Tag Archives: DAY TRADING

Market Watch for Thursday – April 2, 2009.

Wednesday’s recap: What a way to begin the new quarter … down by triple digits at open and up by over 150 points by close!! Some sense of optimism is slowly building about the economic recovery. Today’s dismal opening was attributed to a couple of factors. News from Asia were not good. China’s manufacturing index came in lower than expected, and Japan’s business sentiment among big manufacturing firms came in at a record low. Further, prior to markets opened, the ADP report indicated a dismal private sector employment condition, a drop by 742,000 in March. This figure was higher than anticipated. So, the markets opened in deep red.

As the day progressed, small doses of good news trickled in, and the markets responded. The next economic reports came in showed a rebound in pending home sales and improving manufacturing activity. Despite massive public protests, there’s some good news out of G-20 meeting. British Prime Minister Gordon Brown said that the G20 was close to agreeing on global reforms for the financial system. This was not expected.

The Dow rose 153 points or 2%, to 7762. The S&P 500 index gained 13.2 points or 1.7% to close at 811 and the Nasdaq picked up 23 points or 1.5 percent, to close at 1552. Crude oil fell $1.27 to settle at $48.39 a barrel. Gold prices rose by $2.70 to $927.70 an ounce. The dollar was mixed – slightly weaker against the yen, but was stronger against the euro and pound.

Chemicals, gold miners, banking, and technology stocks had a stellar day. TaurusTrader had an OK day. No big gain or losses. No position was stopped out. However, it was a decent day for day trading. Had a nice success with TNA and FAS among the picks.

I also initiated small positions in MS ($22.30) and WFC ($13.75) at the open today ahead of FASB’s decision on mark to market scheduled for tomorrow. I wrote about it in my yesterday’s blog.

Stock Picks for Thursday, April 2: There are good news coming in small doses. The worst is not over, yet. The pain is still there, but there is some optimism building that the pain from recession is beginning to recede. If FASB modifies the mark to market rule tomorrow in favor of banks, it should bode well not only for the banking sector, but also to the whole market in general. The markets may have already baked in for a slight disappointment in Friday’s jobless data. Unless it comes out real bad and out of whack, the markets should do fine. But, any improvement in employment numbers, however unlikely, should help vault markets higher …. Omen!!

I would like to add the following stocks to TaurusTrader swing portfolio:

  1. EXP – Buy above $25.50, stop at $22.75, target $28.50 (volatility is high)
  2. WDC – Buy above $20.01, stop at $17.98, target $23.00
  3. HSP – Buy above $31.41, stop at $28.60, target $35.50
  4. TNA – Buy above 18.60, stop at $15.75, target 21.50 (very volatile and risky)

Chemical sector is showing some momentum.  If you have additional capital to commit, I would suggest looking at DD and DOW.  Both these picks also have strong ag portfolio that compliment  their chemical business.

I’ll not day trade tomorrow as I’ll be away on my other business interest that I detailed in my earlier post on Wednesday.  However, if interested, the financials may again provide some opportunities for profitable trades.  My favorite ones are – WFC, FAS, and MS.

MON is scheduled to report earnings prior to open on Thursday.  Expect high volatility in ag and fertilizer stocks in sympathy.

If there are questions or comments, please do post.

Best regards, and happy trading ….

TaurusTrader

http://www.taurustrader.wordpress.com

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Stocks to Focus for Tuesday, March 31, 2009

Monday’s market Recap: A down day as predicted, but did not expect that it would be so miserable.  All three major indices lost about 3% for the day.  It could have been worse if not for a little rally in the last hour before close!

Dow tumbled 254 points for the day or 3.3%  and closed at 7522.  The S&P fell 28 points or 3.5%, to 788, while the Nasdaq lost 43 points or 2.8%,  to 1,502.  The decline was wide spread.  All 10 sectors and 90% of S&P components ended in red.  Crude lost nearly $4.00 (7.6%) to close at 48.41, and even gold fell by $7.60, to $917.30 an oz.  The dollar however,  gained against most foreign currencies.

Markets were in oversold condition, and needed some excuse to sell off.  An announcement by Obama administration to let GM and Chrysler to go bust, and presumably, Tim Geithmer’s assessment over the weekend that banks may need more federal injection of funds, provided just the pretense to sell off.  In my opinion, nothing had changed from last week to this week with auto makers and the bankers.  This pull back was some what prudent considering that the markets had such historic gains within a short period.  Despite the two-day drop, the Dow is still up 975 points or 14.9%, from its low of 6547 on March 9, when it ended at its worst level since April 1997. The S&P 500 index is also still up 16.4%  from its low.

In TaurusTrader swing portfolio, some positions were stopped out.  We were prepared for this pull back, hence the stops were raised for some volatile positions after the big market run up. Stops were hit with BAC (-12.6%), RIO (-4.9), HNT (-7.3%), MDR (+1.2%), and MBT (+3.9%).  If you remember we had  12 straight winners before this! We won MORE, and lost a FEW … However, above all, we knew exactly how much we would lose, if we lost, and how much we would win, if we won!.  That’s “peace of mind” trading, which comes from discipline and adherence to a set of trading rules.

At the end of the day, TaurusTrader portfolio was left with positions in – FCN, AMR, WNR, AGU, and HON.

I did not day trade.  None of the day trade picks from yesterday worked out for day trading!

Picks for Tuesday, March 31: No major market moving economic events are scheduled, so expect for more volatility and choppiness in the market. Traders will be positioning for jobs and unemployment data to be released later in the week as well as for the official beginning of the 1st quarter earnings season beginning next week.  It is also the last day of the quarter, and some funds might even try to push price of some stocks higher to make their portfolio look good for customers!

Even though I’m very tempted, I do not want to add any new position to swing portfolio.  I’ll wait for another day or two before adding long positions.  Congressional Hearing on Thursday on Mark to market will have significant impact on the markets in general and financial stocks in particular.

For day trading, I’ll reluctantly focus on – FAS or FAZ, DUG or DIG, DGP or DZZ, and  TNA.

If there are questions or comments, please do post.

Happy trading ….

TaurusTrader

http://www.taurustrader.wordpress.com

http://www.headhurts.wordpress.com

Week Ahead for Stocks, March 30 – April 3, 2009

Weekly Recap (March 16 – 20, 2009): Stocks made some historic progress …. gained for three weeks in a row, the largest move since 1938.  It was a huge 3-week rally.  However, markets stuttered a little bit on Friday heading into the weekend mostly from profit taking.

On Friday, the Dow fell by 148 points or 1.9% to end at 7776.  The S&P 500 fell 16 points or 2% to end at 815, while the Nasdaq lost 41 points or 2.6% to end at 1,545.

Index

Started Week

Ended Week

Change

% Change

YTD %

DJIA

7278.38

7776.18

497.80

6.8

-11.4

Nasdaq

1457.27

1545.20

87.93

6.0

-2.0

S&P 500

768.54

815.94

47.40

6.2

-9.7

For the week, the Dow rallied 6.8%, the S&P 500 gained 6.2% and the Nasdaq rose 6%.  For the month so far, the Dow is up 10.1%, the S&P is up 11% and the Nasdaq added 12.2%.  The S&P 500 is now up 22.4% from its March 6 low of 666.8 points.

The bulk of the gains however were made on Monday with the major indices gaining over around 6% on the news of Treasury Dept releasing details on its plan to remove troubled assets from the balance sheets of banks.The gains continued, albeit modestly through rest of the week, building on some better than expected data from the housing sector, February durable goods, and final 4th quarter GDP.

Believe it or nor, the treasury auctions usually a non-market event, turned out to be a major market mover this week due to some saber rattling by China by its negative comments on US debt.

Tim Geithner and Ben Bernanke appeared before Congress during the week.  Geithner also appeared on Sunday morning media circuit touting administration’s ideas and plans to jump start the economy.  Geithner is looking more and more confident, and markets are slowly warming up to the new Treasury secretary.

In the end, all ten sectors posted solid gains for the week.  Financials advanced 12.2% , industrials gained 10.5% and consumer discretionary advanced 8.8%.

TaurusTrader had a phenomenal week.  Seven positions in the swing portfolio achieved profit targets, ranging from 8.6 to 47.4%.  The positions that hit profit target, hence closed were – TCK, MELI, BMC, RY, CPRT, BX, and WSM.  Also, the April 12.50 call option in WDC (WDCDV) was also closed netting 100% profit. Please refer to my earlier posts for details.  None were stopped out.  TaurusTrader also had several successful day trade opportunities for 2 to 5% profit per trade in several recommended equities – FAS, MS, WFC, TNA, and BAC.

At the end of the week, TaurusTrader was long in – WNR, AGU, AMR, MBT, FCN, MDR, HNT, RIO, HON and BAC.

Week Ahead, March 30 – April 03, 2009: Markers are in oversold condition. Some pull back is possible, especially at the opening on Monday.  Like in previous weeks, markets will mostly be driven by news coming out of DC on auto industry bailout and banking regulations.   The G-20 meeting of finance ministers on April 2 is another media event that could have some impact on currencies.  We may need to keep an eye on how the bond and treasury auctions go. There will  be a hearing on mark to market accounting which could impact the markets.  Fed Chair, Ben Bernanke and Vice Chair Don Kohn are scheduled to speak on Friday in separate events.  On the earnings front, 52 companies are scheduled to report this week – the last week before the “official” start of 1st quarter earnings.  Some important reports that I would be watching are:

  • Monday:  CALM, LAYN, SNP, CHT
  • Tuesday: APOL, BGP, GIGM, LEN, SAH
  • Wednesday: WOR
  • Thursday: AYI, MDRX, LNN, MU, MON, RIMM
  • Friday:  AZZ

For details on earnings calendar, please visit: http://www.zacks.com/commentary/10445/Earnings+Preview+for+Mar+30+-+Apr+3

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

For details, please refer to:   http://online.barrons.com/public/page/barrons_econoday.html

  • Monday: None
  • Tuesday: 1) 9:00 am, Mar. Consumer confidence (27.0 up from 25.0);  2)  9:00 am, Jan. S&P/Case-Shiller home price index, (unchanged -18.5%);   3) 9:45 am,  Mar. Chicago PMI (34.7, up from 34.2);
  • Wednesday: 1) 8:15 am, ADP employment change; 2) 10:00 am, Feb. Construction Spending (-1.6% up from -3.3%);  3) 10:00 am, Mar. ISM index (36.5 up from 35.8)   4) 10:00 a.m. Feb.  pending Home sales (-2.0% vs -7.7%);   5) 10:30 am, US Energy Dept Oil Inventories For Mar 27;  6) 2:00 pm. Mar. Auto sales.
  • Thursday: 1) 8:30 a.m. Initial Jobless Claims For Mar 28 Week;  2) 10:00 am, Feb. factory Orders (-0.3% vs -1.9%;
  • Friday: 1) 8:30 am, Mar. Av. work week (33.3 unch.); 2) 8:30 am. Mar. Hourly earning (0.2% unch.);  3) 8:30 am, Non-farm payroll (650 K); 4) 8:30 am, Mar. Unemployment rate (8.5% vs 8.1%); and 4) 10:00 am, Mar. ISM services index (42 vs 41.6).

Picks for Monday, March 30: The big question on every ones mind on Monday would be “whether the rally of the past 3-weeks is real, can I jump in or wait on the side lines”.  No major economic data or earnings releases are slated for Monday.  So, it would be somewhat challenging to predict how the markets would react.  I thought  Geithner did OK with his media appearances over the weekend.  But, it may not be enough to move the markets.  I’m going to wait it out.  I’ll not have any picks for Monday for our swing portfolio.  I’ll watch my positions with tight stops.

I will keep the following stocks on my radar through out the week for possible inclusion in swing portfolio or for day trading opportunities:

ORLY, NFLX, DRYS, DSX, IPI, MOS, MON, RIMM, AXP, BWLD, AMZN, WDC, MELI, FAS, WFC, BAC, MTH, IYT, COV, HUM, DE, ARO, FOSL, and GME.  Also, Gold (GLD, DZZ or DGP) and Gold mining stocks (XME, GOLD, AUY).  I expect some accelerated “directional” movement to occur with Gold and Gold related stocks in the next few days.

As in past few weeks, I expect considerable volatility associated with financial stocks.  So, I’ll be looking at the following for day trade opportunities:  FAS, 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 Friday, March 27, 2009

Thursday’s Recap:  Another great day at the market!  All three major indices finished solidly positive.  Dow ended the day up 175 points to its highest level in six weeks.  Dow has gained nearly 21% since close to hitting a 12-year low on March 9.  Nasdaq has now erased all losses for 2009 and is now back in black.  AMAZING!  Dow, however is still down 9.7% for the year.

Mainly 3 factors contributed to today’s rally. 1) Better than expected earnings and future guidance by retail giant BBY, food processor CAG, and soft drink company DPS – relaying the fact that the consumer spending is still intact, 2) Contrary to yesterday’s disappointing auction, today’s auctioning on long term debt was received with enthusiasm, lifting the fear  about the government’s ability to fund its economic stimulus and financial bailout programs, and 3) shorts got squeezed and forced to cover some of their positions.  Stocks have been aggressively shorted during the market decline  and the short interest had risen 11% by mid March.  Enormous amount of sideline money is slowly venturing to get back in to the buying mode.

Economic data (GDP and unemployment) were not great, but the numbers came within forecast.  Hence, did not have major impact on markets. Tim Geithner appeared very confident and handled questions with ease in his testimony to the house finance committee.  Markets and for that matter the congress, are becoming comfortable with our new treasury secretary.

When the closing bell rang, the Dow had gained 175 or 2.3% for the day and it closed at 7925, its highest close since February 12.   The S&P500 index rose 19 points or 2.3%, to 833, and the Nasdaq rose 58 points or 3.8%, to 1587.  Gold prices also rose modestly.  Oil reached a new high for the year, settling up $1.58 at $54.34 a barrel.

Today’s gains were widespread as all 10 major sectors in the S&P 500 closed the session higher. Contrary to recent form, the gains came without leadership from the financial sector.   The dollar is stabilizing and it rose marginally against other major currencies.  This brings to the comments I made last Thursday, when dollar took a dive after fed announced a trillion dollar infusion to bolster economy.  Here is what I said: 

Is Dollar Worry Over Blown? –  ……. In my opinion, the dollar related reaction to fed decision is a little over done.  US economy is still the strongest economy in the world despite all our problems.  Dollar is still the dominant currency.  People who are squabbling over greenback, should just look back a little.  Just 6 months ago, EUR/USD pair was trading at over 1.60.  Now, when it jumped from 1.30 to 1.35 or so, all hell breaks loose!  ………………………  So, relax folks.  A slight decline in dollar is not the end of the world as the dooms day pundits like Larry Kudlow and his friends on CNBC rant about.  The dollar is already stabilizing against the Euro and Yen as I write this blog around mid night.

That was last Thursday …. Friends, how true that statement turned out to be.  … PATIENCE …. Patience is what we need to navigate this market.  Do your home work and do not be swayed by hype!!

TaurusTrader swing portfolio had a superb day.  MELI was closed out for 13.5% profit in two days.  All positions, except BAC advanced.  TCK. MBT and WNR are very close to hitting their profit target. 

It was not a bad day for day trading.   There were opportunities to trade for 3 to 5% profit with  TNA.  Rest of the picks did not pan out well.  As discussed before, I use 10-min chart to determine entry and exit points.

Picks for Friday, March 27:  President Obama and Treasury Secretary Geithner will be meeting with banking industry CEOs to discuss on banking crisis, bailout money, toxic assets, and regulations, etc.  Any post meeting snippets from participants may have some impact on financial sector stocks.  Friday’s economic data releases include, Personal Income ( Expected: -0.2%), Personal Spending (Expected: +0.3%), and U Mich Sentiment Index (Expected: 57). 

Even though I’m very tempted, I do not want to add any new position to swing portfolio.  The current portfolio of 11 stocks is well diversified, and a few positions are very close to hitting profit target.  So, I’ll wait till next Monday or Tuesday to add new positions.

For day trading, I’ll focus on financial, technology, energy, ag and commodity sectors for trading opportunities.  Some of the specific stocks that I would be following are – FAS, TNA, DUG, MOS, and JOYG.

If there are questions or comments, please do post. 

If you are interested in receiving my posts directly via email, please email me at –  TAURUSTRADER@SBCGLOBAL.NET  or click on the ‘comments’ below to request.  I can do the rest!!

Happy trading ….

TaurusTrader

http://www.taurustrader.wordpress.com

Stocks to Watch for Thursday, March 26, 2009

Wednesday’s Recap:  It was a “Maalox moment” day of trading for both bears and bulls.  Responding to a series of better than expected economic data, stocks rose, rose big, in the morning session with dow gaining over 200 points.  Then came news from London that one of the govt backed treasury auctions failed there, and from Chicago bond market that there was less than enthusiastic bidding for long term treasury notes.  Markets started heading south, with Dow dropping triple digits in the afternoon session.  Then, the ‘reversal of fortune’ occurred in the last hour before closing with Dow erasing all losses and went up by triple digits, finally closing with a gain of 90 points.  That’s about 350 points ‘up-down-up” swing in a day!

The Dow rose  90 points, or 1.2%, to 7750, and the S&P 500 tacked on 7.6 points or 1%, to 814. The Nasdaq added 12.4 points or 0.8%, to 1529.   Crude Oil fell $2.05 to settle at $52.77 a barrel following the release of EIA inventory report which indicated a record inventory buildup in 16 years.  However, Gold went up $9.80 to $935.80 an ounce.

 TaurusTrader’s swing portfolio as well as day trade picks saw a great day.

In the swing portfolio, yesterday’s pick MELI exploded with 13.4% gain.  TCK went up by over 9%.  All 12 swing picks gained on the day. 

It was a fantastic day for day trading.  I had multiple opportunities to trade for 3 to 5% profit with  picks – FAS,  BAC, and MS.  As discussed before, I use 10-min chart to determine entry and exit points.

Focus list for Thursday, March 26:  The fourth quarter GDP reading is due in the morning prior to market open, as well as weekly jobless claims.  Following today’s experience, traders will be closely watching bonds market and auction of treasuries tomorrow.  On the earnings front,  BBY, CAG, and GME report before the opening bell which may have impact on retailer, gaming, and food processing sectors in general.  

I’m not planning on adding any more new positions tomorrow.  I will trade with caution and monitor my long positions closely.  I’m raising “stop limit” on following positions to safe guard accrued profit or to reduce losses.

  1. TCK – New stop $5.56 (old stop – $3.75)
  2. MBT – Stop raised to $29.45 (old stop $24.30)
  3. MDR – New stop $13.56 (old stop $12.90).  Upped twice.
  4. BAC – Stop raised to $6.90 (old stop 5.90)

I expect the financial, technology,  retail, and small cap stocks to trade in a wide range on Thursday.   I’ll be concentrating on following stocks for quick day trade opportunities:   FAS, MS, TNA, WDC, and GME.  GME is an earning’s play.

If there are questions or comments, please do post …

Happy trading ….

TaurusTrader

http://www.taurustrader.wordpress,com

Stocks to Watch for Wednesday, March 25, 2009

Tuesday’s Market Recap:  Profit taking was the game of the day, especially at the open and at the last hour before closing!  This was quite expected after a big market rally on Monday.  Major indices briefly traded positive around mid-day after the testimony by Geithner and Bernanke to House finance committee over AIG issues.  Sellers came out in force toward sessions end pushing Dow down to 7660 or a loss of 116 points (1.5%).  All Dow components, except 3 ended in red.  S&P lost 16.9 points or 2.05% to close at 806, two consecutive days above 800 and also above 50 day MA.   Nasdaq fell 39.25 points or 2.5%, to 1516.

The dollar was mostly higher against other major currencies, while gold prices fell $28.8 or 3% to $923.30.

Oil gained 18 cents to settle at $53.98 a barrel on the New York Mercantile Exchange.

WSM hit its profit target this morning and closed for a nice 19.8% profit (please see my earlier post for details).  All three recommended picks for today, MELI, BAC, and HON, were bought and added to TaurusTrader swing portfolio.  None of the positions got stopped out.   At the end of the day, the portfolio had following open positions – WNR, TCK, AGU, AMR, MBT, FCN, MDR, HNT, RIO, MELI, HON, and BAC.

Among the day trade picks – FAS, BAC, WFC and MS gave great profitable setups.  As discussed in earlier posts, I follow 10-min chart for day trade setups.

Picks for Wednesday, March 25:   I expect the choppy trend to continue throughout the week.  Market movement has become increasingly news driven.  Unless some encouraging news comes out in the next few days, there is a possibility that all the gains made on Monday might disappear!  President Obama in his speech to the nation, in my opinion, spoke well and made a positive case in front of American public  for his policies and budget proposal.   

I made a case for a group of stocks in my blog on March 17.  These stocks are seeing some momentum building.  So, I thought the piece is worth repeating.  This is what I said on March 17 – “There are some positive signs that the economic activities around the word is showing signs of recovery.  I expect companies that make it happen in early stages are expected to benefit immediately, such as copper producers, dry bulk shippers, railway and trucking companies, etc.  Copper price is increasing which generally indicates increase in industrial and construction activities.  Shipping activities involving essential products across globe is picking up.  Further, I also think that Ag seed, chemical, and fertilizer companies will pick up momentum as planting season in North America is about to begin.  These companies will generate more than 60% of their revenues in the next couple of months selling seeds, pesticides, and fertilizers to farmers.  So, I’ll be keeping an eye on the following companies for the next few days” –

  • TCK  – Producer of copper and other metals (TCK is up by over 10% since March 17)
  • SBLK, DRYS – Dry bulk shippers.  SBLK reported good earnings after the markets closed on Monday. DRYS is again up over 10%.
  • ABFS, YRCW, CSX, GBX – Railway and trucking,
  •  AGU, SYT, MON, TITN, ADM – Ag seed, chemical,  fertilizer, and equipment companies
  • WNR, VLO – oil refiners

TaurusTrader swing portfolio is well diversified and currently has 12 open positions.  I do not want to add any more new position until I close some.

I’ll closely watch the following stocks for day trade opportunities: FAS, BAC, and MS.

If there are questions or comments, please do post.

Regards,

TaurusTrader

http://www.taurustrader.wordpress.com

Stocks to Focus for Friday, March 20, 2009

Thursday’s Recap:  Rally faltered a little bit.  Markets declined for only the 2nd time in 8 days.  Financials lost steam and took the major averages down.  It is probably a good thing.  Banking sector had gone up too far, too fast.   XLF has been up over 60% in less than 2 weeks.  Some cool off was overdue.  XLF ended the day losing about 8%. 

Dow shed almost all the gains it made yesterday by losing 86 points or 1.2%, and closed at 7401.  Nasdaq lost 0.52% or 7.74 points to close at 1483.5, while the S&P 500 declined by 1.3% or 10.3 points to 784.

So, technically speaking…. looks like 50 day MA is the Achilles heel for major averages to overcome.

All three indices are at technically interesting juncture. Dow is 220 points away from its 50 day MA, which it has not crossed since January 7. Dow came very close to taking out 50 DMA on February 9, but it was flatly rejected. S&P has breached 50 day MA for two consecutive days now, but could not close above it.  S&P also has not closed above 50 DMA since January 6th.   Current 50 DMA for S&P stands at 794,  just 10 points away from today’s close.

Nasdaq has however, closed above 50 day MA for 2 consecutive days now.  But,  is barely above (by 22 points) the 50 DMA (1461).   It would be interesting to see whether Nasdaq would be able to hold above its 50 day MA in the next couple of days.

Is Dollar Worry Over Blown? – There were renewed worries about the greenback following yesterday’s fed decision to spend another trillion dollars to bolster economy.  Dollar declined against major currencies for 2 session in a row since then.  Dollar lost 4% against Euro in less than 24 hours.  That’s a big move.  This led to a bounce in commodities and commodity related stocks in today’s trading.  The CRB Commodity Index rose more than 5% (largest single-session advance by percent this year). Crude oil gained 6.5% to close at $51.25 per barrel.  Gold advanced by 7.8% to close at $958.50 per ounce.  Energy stocks (+1.4%) and materials stocks (+1.4%) also rose. 

In my opinion, the dollar related reaction to fed decision is a little over done.  US economy is still the strongest economy in the world despite all our problems.  Dollar is still the dominant currency.  People who are squabbling over greenback, should just look back a little.  Just 6 months ago, EUR/USD pair was trading at over 1.60.  Now, when it jumped from 1.30 to 1.35 or so, all hell breaks loose!  Very strong dollar in the past few months had hurt US companies doing business abroad.  An example is ORCL, which reported a great quarter yesterday.  ORCL beat the street estimate by 2 cents.  Still, ORCL numbers would have been 5 cents better if it were not for a stronger dollar.  So, relax folks.  A slight decline in dollar is not the end of the world as the dooms day pundits like Larry Kudlow and his friends on CNBC rant about.  The dollar is already stabilizing against the Euro and Yen as I write this blog around mid night.

TaurusTrader swing portfolio had a decent day.  AGU and TCK were bought and added to the portfolio.  None were stopped out.  Today’s gainers include – AGU, TCK, BX, MDR, CPRT, +WDCDV, BX, BMC, and WMS.  Stocks – MBT, WNR, and RY shot up at the open, but lost steam later in the day ending in red, along with AMR and FCN.  CPRT, RY and MBT came within just a few cents of hitting the target before retracing!!!

It was just one of those very rare days that I could not find a decent trading setup to day trade!  It is better NOT to trade when there are no trades to be made with confidence!!

Picks for Friday, March 20:  It is a tripple witching day for options.  Expect a very choppy session and the stocks to trade in a wide range.  I do not want risk picking any stock to go long at this kind of market condition.  However, I do want to ‘day trade’ precisely at this kind of market condition, and exploit the market volatility . 

I’ll focus on financial, energy, ag and commodity sectors for trading opportunities.  Some of the specific stocks that would be following are – FAS, WFC, MS, TNA, DIG, DUG, IPI,  AGU, and JOYG.

If there are questions or comments, please do post. 

If you are interested in receiving my posts directly via email, please email me at –  TAURUSTRADER@SBCGLOBAL.NET  or click on the ‘comments’ below to request.  I can do the rest!!

Happy trading ….

TaurusTrader

http://www.taurustrader.wordpress.com