Category Archives: stocks for March

Market Watch and Stocks to Focus for Tuesday – April 07, 2009

Monday’s Market Recap:  Stocks started the week in red on bearish analyst comments and break down in talks on $7 billion takeover offer by IBM for Sun Micro (JAVA).  

Influential banking analyst, and a known banking sector “bear”, Mike Mayo of Calyon Securities cursed the banking sector, slapping an “underweight” rating.  In his report “Seven Deadly Sins of Banking”, he indicated that the banks would suffer more losses despite the intervention by the federal government. Mayo advised investors to minimize exposure to banks in their portfolio. Similar sentiment was expressed by another ‘bear’ side analyst, Peter Winter of BMO Capital whose concerns were the increasing deterioration in commercial real estate and commercial and industrial loans. On the other hand, another veteran analyst, Dick Bove had a different point of view on Bank of America and the economy.  Bove said in a note to investors that the “economy has turned the corner” and the BAC stock price will ultimately “return to its all-time highs”.  

Adding to the sour note was a downgrade of CSCO by a Goldman Sachs analyst who cut the rating to “neutral” from “buy”.   CSCO dropped 3.5%. 

Markets were able to recoup some losses in the last hour before close.  Shares of defense contractors – NOC, GD, BA, and LMT rose on the heel of announcement by Defence secretary, Mr. Gates of revamped defence budget.  Shares of Ford (F)added 16% after the automaker successfully reduced it’s debt load by 39% or $9.9 billion.  Also, in an interview with CNBC’s Maria Bartiromo, the analyst and the banking sector nemesis – Ms. Meredith Whitney  appeared “less bearish” on banking sector.  She thought the evaluations would go higher because of recent action by FASB (mark to market relaxation), fed support, and cheep credit. This is some great news for banking stocks!!

By close, the Dow gave up 42 points or 0.5%, to close at 7976, and the S&P 500 lost 7 points or 0.8%, to 835. The Nasdaq shed 15 points or 0.9%, to 1607.  The volumes were however low.  

Crude fell $1.46 to settle at $51.05 a barrel, and gold dropped $24.50 to $872.80 an ounce.  The dollar was slightly stronger against the yen and somewhat weaker against the euro and pound.

TaurusTrader swing portfolio had a decent day.  No position was stopped out.  AMR is finally showing some life, and was up over 10%.  Two new positions suggested yesterday, were added – OMTR and CMED.  Two other recommendations, RRC and BCE, are yet to hit target entry price, hence were not bought.

By the end of the day, the TaurusTrader swing portfolio had 13 positions in – WNR, AGU, AMR, FCN, HON, HSP, WDC, TNA, EXP, FMX, WFC, CMED, and OMTR.

Stocks to Focus for Tuesday, April 7:  The market is on edge about the coming parade of first-quarter results.  The earning season kicks off Tuesday with the Dow component Alcoa (AA), ag fertilizer giant MOS, and the home goods retailer BBBY.  Worse-than-expected reports could easily upset the market’s mammoth recent advance. 

Jittery market is also awaiting for clarity on the proposed private-public partnership program to buy toxic assets from banks, and the results from the  “stress test” of major banks.  Also, important on the horizon is the ruling from SEC on the up-tick rule for shorting stocks.

This is short week for trading as the markets will be closed on Friday for observing Good Friday.  So, greater volatility is expected.

I do not have any fresh picks for TaurusTrader swing portfolio for tomorrow.  I’ll follow my positions closely with suggested stops.

BLUD reported a better than expected earning after the markets closed on Monday.  BLUD  beat the street by 5 cents, and also guided modestly above the expected upper range of, $0.97 to 1.02.  If interested, I would suggest buying BLUD above $25.50 and sell it just under 27.00, either as a day trade or overnite swing trade.

As I cautioned in my blog yesterday, if you have gold or gold mining stocks, please watch carefully.  GLD closed just below the important support of 200 day MA. 

Other sectors of interest for tomorrow’s trading are – technology, ag and fertilizer, and financial.

As usual, if there are questions or comments, please do post.

Have a great day ….

Best regards,

TaurusTrader

http://www.taurustrader.wordpress.com

 

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Stocks to Watch for Friday April 3, 2009

Thursday’s market recap: Another great day!  Even though it could not hold on to it  at close,  Dow breached 8000 mark for the first time since Febrauary 9.  Nasdaq is now positive for the year!  S&P somehow managed to hold above the critical 833 support level.

The Dow gained 216 or 2.8%, to close at 7978.  It had earlier gained as much as 314 points.  The S&P index gained 23 points or 2.9%, to end the day at 834. The Nasdaq rose 51 points or 3.3%  to close at 1603.

Crude rose $4.25 to settle at $52.64 a barrel, while gold fell $18.80 to $908.90 an ounce.

Traders were in buying mood.   Markets opened up nicely in the morning despite some negative data on jobless claims.  There were again small doses of good data that helped.  Banking sector had a some relief with FASB’s decision to relax mark to market rule on toxic assets.  Markets also liked the news coming out of G-20 meeting in London of heads of states.  G-20 leaders decided to fund IMF over $1 trillion to help troubled nations around the world, and also agreed to formulate stricter global regulation of financial institutions.  ECB lowered interest rate by 0.25%, to bring the rate down to 1.25%.  Factory orders posted a larger increase in February.  This news came on the heels of yesterday’s better than expected data on pending home sales, manufacturing activity and auto sales.

TaurusTrader’s swing portfolio had a nice day.  All 4 of yesterday’s picks – EXP, WDC, HSP, and TNA, were bought, and had decent  gains.

Focus list for Friday, April 3: There are signs to support that this rally may have more ‘juice’ left in the tank to run.  As I said in my earlier posts, small doses of good news have started coming in indicating that this recession has started to recede.  Benefits from innovative plans, at least some, put forth by the new administration appear to slowly seeping in to the economy.   CNBC’s Bob Pisani observed that mutual funds are getting back to the market to scoop up stocks.   Commodity prices are going up.  Copper just made a new 5-month high.  Copper is a good indicator of economic growth.  Similarly the transportation index, which went on a tear today!   I also expect that the Banking stocks to continue their momentum following the boost they got from Thursday’s favorable mark to market ruling by FASB.  RIMM reported exceptional quarter after Thursday’s close, and was up over 20% in aftermarket hours.  Folks, these are some good signs ….

However, we can’t let our guard down.   The optimism could be easily crushed if tomorrow’s jobs report surprise us with lousier than lousy expected data.  Economists predict  a loss of 654 K jobs in March, and unemployment rate  to rise to 8.5%,  from 8.1%  in February.

TaurusTrader swing portfolio picks for tomorrow, Friday April 3 are:

  1. FMX – Buy above $27.08, stop at $24.90, target $30.60
  2. BCE – Buy above $21.77, stop at $19.90, target $24.50
  3. WFC – Buy above $16.26, stop at $14.90, target $19.00

There are no day trade picks for Friday.

Please follow all trades with protective stops. The markets  may be kind to you,  but  it can turn against you any time unexpectedly!

Good luck trading.

TaurusTrader

http://www.taurustrader.wordpress.com

BMC and BX sold for profit … RY, TCK, MBT up big …

In TaurusTrader swing portfolio, BMC has reached its profit target @ $32.00 thos morning netting 8.6% profit.  TaurusTrader bought BMC for $29.46 on 2/24/2009.

BX also hit our profit target of $7.50 for a net of 18.9%.  TaurusTrader added BX to swing portfolio on 3/16/2009 for $6.31. …. Great!

All positions are up nicely this morning, and the most notable ones are RY ($30.00), TCK ($5.20), MBT ($30.90) and RIO ($14.65)   ….

FAS, MS, WFC are also trading well from our day trade picks ….

Hope you are having a nice day too …

TaurusTrader

The Week Ahead – March 23 – 27, 2009

Weekly Recap (March 16 – 20, 2009):  Even though markets sputtered to a whimper toward the end of the week, major indices gained for two weeks in a row which hadn’t happened in a while.  For the week, Dow eked out a 0.8% gain to close at 7278, where as, S&P and Nasdaq gained a modest 1.6% and 1.8%, respectively.  S&P made a strong attempt to break 800 point barrier and the 50 day MA, but did not succeed and closed at 769.  Similarly, Nasdaq also mounted a valiant crack at 1500 and the 50 day MA, but unable to hold either and closed at 1457.  The 50 day MA is serving as a major overhead resistance for all three indices. 

Concern about massive deficit from excessive spending to tackle the financial crises and to prop up the economy by the new administration appeared to hurt the market sentiments.  Inflationary worries dragged the dollar lower against major currencies.  Commodities mounted a huge rally with CRB index gaining over 7.1% for the week.  Crude oil gained 10.7% and vaulted to $52.07 at the closing on Friday’s trading.  Gold gained 2.4% ($952.3 per oz) as traders bought gold as a hedge against anticipatory inflationary pressure.

TaurusTrader swing portfolio had a mixed week.  WFC achieved the target and was closed for a nice 15% profit in 3 days.  None were stopped out, but a couple of stocks came very close to being stopped out.  At the end of the week, the swing portfolio was long in 13 positions, out of which 9 had unrealized gains (TCK, RY, MBT, BX, MDR, CPRT, WDCDV, BMC and WSM)  and 4 had some losses (WNR, AGU, AMR and FCN). 

CPRT, MBT, RY and BMC came within just a few cents of reaching the profit target before retracing …. ouch!!

Week Ahead, March 23 -27, 2009:  It will be a very crucial week for the markets.  Actions coming out of Washington will greatly influence the market direction.  There’s a big struggle going on between Wall-street and Washington.  Unless this struggle is resolved, and mutual trust restored, the choppiness of the market will continue.  As individual traders, we can’t influence either, and it is frustrating.  But, what we can do is be vigilant and very reactive (not proactive) with out trades.

Treasury will be laying out its private-public partnership program to rescue the financial markets tomorrow (Monday) morning.  This announcement will dictate the market direction at least for all of next week.  It is hard to predict how the markets will react, but the anticipation is high.  As I write this blog past midnight , the Asian markets are up in anticipation of a positive proposal by Tim Geithner.

On the earnings front, just 58 companies are scheduled to report this week.  Some important reports that I would be watching are:

  • Monday:  FMCN, PVH, SONC, TIF, and WAG
  • Tuesday: CCL, CMC, JBL, MKC, WSM (TautusTrader is long WSM)
  • Wednesday: CTRN, CKR, PAYX, and SAI
  • Thursday: ACN, BBY, DPS, ERJ, FINL, GME, LEN, and UTIW

For details on earnings calendar, please visit:  http://www.zacks.com/commentary/10374/Earnings+Preview+for+Mar+23+-+27

 Economic Calendar:  Following economic news might have impact on the markets –

  • Monday: 10:00 a.m. Feb Existing Home Sales: Expected: -0.2%. Previous: -5.3%.
  • Tuesday:   1) 7:45 a.m. ICSC Chain Store Sales Index For Mar 21: Previous: -0.1%. 8:55 a.m.;  2) Redbook Retail Sales Index For Mar 21: Previous: unch.;  3) 10:00 a.m. Mar Richmond Fed Mfg Survey: Previous: -51;  4) 4:30 p.m. API Oil Industry Report For Mar 20;  5) 5:00 p.m. ABC/Wash Post Consumer Conf For Mar 21: Previous: -47;  6) Ben Bernanke testifies.
  • Wednesday:  1) 7:00 a.m. Mortgage Applications Refinance Index: Previous: +29.6%.;  2) 8:30 a.m. Feb Durable Goods Orders: Expected: -1.6%. Previous: -5.2%;   3) 10:00 a.m. Feb New Home Sales: Expected: -3.6%. Previous: -10.2%;   4) 10:30 a.m. US Energy Dept Oil Inventories For Mar 20.
  • Thursday:  1) 8:30 a.m. Initial Jobless Claims For Mar 21 Week: Expected: +8K. Previous: -12K.; 2) 8:30 a.m. 4Q Final GDP: Expected: -6.7%. Previous: -6.2%;  3) 10:00 a.m. DJ-BTMU Business Barometer For Mar 14: Previous: +0.5%;  4) 10:30 a.m. EIA Natl Gas Inventories For Mar 20.
  • Friday:  1) 8:30 a.m. Feb Personal Income: Expected: -0.2%. Previous: +0.4%;  2) 8:30 a.m. Feb Personal Spending: Expected: +0.3%. Previous: +0.6;  3) 10:00 a.m. End-Mar Reuters/U Mich Sentiment Index: Expected: 57. Previous: 56.3. 

Picks for Monday, March 23:  Treasury’s announcement of financial rescue plan will have significant impact on the markets – finacials in particular.  Based on the news events before markets open, I may open some position in financial ETFs – FAS or FAZ.    Other than this, my picks for swing portfolio are:

  • HNT – buy above $15.75, Target $17.32, Stop $14.40
  • RIO – buy above $14.26, Target $16.20, Stop $13.65

Thre could be a lot of volatility assciated with financial stocks tomorrow.  I’ll be looking at the following for day trade opportunities:  FAS, FAZ, WFC, BAC, and MS. 

If there are questions or comments, please do post …..

Have a great week and happy trading.

TaurusTrader

http://www.taurustrader.wordpress.com

Stocks to Watch for Thursday, March 19, 2009

Wednesday’s Recap:  Helicopter Ben did it again.  Fed became the market maker!  As soon as the news came out that the feds would be injecting over one trillion dollars to bolster economy, all hell broke loose, and the stocks (mostly, the financial and housing) started flying!   The decision from the fed was more than expected, hence the markets reacted favorably. 

The Dow rose 90.88, or 1.2%, to 7,486.58. The Nasdaq gained 29.11, or 2%, to 1,491.22, while the S&P 500 added 16.23, or 2.1%, to 794.35.

The financials and home builders had a superb day.  TaurusTrader’s swing portfolio as well as day trade picks saw a great day too.

In the swing portfolio, WFC hit its target for a 15% gain in two days!  Except for FCN (which had a monstrous day yesterday!), all stocks in swing portfolio ended in green.  WMS was bought today at the target entry of $10.10.  TCK and AGU are yet to be filled as they did not hit their entry limit.  None were stopped out today! Other than BX and AMR, the remaining 9 positions in the portfolio have unrealized gains!.

It was a fantastic day for day trading.  I had multiple opportunities to trade for 4 to 10% profits with my picks – FAS, BAC, MS, TNA, and WFC.  As discussed before, I follow 10-min chart for my entry and exit points.

Focus list for Thursday, March 19:  Initial job less claims (est. 654K) data to be released prior to market open will probably affect how the markets open.  ORCL released an excellent earnings report after close Wednesday, which should help technology sector to some extent tomorrow.  I will trade with care as major indices are sitting very close to their 50 Day Moving Averages (please refer to my blog from yesterday).  I would not be willing commit any new monies until this resistance level is overcome emphatically.

As I mentioned in my blog – Stocks to Focus for Tuesday, March 17, 2009, I would keep looking at the following stocks, which I expect should go up in value, if the markets had to extend gains.

  • TCK  – Producer of copper and other metals
  • SBLK, DRYS – Dry bulk shippers.  SBLK reported good earnings after the markets closed on Monday.
  • ABFS, YRCW, CSX, GBX – Railway and trucking,
  •  AGU, SYT, MON, TITN, ADM – Ag seed, chemical,  fertilizer, and equipment companies
  • WNR, VLO – oil refiners

I also would be keeping a close eye on another small list of stocks from which I might pick one or two for TaurusTrader swing portfolio in the next few days.  All these stocks are showing excellent momentum, and have the potential to explode at the right situation for quick gains ! Just be patient with the stocks, let them make their move!

TNA, CE, HUM, MRK, JCP, AMX, IFF, COH, ESV, RRC, TWGP, SY, KLAC, and CXW

I expect the financial, technology,  and small cap stocks to trade in a wide range again on Thursday.   I’ll be concentrating on following stocks for quick day trade opportunities:

FAS, MS, WFC, BAC, MELI, TNA, WDC, and OMTR

If there are questions or comments, please do post …

Happy trading ….

TaurusTrader

http://www.taurustrader.wordpress,com

The Week Ahead, March 16 – 20, 2009.

Weekly Recap (March 9 – 13, 2009):  TaurusTrader’s prophecy to begin the week, ” ….  expect some bounce up for the markets this week ……. planning on exploiting any  ‘bounce ups’ as and when they happen …..”, did indeed come true.  It was not pretty to begin with on Monday, but Gosh, things changed in a hurry … when the rally started, it did not waste any time …. it just took off.  All major indices had substantial gains not seen in a while.  It was the kind of rally, no matter what you call – a bear market rally, reversal rally, short cover rally, Obama rally, anti-Obama rally, Bank CEOs rally, Stewart-Cramer rally, etc etc etc, that the TaurusTrader was waiting patiently, totally planned with right picks, and pounced on for profits! Please refer to my blog posts through out the week for details.  I hope you did well too.

For the week, Dow traded in 800 point range (6440 to 7243) to close at 7224 and gained an impressive 597 points or 9%.  S&P gained 10.7% or 73 points to close at 756.6 (range 673 to 758), a close above November 21 low of 741.  The tech heavy Nasdaq market gained 10.6% or 138 points for the week  closing at 1432 (range 1266 to 1434).

Major worries about the stability and viability of major banks were somewhat abated by upbeat statements by CEO’s Vikram Pandit of City, Jamie Dimon of JPM, and Ken Lewes of BAC – all indicated that their banks are lending and making profits!  Even though, the GE credit was downgraded by a notch to AA+, it did not hurt as the market was expecting even worse.  So, GE gained, instead of losing ground!  More importantly, the Obama administration has started talking ‘coherently’ and in unison about their plans for rescuing financial institutions and fixing economy.  Congressional hearing about modifications in mark to market accounting practice to deal with toxic assets on balance sheet of financial institutions, and SEC’s inclination to bring back the ‘uptick’ rule for shorting stocks, also added fuel to the rally. 

TaurusTrader’s swing portfolio had a fantastic week.  Five positions hit their profit targets within a short holding period of 1 to 5 days. 

  1. WFC bought on Marck 9, sold on March 10 for 29.2% gain
  2. BIGCC (BIG April 15 call), bought on March 6, sold on March 11 for 70% gain
  3. WDC, bought on March 10, sold on March 12 for 11.8% gain
  4. MS bought on March 10, sold on March 11 for 20.1% gain
  5. JOYG bought on March 10, and sold on March 11 for 8.3% gain

None of the positions stopped out this week.

Because of wide intra-day price swings, we had several reccurring  profitable day trade opportunities throughout the week with our day trade picks – MON, AGU, IPI, SYT, BAC, WFC, MS, HP, HPQ,  FAS and MELI.  I had mentioned several of those trades in my daily posts.

Week Ahead, March 16 – 20:  Please do not kid yourself.  No matter what you hear from experts on CNBC, we are still in a historic bear market.  Negativism still exists, and is likely to persist for a while about the health of our economy, viability of financial institutions, political squabbling, etc.  Even in bear market, we get some burst of enthusiasm and positive uptrend periodically, like the one we got last week.  It usually is very fast and very violent!  Now you see it, you feel it, but the very next moment it is gone heading in the other direction … even faster!!  So, as I said before, be patient and be prepared to exploit those kind of movements as and when they happen.

I expect the markets to swing widely based on ‘instant news’.  There’s a lot of scheduled events that could move the markets in a blink.  It would be interesting to see how the markets would react to the ‘weekend news events’  – Ben Bernanke’s appearance on 60 minutes, OPEC’s decision to hold the oil out put steady, meeting of G-20 finance ministers, and contradictory statements made by Obama’s honchos on the health of economy at their news media circus acts!  

I liked Ben Bernanke on 60 minutes.  Thought he was forthright and heading in the right direction.  He was emphatic in asserting that the recession could end in 2009, and no big banks would fail under his watch.  Of course, there were caveats – the ‘political will’, mostly the lack of it and how soon the finanacial system can be stabilized.  In all, no harm done with this highly anticipated event!

Tim Geithnet did OK at the G-20 meeting …. No harm done here either!

OPEC’s decision to not to cut production came as a surprise that might affect energy stocks at the open on Monday.  As I write this, the crude was down by over 4% in Asian session.

Financial stocks might continue with their momentum from last week.  A few hours ago, the CEO of HSBC announced that his bank would not ask for British government bailout.  Banking stocks in Asia were responding positively to this news, as well as to the news from G-20 meeting of coordinated efforts to stem world financial crisis.

Economic calendar is busy for the week including some important releases –

  • Monday – Empire State Mfg Survey (consensus – 32.00); Industrial Production (consensus, -1.2% month to month); Bernanke speaks.
  • Tuesday – Housing Starts (consensus 450 K); Producers Price Index (PPI); FOMC meeting begins
  • Wednesday – Consumers Price Index (CPI); EIA petroleum stats; FOMC meeting announcement
  • Thursday – Jobless claims (654K); Leading Indicators (-0.6%); Philly Fed Survey (-38.0)
  • Friday – Fed Chairman Ben Bernanke speaks

For complete economic calendar for the week, please visit:

http://online.barrons.com/public/page/barrons_econoday.html

On the earnings front, 93 companies are scheduled to confess their quarterly earnings this week.  For complete list, please visit:

http://www.zacks.com/commentary/10310/Earnings+Preview+for+Mar+16+-+20

Some anticipated confessions are –

  • Monday – SINA, SBLK
  • Tuesday – ADBE, CSIQ, GES
  • Wednesday – CLC, DRI, NKE, ORCL
  • Thursday – BKS, PLCE, CRAI, FDX, WGO

At the beginning of the week, TaurusTrader’s swing portfolio contained following positions:

  1. RY- filled on March 13 @ $27.70, Friday’s close @ 27.65.  Unrealized gain -0.1%.  Target 30.50.  Stop $25.60.
  2. MBT – filled on March 13 @ $28.35, Friday’s close @ 28.40.  Unrealized gain 0.1%.  Target 33.10.  Stop $24.30.
  3. FCN – filled on March 12 @ $47.80, Friday’s close $47.63.  Unrealized gain -0.2%.  Target $52.00.  Stop $45.15
  4. MDR – filled on March 12 @ $13.40, Friday’s close $13.98. Unrealized gain 4.1%.  Target $16.00.  Stop raised to $12.90
  5. CPRT – filled on March 10 @ $27.60, Friday’s close $29.43. Unrealized gain of  6.7%.  Target $30.30.  Stop raised to $27.50
  6. WDCDV (WDC April 12.50 call) – filled on March 6 @ <$3.00, today’s close $4.90, gain 63%.  Target $6.00.  Stop raised to $4.00
  7. SOHU – filled on March 10 @ $46.17, Friday’s close $48.66.  Unrealized gain 5.1%.  Target $50.50.  Stop raised to $46.00
  8.  BMC – filled on February 24 @ $29.46, Friday’s close $29.74.  Unrealized gain 1.0%.  Target $32.00.  Stop $27.49

I’ve raised the ‘stop loss’ for WDCDV, SOHU, CPRT, and MDU to protect profits and/or to reduce losses.

Picks for Monday, March 16:  Based on the news events over the weekend discussed above, I will be watching financial and transportation sector stocks on Monday.  I will also be watching the earnings release from SINA, and for possible price action to the report.  The stocks for swing trading are –

  • WFC – buy above $14.10.  Target $16.20.  Stop 11.30 (Risky and very volatile, adjust your stop to your risk tolerance)
  • AMR – buy above $3.70.  Target $4.85 (50%), and $6.20 (50%).  Stop 2.80 (you could also consider DAL or CAL)

I’ll be looking at the following for day trade opportunities:  FAS, BAC, MS, ITRI, MELI, ITRI and SINA (on earnings!).  Their chart patterns and volatility look interesting!

If there are questions or comments, please do post …..

Have a great week and happy trading.

TaurusTrader

http://www.taurustrader.wordpress.com

Stocks to Watch for Friday, March 13, 2009

Thursday’s Recap:  WOW!! What a rally … three days in a row !  It did not look that promising at the open, when Dow opened up in the red.  But as the day progressed, major indices steadily picked up steam and ended the day in solid green.  Dow gained 240 points or 3.5% to close at 7170.  S&P gained 29.4 points or 4.1% to close at 750.7  where as, the tech heavy Nasdaq gained 54.5 points or about 4% and closed at 1426.  Crude gained 11.1%  to close at $47.03 lifting energy stocks.  Banking, technology, and energy sectors gained the most.

In the past 3 days, Dow vaulted 622 points or 9.2%, the biggest 3-day jump since late November.  Nasdaq too gained 12% in the same period, which is its biggest 3-day rally since late October.

S&P’s close abobe 741 (November 21 low) is technically noteworthy, as this level might support any pull back in the future.  The next major resistance for S&P is about 790, or the 50-day moving average.

TaurusTrader portfolio also had a impressive day!  In the past 3 days, 5 of our picks (WFC, BIGCC, WDC, MS, and JOYG) hit their profit targets, and all remaining picks have positive unrealized gains.  The WDC position hit its target of $17.10 today for a nice 11.8% profit in little over 2 days!

From yesterday’s watch list, FCN and MDR were bought today.  BX, DRYS, and MBT are still on watch since their entry price are not triggered yet.

As of the end of March 12,  TaurusTrader swing portfolio had following positions:

1.  FCN – filled on March 12 @ $47.80, closed today at $48.19.  Unrealized gain 0.8%.  Target $52.00

2.  MDR – filled on March 12 @ $13.40, closed today at $13.94. Unrealized gain 4.0%.  Target $16.00

3.  CPRT – filled on March 10 @ $27.60, closed today at $29.51 for an unrealized gain of  6.9%.  Target $30.30

4.  WDCDV (WDC April 12.50 call) – filled on March 6 @ <$3.00, today’s close $5.00, gain 67%.  Target $6.00

5.  SOHU – filled on March 10 @ $46.17, closed today at $48.08.  Unrealized gain 4.1%.  Target $50.50

6.  BMC – filled on February 24 @ $29.46, closed today at $29.55.  Unrealized gain 0.3%.  Target $32.00

Among the day trade picks – HP, HPQ, MELI, WFC, JPM, and UYG  provided quick profitable trading opportunities.

Focus list for Friday, March 13:  I would trade carefully tomorrow.  Stocks and major indices have gone up too much too fast.  Some pull back from profit taking may be expected heading in to weekend.  I will be looking to add the following stocks in tomorrow’s trading –

1.  WSM – Buy above $10.10.  Target $12.10.  Stop $8.90

2.  RY – Buy above $27.70.  Target $30.50.  Stop $25.60

Also interested in are stocks that are not filled yet from past 3-day focus list – BX, DRYS, and MBT.

Financial, ag and fertilizer, mining, and technology sector stocks will be watched for day trade opportunities, and those stocks include:

FAS, BAC, AGU, IPI, RIO, JOYG, HPQ, SY and CTRP.

If there are questions or comments, please do post. 

If you are interested in receiving my posts directly via email, please let me know.  I can do it!!

Happy trading ….

TaurusTrader

http://www.taurustrader.wordpress.com