Watch list for 12/10/2008

Watch list for 12/10/2008

TRADING THE OPEN

During normal market conditions our regular setups generally do very well regardless what time they are taken. Trading right at the open always adds risk. During this low volume choppy market of the summer this risk is more pronounced. It is recommended that new trades not be taken for the first 10 minutes the market is open. I will treat each new trade that sets up during this time as a gap trade and wait till the stock comes back and takes out its 10 minute high or low.Trading is risky. It is our job as traders to reduce this risk and increase our chances of success.

IMPORTANT

Take only the opportunities that you really like and understand. Always enter a trade with a trading plan. If you have any questions, please feel free to ask me. There is a much greater chance of success in your trading if you understand the trade. That is very important. Taking just a few trades is enough to be a successful trader. Overtrading is probably the number one reason new traders fail. I personally mostly take swing trades. Please remember to keep that in mind!

LONG:

Swing possibilities (ST-PT)

WFMI long above: 11.00 stop under: 10.00, target: 15.00 ST

CTL long above: 27.00 stop under: 25.50 (25.00), target: 30 areas ST

EQ long above: 33.00 stop under: 30, target: 38-40 areas ST

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Day trade possibilities (DT-ST)

HAIN long above: 17.00 stop under: 16.45, target: 18.50 areas DT

KG long above: 10.00 stop under: 9.80, target: 10.50 - 11 areas ST

LLY long above: 35.10 stop under: 34.30, target: 37.50 areas DT-ST

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SHORT:

Day trade possibilities (DT-ST)

NWL short under: 12.80, stop above: 13.15, target: 12 areas DT-ST

STRA short under: 203.45, stop above: 207.75, target: open DT-ST

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Watch ideas:

Long:

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DT - day trade
ST – swing trade
PT – position trade
DT-ST – starting with day trade and can turn to swing trade
ST-PT – staring with swing trade and can turn to position trade
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If you have any questions, please feel free to contact me.
Good luck trading today!!!!

Ivica Juracic
ivica@ivicacharts.com