daytrade diaries wednesday

As an analyst on CNBC suggested this morning , these are 'shock and awe' measures that the Fed is taking to stimulate the economy, which only illustrates how deep the US economic woes are.

I suppose I must be in agreement, otherwise this thread probably wouldn't exist and I would still be merrily swing trading over a longer timeframe.

Todays strong lead from the US gives me a two pronged approach to the trading day.

1.Stocks which are in a breakout pattern are in a good position to break up.
2.Stocks which have been hammered are in a good position to bounce.

Potential breakouts:

AIO – will hit strong resistance just under 1.50

CSR – resistance at 1.52

FXJ – resistance around 1.57

TEL – popped above trendline yesterday

SBM – resistance at .275

Potential bounce:

BLY GFF HFA IPL MAH OST AUN TSE and just about anything in the REIT sector.

GMG announcement will spark buying interest but the insto seller is still around.

I'll be paying particular attention to two of my perennials – MGR and GPT.

Good trading