On Wednesday December 3, 2008 we had three Around the Horn premium trades and three Stocks to Watch on our radar. Of these, three were profitable, one was a scratch and the others were no-shows.

Ecolab Inc (ECL) was a Switch Hitter long Around the Horn premium trade for Wednesday’s trading. ECL opened below Tuesday’s close and steadily climbed to the entry level, hesitating at that level before continuing on to the R1 pivot. ECL then consolidated here with some volatility before trading back to our entry price. As ECL had reached the 50% to target before failing, we took a breakeven stop. But ECL seemed supported at this level and when it again broke to the upside, we took second entry. It was a slow ride to end of day to the initial profit target with an exit at this level.

Ecolab Inc (ECL), 5-Minute Chart


Donaldson Inc (DCI) was a Switch Hitter long for Wednesday’s Stocks to Watch trade list. DCI opened below yesterday’s closing range and after a consolidation above the S1 pivot had an entry opportunity at the Central pivot. DCI traded fairly quickly to and through the R1 pivot before stalling out at the R2 pivot. Exit was on a breakdown from this level.

Donaldson Inc (DCI), 5-Minute Chart


Mirant Corp (MIR) was a Fast Ball long for Wednesday’s Stocks to Watch trade list. MIR opened below yesterday’s closing range and had at least two good profit opportunities from Tuesday night’s column suggested entry level. The first was on the pop up from resistance to the R1 pivot failure. The second came later in the day after MIR had drifted back to the entry level. This time could have seen an exit at the R1 level or beyond at end of day.

Mirant Corp (MIR), 5-Minute Chart


Extra Innings and Opportunities for Thursday, December 4, 2008:

Ecolab Inc (ECL), 30-Minute Chart


P.S. If you enjoy my column and would like to join our Intraday Trading Plan, try it for one week for $5.  Click here to start receiving our best trading setups for every trading day.

Julie Peterson-Manz is cofounder of TraderInsight.com. Email her at julie@traderinsight.