9/7/2011 Stock Watchlist/ Gameplan | Bulls on Wall Street

9/7/2011 Stock Watchlist/ Gameplan

Morning folks. Market looking like a gap up today in continuation of yesterdays reversal. Looked like yesterday after big gap down we might start touching down to the bottom of the range we been in around spx 1120. But right near the open we touched down on heavy support at 1140 and the buying took over. After that it was pretty much a trend day except for about an hour later in the day where we got rejected by resistance tooka dip then attacked the spot again and broke through. The buying was steady pretty much all day and we closed it with a good thrust. Overall tricky day for me as didnt see well what was happening and loading up on some shorts as the market was tanking and then the market started to base and show strength….. and my longs i got shook out of on the 1 hour dip before we ran into the close in which they all rocketed minutes after i got stopped out. just one of those days and the first day in almost a month i can remember taking losses eek! i guess it happens ( i hope not often) . Today is will be interesting as we have a gap up. As you guys know i love big gap downs but gap ups are very tricky days as many of the stocks we trade will probably pop 5-6% at the open. We cant chase those but let things settle and wait for setups intraday. In terms of the market its very important we dont not fade this gap if you are a bull as that will immediately trigger the sell programs to kick this market into fade mode then back to yesterdays low we go. Overall still a bit tricky to hold more then 1-2 swings overnight so be careful and trade fast as we get reversals all the time

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