In these 6 stocks I see what every daytrader loves
Wednesday’s market
was extremely active and provided a number of opportunities in a plethora of
stocks. Stocks tumbled down for a second
straight day based on the continued worries of energy prices as well as the
increasing evidence of inflation. A number of stocks were filtering through on
my scanner. Some of the names were Delphi
(
DPH |
Quote |
Chart |
News |
PowerRating), Chesapeake Energy
(
CHK |
Quote |
Chart |
News |
PowerRating),
LSI Logic
(
LSI |
Quote |
Chart |
News |
PowerRating), Exxon
(
XOM |
Quote |
Chart |
News |
PowerRating), General Motors
(
GM |
Quote |
Chart |
News |
PowerRating), Lexmark
(
LXK |
Quote |
Chart |
News |
PowerRating),
Elan Corp
(
ELN |
Quote |
Chart |
News |
PowerRating), TXU Corp
(
TXU |
Quote |
Chart |
News |
PowerRating) Southwestern Energy
(
SWN |
Quote |
Chart |
News |
PowerRating) and Forest
Labs
(
FRX |
Quote |
Chart |
News |
PowerRating) just to name a few.
The two stocks that I had the most success in were FRX and CHK. These alerts
provided exceptional follow through and I was able to remain extremely active.
If you follow the charts you will be able to identify my entry points as
well as where I covered.
You’ll see that FRX never rallied back to its original support level at $38.
Due to this I will look for FRX to break today’s low and continue down in a weak
market.
CHK provided a great short this morning. There were many stocks in the energy
sector with similar charts. Since I am most familiar with trading CHK over the
last 3 weeks, it was the energy stock I chose. Many of the other energy stocks
were flashing on my scanner, which added to my conviction to stay short for most
of the move.
Some of the stocks I will continue to look for price movement and activity
tomorrow are:
CHK, FRX, PFE, MRK, DPH and SWN.
Mike Kestler
Please e-mail with any questions
you might have at
mkestler@evotrading.com
Michael Kestler is a
full-time professional trader and managing partner for Evolution Capital LLC., a
proprietary trading firm. Mr. Kestler specializes in intraday trading of NYSE
listed stocks. Before founding Evolution Capital LLC., Michael began his career
on the floor of the CBOE. Mr. Kestler was previously a Mid-Cap and Nasdaq Market
Maker. www.evotrading.com