Skiracer's stock slopes

[Runner]

Ski, you da-man with your MED play sweet home run you got !!

[skiracer]

Ski, you da-man with your MED play sweet home run you got !!

I had a 3.75 point gain going and this morning I watched it in the pre-market start to go down right off the bat. I was somewhat anxious about protecting those gains and set a stop at $15.75 before as I was preparing for a meeting I had at around 10:00 a.m. The stop triggered before 10 a.m. an when that happened I told Rob to sell the position in the POTW. I was a little premature and early when as soon as I got stopped out it reversed and went to $16.80 range. I'm not unhappy in any sense. I had a 1000 shares and made 3.50 points with the trade. That will raise my average.

I am also watching BBD for an entry tomorrow depending on a few things like the market making a bounce. I almost bought it today under $35 which is a steal to me but at the closing price of $35.14, if that holds by 10 a.m. tomorrow morning I would buy it between there and $35.25. It seems cheap to me and this is right where it reversed and went to $40 the last time it did this.

[Runner]

I had a 3.75 point gain going and this morning I watched it in the pre-market start to go down right off the bat. I was somewhat anxious about protecting those gains and set a stop at $15.75 before as I was preparing for a meeting I had at around 10:00 a.m. The stop triggered before 10 a.m. an when that happened I told Rob to sell the position in the POTW. I was a little premature and early when as soon as I got stopped out it reversed and went to $16.80 range. I'm not unhappy in any sense. I had a 1000 shares and made 3.50 points with the trade. That will raise my average.

I am also watching BBD for an entry tomorrow depending on a few things like the market making a bounce. I almost bought it today under $35 which is a steal to me but at the closing price of $35.14, if that holds by 10 a.m. tomorrow morning I would buy it between there and $35.25. It seems cheap to me and this is right where it reversed and went to $40 the last time it did this.

Ski, I think I see what you’re looking at in BBD as it is at a critical support area right here. It might even be a good bounce play to the 37 area.. short term..

[skiracer]

Ski, I think I see what you’re looking at in BBD as it is at a critical support area right here. It might even be a good bounce play to the 37 area.. short term..

Runner,
I was hoping a show of strength this morning but nothing. I'm going to continue watching it for a long position but I'm going to try to find the bottom first. Broke through that resistance you mentioned which scares me.

[skiracer]

With the market behaving as it is I'm staying in cash for the rest of the day and see which way the wind blows on Monday. I think the time is good for a reversal an a decent bounce back up.
I'm staying in cash until I see a clear signal next week. Three that I am watching closely are in order of preference:
WIRE: beaten down by the correction. Will return to those prices in the next bounce up.
MED:could be right now if it breaks the intra-day neckline on that SHS from yesterday afternoon and today. I would wait for Monday at between $15.25 - 15.00 range.
ADM: beaten down by the correction. Will bounce back. I'm watching ADM as strictly an ethanol play. They are going to be a player an I was looking for an entry at $40 range and got better. I wouldn't be a buyer today but would keep a close eye on it for any market bounce next week. I'm still looking to buy for in longer term acct. and to swing it off this next bounce when the market turns up. ADM showing same intra-day chart pattern as MED: with that SHS and the possible neckline break. I would like to see $42.50 range next week.
That position I had in MED last week ended like this. Entry $12.25; Exit $15.75; + 3.50 = + 28.57 %.
This seems like a lot but it doesn't do much to change an average. The three previous trades were 5.9/1.8/10.4 % divided by 3 = 6.03 %. Throw in 28.57 % and divide by 4 = 11.67 %. I guess it will change it more than I thought it did. I've been fortunate on these last 4.
BBD: I can't imagine what is going on here other than there is an accounting scandal or something else with the books. At these prices it is almost 6 points below where MM bought it and he really liked it at that level. This looks awful cheap but who knows what is going on underneath all the politics down there. Someone's been selling it off. I still like it but am waiting to see where it bottoms. There's got to be a bounce between here and $27.

[skiracer]

Here's some food for thought on market direction and what may or may not affect it.

[DSteckler]

Ski, can you provide the source of these posts? Thanks.

[skiracer]

Ski, can you provide the source of these posts? Thanks.

https://www.morpheustradinggroup.com

[mrmarket]

This market BLOWS.

[skiracer]

A list of 52 wk. lows. I farm this list for stocks bottoming out and making that turn back up. Several out of this watchlist will begin to make the right side of their cup from this point and others will continue on down further for awhile longer. I love to catch them early on as they make that right side of their cups. These are all average daily volume of 500000 for past 60 days, over $10 past 60 days, new 52 wk. lows, oversold an improving RSI.

[mrmarket]

Actually...when the market TOTALLY BLOWS, I like looking for bottom fish too. Any stock with a piss poor RS but still excellent EPS numbers is a good candidate.

[diogenes]

KBH rings a bell.

[skiracer]

Actually...when the market TOTALLY BLOWS, I like looking for bottom fish too. Any stock with a piss poor RS but still excellent EPS numbers is a good candidate.

I usually run this scan, which is pretty simple and basic, every couple of days just to keep on top of what's happenning with the 52 week lows. I've culled a number of great gainers out of it an it's a great watchlist of some decent stocks. Alot of them, as you stated, have poor RS but fundamentally are still decent, an have gotten beaten down for a number of reasons. I love that right side of the cup. Anyway these periods are a great time for bottom fishing when you're not trading. It's been a terrible market for my type trading over the last few days an I've been sitting in cash since last week. Looking for some setups anywhere I might find them.

[IIC]

Actually...when the market TOTALLY BLOWS, I like looking for bottom fish too. Any stock with a piss poor RS but still excellent EPS numbers is a good candidate.

Hmm...then you might like my Undiscoverd Gems Scan...It basically consists of stocks w/ very good Recent Eps increases(No backward IBD EPS ranking crap)...RS in the bottom 10% of my Database...With very good eps projections going out...I ran that scan for 2+ years...Only 2 people told me they like it so I stopped posting it...So I periodically run it and send it to them....Actually...I will confess...That's the scan that brought IDWK to my attention in December...Doug(IIC)

[IIC]

Just ran an Undiscovered gems Scan...Here they are:
BLUD, MCRL, PDC, LM, MNC, BRKS, MGG, CMVT, CBHI, OPWV, VDSI, CRMH, DCAI, CYNO, NYX, PRX, SMP, MATR, NR, WIND