Monday September 26, 2011
4 open swing trades heading into today’s session and with futures up, these trades should do well today.
SIRI at $1.685 on Friday might have been a bit aggressive, being that my target entry was $1.65… however it’s recent trading action led me to believe it wouldn’t revisit $1.65 again. Look like I’ll be up about $550 at the open. Last week SIRI was as high at $1.89 breaking the channel before the market turned down. This tells me it’s heading into the $2 range sooner versus later. Immediate goal is $1.79 for $1,000 profit and if the markets start roaring I’ll go for $.20 to $.30 per share on this trade.
COOL is opening at $2.21 x $2.34 making the bid PM well above our entry of $2.14. Goal on COOL is now $.50 to $1 per share long term with daily assessment on price action, level II and chart.
GLUU in the PM isn’t as strong showing $2.63 x $3.02 so the bid isn’t up near our entry with futures up which is a concern. Watch it close and limit loss if GLUU starts to head down. I’d think there would be good support at $2.79.
QPSA is by far looking the weakest. With futures up I’d expect this one to head up today because sellers had their chances to knock it down last week when the market was bearish. My guess is there will be a delayed reaction before it starts to climb back up the chart. Support isn’t favorable on this one, so if the presence of sellers is around I might bail and come back at lower levels.
“Sold that ZAGG option at $1.25 from $0.50 or 150%....one word....CHEDDAR!!!!!”