This was another near perfect setup for a shorting opportunity. My favorite short setup plays are huge rallys that halt near a strong resistance area. Its a pretty reliable pattern to trade with. Its very similar to the last few short day trades that i made on MFN and MVG detailed here.

Todays successful day trade was a short position on RZ which i alerted to Black Service members last night about the potential in this setup. RZ began falling as soon as the market open as i expected it would due to the fact futures were weak over night. Went short at 7.98 once it started breaking wednesdays low, we saw RZ fall as far as 11% today but i got a little greedy like we all do sometimes and was hoping to see the stock rebound and then fall again once it hit 13ema resistance on the 10minute chart. Once it became clear this wasn’t happening alerted black service members i covered at 7.69 for a nice 3.6% day trade gain.

Technical Analysis:

Looking into tomorrow its going to be a very interesting day. Not gonna reccomend anything for tomorrow cuz who knows what the hell is gonna happen. Its hard to say if the markets will even rally if the bill gets passed being that there is so much negative sentiment against the bill. In any regards, lets hope we get this bill passed and the market stabilizes so we can start making some serious money!

Lets get past all this monkey business eh? Washington needs to get out of Wall St!

Thursday was a decent trading session going 3 for 3 with my trade recommendations for our Black Service members which you can sign up for a FREE 2 Week Trial Here and have lead to an over 100% return already in 2008 for our stock picks!

Day Trade #1

MVG I went short near the open at 8.80 after alerting our black service members the night before of the potential trade setup up detailed here . Price began to slide right out of the gate early in the morning following that previous day bearish shooting star candle near heavy resistance indicating the likelyhood of a top reversal. We witnessed price drop near $8/share, made a small bounce and then began to trend higher. I covered at 8.23 as 13ema support began to hold and price appeared to be heading higher.

Technical Analysis:

Day Trade #2

MVG was a very similar set up playing a bearish shooting star candle off of a heavy resistance level. I went short early in the morning at 6.65 and eventually covered once price appeared to be making a reversal and exited with an average position of 6.37 for a nice 4.21% quick trade. MVG and MFN both fell sharply again in Fridays session but with the instability in the markets and the possibility of getting a bill passed by congress for the bailout it was risky business to be holding anything over night.

Technical Analysis:

Day Trade #3

QCOR was also another great looking setup for a day trade as price broke out from the 6.80 resistance mark. I Was hoping for a larger intraday swing but price was too slow and i sold very a minimal gain. Went long at 7.03 and closed the position at 7.05 before the close.