Wednesday, January 21, 2009, we had two Around the Horn premium trades and three Stocks to Watch trades on our radar. Of these, one had profit opportunities and the rest were no-shows or scratches.

Dreamworks Animation (DWA) was a Fast Ball short Around the Horn premium trade for Wednesday. DWA opened and traded to our entry level and consolidated above and below this level all session. The market had gapped open above Tuesday’s miserable close only to trade back down to those levels before reversing and climbing higher the rest of the day. Exit on DWA was end of day as DWA ran out of time.

Dreamworks Animation, 5-Minute Chart


3M Co (MMM) was a Fast Ball short Stocks to Watch trade for Wednesday. MMM hit our suggested entry level in the morning session and traded slowly down to the S1 pivot support level before lifting with the broader market. Exit was signaled on the failure to break down through this level.

3M Co, 5-Minute Chart


Extra Innings and Opportunities for Thusday, January 22, 2009:

Dreamworks Animation, 30-Minute Chart


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