daytrade diaries... november 3, page-18

Good morning fellow day traders.

Well interesting night on the overseas markets. Thanks for the market wrap Highlandlad!

For me, I am holding 4 stocks, OBJ, ARW, ATI, ORD

I think the pick of the stocks for today is OBJ.

OBJ - Held up very well yesterday, despite the big sell-off on the all ordinaries. Still very strong volume buying at these prices. With biotechs rising in the US overnight, and continued volume, I think this could finish the day above 2.5c.

ATI - Had a strong rise on good volume yesterday, I think the annoucement about the 140 million shares was a good one, but as always investors get nervous/jealous in my opinion when others get stock at a cheaper price, hence the initial reaction to the good news of the asian investments was a fall in the share price of ATI. I have seen this thing happen a few times over the last few months, e.g. BAU, which fell initially from 70c, to a low around 55c, before trading up to the $1 range, this is just the way people are, it is not logical, but it is human nature, we are jealous of others. But I think based on yesterday's performance people are coming to their senses and realising that there is huge potential in ATI. If it has strong volume today, we could see this well into the 5c range. Next major resistance is 5c, if it can get through 5c, so could rise quickly.

ORD- Look as Tibbs said, really positive news out, strong company, looks like it has the goods, but yet the share price has fallen sharply after the good news. All we can say is that sentiment is not currently with ORD at the moment. Though I hope this will change, not looking likely at the moment. I still hold though.

ARW - been a bit stuck at 2.3-2.4c, if it can crack through 3c again, we could be in for a big ride. I am still holding this one at the moment, but if it doesn't move soon, I might re-evaluat.

anyway those are my picks for today OBJ, ATI, ORD, ARW.

Also on my watchlist to potentially get into today are:

NWE, BCC, LRC, LRG, AVB, PEK, RHM, SBL, ROG, MST, ATN.

RBA - In terms of the reserve bank decision, it seems most people expect the RBA to raise rates. I still am of the belief they may leave them on hold, but we shall see at 2:30pm today.

Melbourne Cup - Good luck trading, and good luck to Viewed in the melbourne cup, my money is with Bart to make it #13, Viewed is the best horse in the race by far, can it carry 58KG and win, we will see today.

regards,

David Meyer