After cutting some of the risk in my ABK position on Friday, I am looking forward to tomorrow and see how it moves. I am going to watch pre-market closely and if I can get a price above 4$, I will sell the remaining 100 shares I have. ABK generally has a tendency to drop in the first hour of trading and I would like to book some profit before I go negative in that position.
Next, I am looking for few shorts in Airlines sector, particularly DAL and NWA. Reason? Both DAL and NWA have been moving up for last 6 days and more importantly, on the last trading day the volume has decreased. This suggests that buyers have done their job and now it’s time to sell. On another note, these airlines stocks are moving because oil prices are dropping like a rock. So they may continue their ride OR if Oil prices show any sign of moving up, they should drop.
Just like NWA and DAL, FCF and FULT have been moving up for last 6 days. Considering that they are financial companies, it’s highly likely that they will fall.
BTW, how do you find a stock which has been moving up for 6 days? Very easy with StockFetcher.
show stocks where price is increasing for 6 days
and average volume(30) is above 500,000
and price is between 1 and 15
Can it get any more simpler? [JV, you can now simplify your 4 day breakout filter.] One of these days, I am going to write a detailed post about StockFetcher. I think they are the best stock screener service out there and at 9$ a month, they are a steal.
Update:
JV commented that he is looking for increasing ‘closing’ price and just not price. Well, even that is simple.
show stocks where close is increasing for 6 days
and average volume(30) is above 500,000
and price is between 1 and 15
But now I am confused. What is the difference between price and close? I guess this has to do with the fact that you can run filter during trading hours and at that time, it will use the current stock price. So if you run both these filters at after market close, it will give you same results. I need to confirm this.
5 responses so far ↓
1 johnnyvento // Oct 20, 2008 at 8:28 pm
yes I’m aware of that filter but mine is actually much more stringent, the price has to close higher each day, as opposed to simply not closing lower (look at the results of each filter to see what I mean)
2 RJ // Oct 20, 2008 at 8:54 pm
My bad. But even if you are looking for close price to move up. You can fix the above filter to look for increasing closing price. Let me update the post.
3 matty84 // Oct 21, 2008 at 12:09 am
Hey, Covestor tells me you closed ABK at 3.99…amazing that you made a profit on that trade haha…good job.
4 RJ // Oct 21, 2008 at 12:35 am
Yes Matty, I did. Post coming up about today’s trade.
5 One Loser. One Winner. - RamtaJogi // Oct 31, 2008 at 1:40 am
[...] was very happy with my last winning trade with ABK where my observation about ABK losing pre-market gains turned out to be true. It made me realize [...]
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