Boom Boom stocks 4/12/2011

Morning folks futures so far gapping down slightly .5% or so. OIL up slightly at the moment along with silver (slv) gapping up .8%. GOLD (gld) flat at the moment.

Market is continuing to stall out and reverse on any sight of green. I sold out of a good chunk of my longer swings around lunchtime yesterday as it was pretty obvious we were gonna reverse again. We had another opening gap reversal. I believe that is 5 opening gap reversals we have had. Opening gap reversals are much like a nagging girlfriend who is simultaneously putting on weight. It can suck the life out of the market and the market participants as everyone knows that whatever stock they buy in the morning is gonna get faded. Still having some small distribution signals here from the indexes. We had a huge dump in oil with a ton of profit taking in an assortment of names in the sector. Its best to be slightly defensive at the moment as normally we get that “short term oversold” bounce normally after a few down days. We havent gotten that yet which gives me an inkling we pullback to 50dma or so…. Im keeping about 50% cash on hands till we pullback a bit further which will set us up for a nice bounce. These are times to protect your capital foremost. If your having trouble navigating the market the last 2 weeks best to just chill and trade small. I myself have to remind myself that everyday as im a classic overtrader and convince myself that every market is an easy market but ive def noticed a bit more grind grind type of trading last few days.

here are some stocks im watching from long and short side

check the longerterm chart of acad

lot of biotechs showed up on scan which is actually good… they tend to not care what the market does so if there is a bio run then its coming at the right time..

oh yeah this gap down is actually good! its good to break patterns and i was getting tired of gap ups then fades.. gap downs give much better tradign opportunities then gap up days.



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