I feel (slightly) guilty for my lack of posts, so here are the lists of prospective longs and shorts I came up with late Monday night.
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(Note from Tim: I'll do a post later this evening; I found today's market action profoundly irksome so I'm getting my thoughts together; I appreciate the guest posts, such as this one, to give me time.)
I have been trading CREE long ever since the first bottom of this double bottom, for the most part very profitably. CREE has shown some textbook TA patterns (Double bottom, Bull Flags, channel trends) all with a rising RSI. Last week I sold CREE after its run to 64 on Wednesday. I bought back in this morning at 62.50 and now expect a run to the gap fill. I own Jan 65 calls, so I have time if it decides to run to the bottom of the channel again.
For you day traders, CREE sells off alot at the open then reverses.
The steel stocks look weak, and this miner is a big supplier to this industry. It broke the 50 EMA today, and if it closes below that level, I am placing a short on it. 47.50 is my target, although the 200 MA will be an intermediate stop IMO