Market Comments Submitted by Nick at Ambitions as a Stock Trader
Submitted by My Ambitions as a Trader and Investor
Stock Picks and Trade Ideas for Monday, October 29, 2007
Friday’s brilliantly bullish close was just what the market needed. Although we didn’t exactly close at the HOD, we did manage to successfully bounce off the 50 day MA and close up 1%. Although most of my stocks did well, CRDC and SQNM let me down. SQNM’s situation is understandable (nice run-up already), but CRDC was a big let down. Its chart pattern was promising which is why I was surprised. Still, earnings and fundamentals need to be taken into account for the big negative reversal. I believe that traders and investors were looking for a bigger boost in earnings. Perhaps they thought that CRDC would post a positive EPS this quarter. Who knows and who cares. I managed to bail out nicely and break even. I even trimmed down on some ASIA as the stock did not perform as well as I thought it would. None of this really bothers me as there are plenty of new longs setting up very promising chart patterns. Lets take a look at some of the new comers….
New Long Ideas: CROX (rebuy), EPAY, HDB, IBN, ICO, NSIT, SCUR (rebuy), SCL, SQM, TTM, WNG
Add To: ADAM, GHM, NTCT, PGI, TISI, WBD
Sell: SHEN
*ICO and TTM were both previously mentioned by my readers. I do not remember if both were mentioned by the same person or by two different individuals. Regardless, the person (or persons), recognized two potential winners in their infancy. Although they may have been a good buy when first mentioned, now is the correct time to buy ICO and TTM as both are at ideal, low-risk buy points.
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