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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Its looking grim for LEH holders as the stock has slid 85% in early trading on the Frankfurt exchange as well as most US bank shares eating it between 7.5% and 17%. It sucks for those who were trying to bet on these companies hoping for a bottom and losing mucho dinero! For example this guy is hating life today lol and just threw away $15k. I’m sure there are plenty more of him out there that are losing way more than $15k throughout this financial market mess. I was curious to see how the market was going to react to the Bank of America and Merril lynch buyout news and MER is actually up 30% as they seem to be in the clear with big poppa BAC to have there back now, yet Bank of America shares are sliding over 12% on the FSE currently. Just a glimpse of what we should expect to see Monday in the US markets. Ok i’m off to bed now. C ya’ll in the Morning .