This type of market is not for the swing trades. To participate in this market you must lower your timeframe, and look at it on a micro basis. All about cash flow at this point. I made money both long ($YHOO) and short ($SPY) today, and both sold at the end of the day. It is all about taking trades, and getting out as this choppiness continues. We need to break up, or down out of this channel with some strength before we make any major calls. I will continue to just take some trades (most of them to the short side for momentum) and then just sit.
The catch play – which I will cover this weeekend in detail – seems to be working well on the smaller timeframes. It is fast moving, and full of momentum. See the StockTwits photo of it I posted yesterday on my StockTwits page (@BenCBanks)
GMCR showed relative strength today, something to keep in mind as it is has held up well the past couple of days.
KRFT broke out and then traded well off the highs. Something to keep on the watchlist for if we get back in motion to the upside, this one will likely fly.
YHOO tried to go this morning, and had some strong volume support it but overall, it was not good and appears to just need some more time.
FB had an end of the day pop on HUGE volume. Something to be looking at tomorrow for a potential trade through today’s highs.
TSO broke out again today. Hard to chase now, but the trend is strong.
CELG had a clean breakout today but traded off the highs. It was with volume but I think you need to take this chart with a “grain of salt” as the indexes are not looking ready yet.
N tried to go today and did not quite make it. Keep an eye on it for when we get back in motion.
As always, feel free to contact me via Twitter/Stocktwits (@BenCBanks) or Email (Contact Page).
My charts I did today (mostly intraday stuff today as we need to lower our timeframe) –