i've been looking for a better way to find "low maintenance" plays.. something where you can come in for a week, looking for about 5~10 percent, without having to hawk it at the screen every minute of every trading day.
so here's a potential strategy: look at stocks in groups.. for example, look at entire industries, gauge how they're doing. for example, Money Center Banks) -- the entire industry is in a downswing. if there happens to be a stock or two that are picking up (or generally doing better than the rest), those would be potential plays. the rationale being that if in bad times (for the entire industry) these are doing well, it is likely they'll do well as the tides turn.
thinking further, seeing the robust stocks hold their ground while their industry group suffers losses, then begin gaining as the remainder of the group flattens out.. i'm thinking these could possibly be used as predictors of bottoms, "weather vanes" indicating that interest (& money) is beginning to turn towards the industry group as a whole.
one play i'm considering in the Money Center Banks industry: OFG (Oriental Financial Group)
closed at 12.69 monday, looks like it just broke through resistance an made a modest new high. my guess is it will stay between 12.40 and 14.00 ..
let me know what you think of this strategy.. i'll update on how the OFG play turns out.
up 3% today
up another 6% today.. i think it may encounter resistance trying to close above $14