6/23/09 Day Trading
Today we started with some nice gappers. POT, SKF, AGU, ISRG, X and OIH were our focus stocks. Monday are known for chop first thing so we started slow, waited for them to move before jumping in anything.
Our first trade of the day was OIH, we traded the first break and it wasn’t ready to go yet. Only took a quick scalp on it for .10 the market needed to break out of the consolidation before our short side trades would turn into more than just small scalps. Once it did we have a nice slide and we were able to catch X, POT and ISRG. ISRG was our trade of the day. We traded it from 158.46. This trade had over a 3 point potential! Most of my traders were in and out of it a few times. The short side trades have been tough so they stayed safe by taking profits early and re-entering.
At around 10:00 we didn’t get the normal V-bottom we have been getting. Instead the market drifted down all afternoon. We pretty much stayed clear of the drift.
Tomorrow is FOMC. We expect a active morning then slow till after rate announcement at 2:15 est.
Have a great night and happy trading!
