Gap Fade: Monday 04/24/2006

[eliteG]

Good morning 

Lets see where the futures are pointing:

"08:31 am : S&P futures vs fair value: -1.6. Nasdaq futures vs fair value: -1.0.  Still shaping up to be a slightly lower start for the major averages. Meanwhile, Caterpillar (CAT) has handily topped analysts' forecasts and boosted its FY06 outlook, which has helped improve overall sentiment. Nonetheless, even though the absence of economic data places more emphasis on earnings, the Dow posting its biggest weekly advance (+1.9%) in nearly three months and hitting a six-year high last week is underpinning a cautious tone that a market correction could be looming."

Well thats the latest update so far from Yahoo.  With earnings coming out there should be plenty of great gaps to play.  Check out this link to see examples and learn what we are doing.    http://www.3stocksonfire.org/trading/index.php?topic=5148.0

The Gaps:

[eliteG]

BOBJ - triggers short @ 37.09.. stop @ high of day. 

[eliteG]

BOBJ - heading downtown 

[eliteG]

BOBJ can move quick.. be ready to cover around that gap fill.. a second entry might be possible around 37.. if we get that chance. 

[eliteG]

I got to add above 37.. hehe  .. like clockwork!

[eliteG]

Well my buy stop is @ 37.20.. hopefully BOBJ can head down b4.. if not thats a very reasonable(small) loss 

[eliteG]

I wanted to share a possible nice daytrade.

Just went long MDTL @ 28.70.

Same field as BLDP(fuel cell) and BLDP is a monster today.  I think MDTL will catch the fever.  I plan to sell before end of day.  Stop @ your comfort level 

[eliteG]

I wanted to share a possible nice daytrade.

Just went long MDTL @ 28.70.

Same field as BLDP(fuel cell) and BLDP is a monster today.  I think MDTL will catch the fever.  I plan to sell before end of day.  Stop @ your comfort level 

If MDTL can pick up some volume.. we can be in the 30's.  29.05 so far.    Anyone else pickup?

[joet]

Howdi G
thanx for the day trade idea, i did not get it in time but it was a good one for you.
I actually on the wrong side of this one with BLDP, shorted a few on Friday with the RSI at 89 and was doing OK until 9:45 this AM...  pain is a good lesson... will this sector defy the RSI gravity for a while longer?  When do you expect a pull back on BLDP?  ZENX is another sold my last today at 1.85 and it keeps it up...  have a good evening.  cheers joe

[eliteG]

Howdi G
thanx for the day trade idea, i did not get it in time but it was a good one for you.
I actually on the wrong side of this one with BLDP, shorted a few on Friday with the RSI at 89 and was doing OK until 9:45 this AM...  pain is a good lesson... will this sector defy the RSI gravity for a while longer?  When do you expect a pull back on BLDP?  ZENX is another sold my last today at 1.85 and it keeps it up...  have a good evening.  cheers joe

hey joet 

Thx that daytrade(MDTL) was awesome!    I will think about changing this section to daytrading plays period.. I know a bunch of us do it!

Yea this sector(fuel cells) will defy.. I have been looking for stocks to enter but they all seem a little extended(of course they continue to run anyway)

You cant follow the oscillators(RSI, Stochastic, William%R, CCI and the other variations) on a trend play.. they will show overbought for weeks while the stock continues to rise. 

Have a good evening too  .

[Loffigus]

Just my luck - I have been looking for a good daytrade all last week, and today was the one day I was not able to check this board! 

Keep em' coming, G!