew up STEI starting breaking to the upside on the 3rd 5 min candle. Its safest to wait for the 3 or 4th candle to make a gap entry as i detailed in the previous post below which is the 15 minute rule. I alerted Black Service members to go long at 5.29. I exited the position when price began to slow near the 9ema resistance at 5.74

Technical Analysis :

Day Trading #2 - MER

MER was another great trade. I was only able to alert this stock via Live chat as it moved fast and i was glued to the computer screen watching it, didn’t have time to send an email. I entered at 17.14 as price was sitting on heavy support of the 13,9, and 50 ema and was on the verge of a triangle breakout. I exited at 17.97 near $18 resistance. Whole #’s serve as great exit and entry points, especially in stocks below $10.

Technical Analysis :

Day Trading #3 - UAUA

UAUA still has potential to complete the breakout i was hoping for tomorrow but i expect we will see selling accross the market since the short ban on financials will be lifted, i could be wrong though. If price breaks out above 5.58 this could easily head near the next resistance levels around 6 - 6.25. a breakdown below 5.25 and a short could be profitable here down to 4.50 - 5.

Technical Analysis :

FNM was the only failed trade of the day. Went long at 1.17 and out at 1.14 for a very small loss.

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Apple announced today the release of there new line of ipods today with several new updates to the Models. The new Nano is the thinest ipod to date and they switched back to the longer rectangle shape instead of the latest small square shape which i thought was pretty cool for the Nano in my opinion. And prices are fairly reasonable for the new Nanos as well with the new 8gb for just $150. I still have my 1gb nano that i paid $200 for when apple first released the slim nano model a few years ago haha. Funny how much changes in a few years with technology and prices…. Also another new feature with Itunes 8 is a really cool feature that actually was already featured in the napster software that i just ended my year long sub for cuz i had it for free But Apple calls it genius, click the buttom and it will create a playlist of all similar songs and artists on your ipod and in itunes. This was a great feature for me when listening to music on my napster desktop software. Just find one song you like, click the mix button and it would stream a lot of cool songs for as long as you wanted. Of course napster sucks because you can’t put the songs on your ipod…..

But how about AAPL’s stock? It tanked today around 4% on the news yet you can’t really blame the news when the DOW stumbles 280 points basically taking all of Mondays FRE and FNM bailout  recovery gains… This market is so retarded…. But anyways Looking at AAPL stock chart price is sitting right on heavy support in the $150/share area so this could be a promising support area to play a short term bounce in this stock. Of course keep your stops tight and wait for signs of stability/reversal.

Technical Analysis:

Stock Futures are up big time on news of the government bailout for fannie mae and freddie mac, the big wig mortgage lenders. Currently the Dow Futures are up 249 points or 2.33% which is looking to post us some large gains for our current stock positions.

Although its unfortunate for those who were holding long on FNM and FRE over the weekend as they dropped 20% Ah friday and are showing BID/ASK prices of 1.51/1.70 for Monday . Of course the question now is whether or not this is a good investment opportunity? Listening to Buffet on CNBC responding to the news stated that this was the best move possible to save FRE/FNM yet wouldn’t consider investing in these stocks and there “Blown Away” . Yet obviously, i don’t care about investing, only short term trading and i believe this move will definitely give us some strong day trading opportunities as we’re going to see big moves with these stocks on tons of liquidity. 

On a positive note financial stocks are looking to open very strong this morning, good thing we bought 3 new financial stocks on Friday To Recieve real time buy alerts for all of our stock picks sign up for a FREE TRIAL TO BLACK SERVICE!