Day Trading Research: Daily Research 6/16/08

Monday, June 16, 2008

Daily Research 6/16/08

Breakout Watches

Up

POT . . . . . 229.11 Target 253.20 confirmed
RIMM . . . .143.73 Target 159.20
TRA . . . . . .51.53 Target 58.23 confirmed
JRCC . . . . . 49.34 Target 62.30 confirmed High Volume Alert

Round Trip Watches

PCU call/put
GS call/put earnings 6/17/08 before market open
RIMM call/put earnings released in June
QQQQ call
TRA call
FWLT call double top busted
AAPL call
POT call

Possible Chart Patterns Forming

This newly added section is for possible patterns that I see while looking at the charts each day. Since I have not studied all of these formations, they could be misidentified. As time permits I will be using them as case studies as I am doing with FWLT and AAPL for learning the double top using Encyclopedia of Chart Patterns.

POT: 3 rising valley
FWLT: busted double top
SOLF: scallops ascending?
GOOG: symmetrical triangle
RIMM: busted double top?
V: symmetrical triangle
TRA: break up from symmetrical triangle
ENER: forming 3 rising valley?
HTE: break up from symmetrical triangle
NOC: scallops descending
JASO: double top reversing?
QQQQ: busted double top?
AUY: down trending channel
GOT: descending triangle
AAPL: failed double top
ABK: Bump and run reversal bottoms.

CLICK ON IMAGE TO ENLARGE

Always perform your own due diligence before making any investment.

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About the Daily Scans

At the end of each trading day Monday through Thursday I have some set research that I do. Starting today, I have decided to scan this research into my computer and add it to this blog. There are several columns on the table that I fill out.

First is the TICKER symbol. I have a some set stocks that I research whether I am currently holding a position or not. I will update the list of these tickers (found on the side of this blog) monthly if any additions are deletions are made. In addition I research all of my current holdings, and some days may add stocks ideas that I have picked up from various places. In other words, just because a ticker is showing on the list, does not mean that I currently hold a position.

The next column is CLOSING. This column lists the closing price for each ticker. It is shown in GREEN if it closed up for the day, and RED if it closed down for the day.

The next column is labeled AH, for after hours. This column is also color coded. The amount listed is the amount of the change since the market close, and may include an arrow pointing up or down.

The next column, Chart/SS is mainly a check list. Most often you will see a check mark or arrow first (though sometimes there will be a brief note). A check mark notes that I have checked the chart, and the 10 day moving average is above the 50 day moving average. A downward arrow denotes a chart where the 10 day moving average is below the 50 day moving average. The SS stands for Short Squeeze. If there is no number, then there is no squeeze rating listed for the stock. If there is a number, the higher the number the more likely that a "short squeeze" will occur running the stock up as shorts chase the price to cover. If the number is proceeded by a - then it is a negative number, and the stock could see continued downward pressure.

AM BULLS column is for the Current rank of the stock at americanbulls.com. Again these are color coded, GREEN for Confirmed Buys (BUY) or Buy ifs, RED for Confirmed Sells (SELL) or Sell ifs, and BLUE for Hold or Wait. If a stock is a recent IPO, there will not be an American Bulls rating.

The next 4 columns are the ones that I use the most. The come form stockconsultant.com and list support and resistance levels. I have 3 levels listed, the middle one is the one that is closest to the stock price (usually resistance, but some times support). The first is the next support level and the third is the next resistance level. Above the diagonal line is the price of the support / resistance. Below the line is the type and strength of the support/resistance.

Type: Number of times a stock has stopped at a resistance/support area, the more times the stronger the area.

Strength: Amount of volume occurring at resistance/support areas, the higher the more significant the area.

The last column, BO is for Break Outs. When there is no break out, this column is X'd out, and the support/resistance levels are listed in BLUE. If there is a Break Out, then the support and resistance levels are listed in ORANGE. In the breakout column you will find a W above the diagonal if it is a "watch" with the break out watch price listed below the line. There will be a C above the line if the break out has been confirmed. If there is an arrow pointing down next to the W or C, it signifies a breakdown. Otherwise, the price is breaking upwards.

I have as many as 25 stocks that I research on a daily basis. I spend a minimum of 10 hours a week (usually more) compiling data for day trading. Feel free to use this data for your own trading. If you find that it is helpful to you, please click the Donate button on the right side of the blog to help defray subscription costs involved in gathering this information together. 10% of all proceeds will be donated to JDRF.

The research provided on this blog does not guarantee a profit. Trade at your own risk, and good luck!

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Monday, June 16, 2008

Daily Research 6/16/08

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Investement can be risky

About the Daily Scans