Live Trading Room Stock Setups For May 23 |
By Dave Mecklenburg |
Published
05/22/2013
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Stocks
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Unrated
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Live Trading Room Stock Setups For May 23
The market rollover at lunchtime triggered two huge shorts. ARHM is the big move of the month. An afternoon trigger through Tuesday's low, after an orderly pullback, netted $1.36. ARHM slammed through the initial S1 target, letting us target the 50% Fibonacci extension at 45.39 and trail out at 45.58.
CYH made a move from the Central Pivot to the S1 Pivot without hitting a trailing stop. FCX made that same pivot-to-pivot move, but just ticked out at a trailing stop of 31.96.
I rarely take trades within the first 15 minutes, but CCJ setup a trade in the 11th minute. With the bid/ask spread down to three cents and a 19-cent stop, a trade triggered as the price pushed above Tuesday's high. A move to the 50% Fibonacci extension netted 46 cents.
CCJ LONG 22.35 22.81 $0.46 CHRW LONG 59.53 59.32 $(0.21) DISH LONG 39.63 39.48 $(0.15) ETP LONG 52.72 52.72 $- TJX LONG 51.41 51.16 $(0.25) ARHM SHORT 46.94 45.58 $1.36 CYH SHORT 43.63 42.60 $1.03 FCX SHORT 32.27 31.96 $0.31 Trail hit. RDC SHORT 35.51 35.51 $-
Total of $2.55 per share. Multiply average share size to estimate gross earnings. 1000 shares per trade would be $2,550 gross earnings for the day.
Wide-range bar setups for the next trading day. The day trade setup is only good for the upcoming trading session.
Entries, targets, and stops are based on the day's likely inflection points, and natural support and resistance. Avoid trade until bid/ask spread narrows.
Partial or unedited list of setups. Complete or edited list goes out by email. Subscribe to the distribution list here.
Bullish Long-Side Setups
MJN Mead Johnson Nutrition Co
Bearish Short-Side Setups
AEP Amer Electric Pwr BPOP Popular Inc CCI Crown Castle Intl CME CME Group Inc COP ConocoPhillips DLR Digital Realty Trust Inc DRI Darden Restaurants DUK Duke Energy Corporation ED Consolidated Edison FTI FMC Technologies GRMN Garmin Ltd HIW Highwoods Properties HLX Helix Energy Solutions Group HOG Harley-Davidson HOLX Hologic Inc IP Intl Paper MAC Macerich Co NSC Norfolk Southern O Realty Income PANL Univl Display PHH PHH Corporation PWR Quanta Services SWY Safeway Inc SYK Stryker Corp TJX TJX Companies TPX Tempur-Pedic Intl
Dave Mecklenburg is Publisher of TigerSharkTrading.com.
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