8/16 Premarket

August 16, 2017-9:09 am traderscott General 0

The stock market continues its move higher from the useless news last week. I’m looking to sell/cover some index ETFs bought (too early) into the weakness last week (long TQQQ and short SQQQ). Please understand how to work with news. “Breaking support” on dumb news can often be a buy, the timing of it is important tho, so wait for a setup with EA(s) and retests. The Fed minutes (dumb news) are at 2 PM, and it can often move PMs and currencies. Gold, still same view, needs to break below support before I would be at all interested. The last time I bought gold, and talked about it then in the premarket, was at 1214 on July 7th. This setup here is not remotely as good. The miners also need to back up more for a really good setup.

IDXG – Talked about in today’s video – still moving, but now on Day #2, more cautious – from yesterday’s premarket – “This stock took a dive on Friday after earnings news, which wasn’t really bad BTW. This is an example of how the public reacts to news. The good news is that sell offs are wonderful opportunities to get into a position, but don’t buy something just because it’s cheap. Those who bought the low on Friday at .72 are in a great position today as the stock is up to .92 pre-market. Studying stocks like this one that sell off on good news is worth taking time to do.”

RADA – Often times what happens, especially with stocks which have some type of quality to them, is they will have the initial gap up, but then it’s the reaction after the gap, and then a few days later, which is the great entry point. But people forget about these right away, and don’t follow them. From the 8/10 premarket –  “trying to become an “’emerging strong stock’, like we’ve talked about with several stocks from months ago, examples – AVEO, IMMU, possibly GLYC, and MBRX, tho MBRX needs a big reaction for longer term potential.” With the stronger stocks, the trend is up, we believe, so the reactions are the opportunities,

DXTR – Up 30% pre-market on analysts news. The stock close yesterday at .25 and has now been initiated at ‘Buy’ with an .80 price target. The long term chart is horrible. The first resistance is around .32. This stock will be volatile during the day. Wait for pull backs and reactions to find a good entry point. We’ll be watching this for a reaction after the open.

NXTD – Again another horrible long term chart, but this stock is up 10% pre-market on earnings. We’ll be watching this one today for day trading opportunities. Watch for reactions.
TROV – Up 12% pre-market on earnings news. On a daily basis this stock has a nice trading range to pull up to 10% profit out when bought at the lows. Stevie has traded this stock before and has noticed that sometimes it takes a couple of days for it to set up and run. Look for day trading opportunities only. Unless it breaks above 1.60+ which would mark the beginning up an uptrend.
PSTI – Up 10% pre-market on study news. This company is a stemcell company and it doesn’t have a horrible chart although it is certainly NOT in an uptrend. It reached a yearly high of 1.83. It tends to run up .20-.40  on news which will make a great day trader. Watch for reactions.

 

 

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About traderscott 1146 Articles
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day. Scott returned to markets over fifteen years ago where he continues as an independent trader.

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