Tuesday, January 06, 2009, we had three Around the Horn premium trades, one Extra Inning and three Stocks to Watch trades on our radar. Of these, five had profit opportunities and the rest were no-shows.

Bristol Myers Squibb Co (BMY) was a Double Header short Around the Horn premium trade for Tuesday. BMY gapped higher on the open, but soon hit resistance at the Central Pivot and began to trade lower. BMY hit our entry level and kept uneventfully trading lower to the initial profit target and a little beyond. Exit was at this level or slightly lower as BMY did trade down a bit without much volatility at the target price.

Bristol Myers Squibb Co, 5-Minute Chart


Cooper Companies Inc (COO) was a Backdoor Slider long Around the Horn premium trade for Tuesday. COO gapped higher on the open a the trade had to be put on within the 10 cent slip we allow ourselves for gaps. COO then traded sideways and uneventfully for much of the day before pushing higher late the session. Exit was at the initial profit target.

Cooper Companies Inc, 5-Minute Chart


Biovail Corp (BVF) was a Fast Ball long Stocks to Watch trade for Tuesday. BVF gapped open higher and then pulled in to Monday’s close before trading higher. An intraday long-view of BVF kept the trade alive most of the day, with an exit on the failure to sustain the break above the R1 pivot.

Biovail Corp, 5-Minute Chart


Goodrich Corp (GR) was a Backdoor Slider long Stocks to Watch trade for Tuesday. GR gapped open higher and kept going before pulling back in. An entry off the open and R1 pivot was fruitful with an exit on the reversal of this move. Other opportunities presented themselves over the course of the day, specifically the breakout of consolidations.

Goodrich Corp, 5-Minute Chart


US Airways Group Inc (LCC) was an Extra Inning long trade for Tuesday. LCC opened and traded higher, hitting resistance at the R1 pivot level. An entry on the pop above this level rendered profit opportunities with a slow and steady climb until late in the session.

US Airways Group Inc, 5-Minute Chart


Extra Innings and Opportunities for Wednesday, January 7, 2009:

As most of our trades came in as expected today, I will look for more opportunities tomorrow.

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