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I could swear that a TV stock guru was pounding the table yesterday, announcing the beginning of a new uptrend. Maybe it'll start tomorrow. Today's 133 point drop of the DJIA wasn't it. Actually the overall market has been terrible for some time now. It has been propped by the oils and gold/silver, but now those two props have crumbled too. The semiconductors and biotechs seem to have stabilized somewhat, but are not making much upward progress. Anyway,my trusted (?) filter spit out five stocks, all of which had losses today. Maybe they'll rebound tomorrow.Actually, the stocks it spit out the last couple of days held their own.But this is tonight's list :
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I think tomorrow will be my last post on this particular topic. No,I'm not vanishing just yet.I'm considering creating a new post each week for that week's picks. That's because keeping one topic going for several weeks just makes the topic grow into more and more pages, and I don't like to scroll to the end to read the latest post. Also, although I have several filters, the last few days I've been using just the same one. That's because I think in the long run it's better to use the same one than to skip from filter to filter. Also, I'm hoping that others will post their picks, and their rationale, on "Swing Traders". By that, I don't mean something like "XXX is ready to blast off". That's just pumping a stock. Although most posters seem to be penny stock traders, there should be enough of us non-OTCBB swing traders to be able to sustain an interesting board.
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Of the three, two are repeats from yesterday. IGPG took another hit today, and is an example not to blindly buy stocks from a scan.This particular scan detects stocks that have been in a recent uptrend and have pulled back. But that doesn't necessarily mean that the drop in price is over. The prudent thing to do is wait until some sign that the drop might be over. Many times the bottom linear retracement line or the MA50 line provides support, but not always.But regardless of how sure you are that a stock is going to go up,many times it goes down. That is why it's important to sell as soon as it looks like you may be wrong.
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