This is my last watch list for this week. With the market closing early on Christmas Eve, I’m not even going to bother trading. I expect volume to be light and I’m just not interested in trying to play that kind of weak action.
I made three trades today and I’m holding one over night, as outlined in my watch list below. My two day trades failed me. I got out fast to minimize my losses, but it’s hard to pull the trigger when everything I buy goes south in about two minutes time.
AAC – They announced a cash dividend of $.55 per share. Weird how the press release was after the market closed, but the spike came mid-day. Not that I’m saying anything…..just funny how that worked. I will be watching for another try at crossing and holding over $1.00. It is right at its one year high with its next point of resistance being around $1.20 from September 2008.
ADES – Broke out above its 52 week high early in the morning on contract news. It briefly went over $7.00 but could not hold that level. Monday, however, was its second big day on volume and price. So tomorrow will be its third big day and I’ve found these can be dangerous.
AHD – Another stock spiking up on big volume and at its 52 week high. This stock went into the last 30 minutes on good volume and strong price action to stop right at $7.00. This action was based on a Citigroup analyst upgrade from sell to hold.
AMKR – I bought this stock after its morning pull back. They raised their earnings guidance and the stock gapped up over night. $7.50 is clear resistance and it made it up to that level right near the close but didn’t break over it. I’m holding it over night mainly because I didn’t want to burn a day trade. I would have sold it after it couldn’t break $7.50, but I’ll sell in the morning if it drops too much. I’d like a second day gap up over $7.50 and then maybe a run at $7.70 (52 week high). But that’s just hoping.
ATHX – Just when you thought it couldn’t go any higher, it did. I watched this all day, afraid to chase it, and just couldn’t believe it. Evidently, they entered into an agreement with Pfizer to develop and commercialize a stem cell therapy currently in development.
MBI, MTG, PMI and RDN – These are all home mortgage plays and all went up yesterday on the existing home sales data that came out. I doubt I will play any of them, but they are all in my notes for next month when the housing data comes out again.
I hope everyone out there that celebrates Christmas has a wonderful weekend. We have family dinners planned for Christmas Eve and Christmas night. Then Sunday night we are having a big dinner party with friends here locally as well as a bunch who are coming into town for the weekend. It’ll be a really nice four-day relaxing time.
Of course, not everyone will be having such a relaxing weekend. There are 100′s of thousands of people who won’t be, but having served in the military, my thoughts go to those that are overseas this weekend eating dinner in the desert and mountains with their teammates. And their rifles by their sides. They all volunteered to serve and that takes a special person and a special family. Don’t forget about them this weekend.
Merry Christmas and Happy Holidays everyone.
