Goin’ Fishin’
Once you learn to keep tracking a stock for continuing momentum, you will
not be surprised when it achieves just that. The gaming stocks have been strong for
the past few days, so when Alliance Gaming
(
ALLY |
Quote |
Chart |
News |
PowerRating) has a
3-month
relative strength ranking above 80 from TradingMarkets.com and closes in the
top portion of its range, TradingMarkets Research puts it on the radar via the
Nightly Daytraders Report.
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3 Month RS of 80 and
higher and close in top part of range
|
Name |
Symbol |
Relative Strength |
Price |
Average Volume |
Today’s Volume |
| Alliance Gaming | (ALLY) | 90 | 31.60 | 393,909 | 2,547,200 |
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This morning, the stock gives trade through entry above
yesterday’s high and a run higher of 1 1/2 points in the first half hour of
trading.
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While the TradersWire service provides setups and analysis, the
goal is to teach you how to go about attacking the markets yourself. Have the
discipline to put stocks on your watchlist when you see this type of action and
track them for continuation. The work will pay off, and you will be on your way
to fishing, so to speak, rather than waiting to be fed.
Until tomorrow,
Duke
P.S. Make sure you tune in to the Interactive Traders Room today
at 4:30 eastern to see Dave Landry talk about momentum based swing trading in
this week’s edition of TraderTalk.
Click here to go to the log in page, and log in at 4:25 eastern time. This
will be a moderated chat format, due to the number of people we expect to
attend.