Day Trading Post #79

Things have been interesting lately, and as I have been increasing my size on positions, I have been taking some more significant hits when stopped out of positions. Still, that won't deter me. That's how it goes... more risk, more reward, but sometimes you'll get burned. Anyway, the airline stocks are taking off and I sold of UAUA and DAL for a decent profit. They are continuing to run, but I sold into strength, maybe a bit to early, but profit is profit. Unfortunately, I took a large hedge... I guess you could say even more than a hedge... more like a heavily bearish position on the Riets yesterday and got burned by it. With the market pushing upwards at these levels, I was expecting a pull back and was looking to profit on it. Too bad I was wrong! I have been bullish this whole time yet I took a bearish position, go figure. The question I asked myself after I ate the loss was "Who was I trying to out smart?" I guess I thought I was smarter than myself LOL!

Anyway, that was another lesson learned. In the mean time I have been doing some research and looking for some setups. Here is what I have on my watchlist:

SKH: smaller valued healthcare stock; double bottom formation on the daily chart; starting to break out; stochastics crossing from oversold region; MACD crossover; looks good for a long (entry @ or under $7 on a pullback / nibble at $7.15 entry and add at $7.30 if no pullback)

RRR: rental and leasing service company; downward channel (close to breakout of top trend line); stochastics crossing over; MACD crossover; looks good for a long (entry @ $6.70; stop @ $6.15; measured move is 65 cents ===> target @ $7.30-.35)

CNO: Conseco; stochastics crossing over; MACD crossover; looks good for a long (entry @ $5.20; stop out under $5.00; 1st target at $5.70 second target @ $6.00


That's it for now. Looking to take 500-1k shares per position. I will post updates later on!