Sometimes not finding anything, tells you a lot.
When scanning for stocks to trade, it’s not too difficult to find trading ideas. My trading game plan usually has too many day trading ideas.
What does a day trader do when obvious trading ideas are hard to find? You feel the pressure of your bills, you need to make money, but there just isn’t anything obvious.
This chart of the SPY gives some insight into the market bias coming into the week (Today is Monday April 20, 2105).
We have a long-term bullish bias on the weekly chart and a short-term mess on the daily chart. If you’re day trading, which time-frame do you apply to your bias for the day?
If you don’t have a clear answer, you need to work on your trading plan. Your edge needs to be definitive, if you expect your day trading decisions to have conviction.
Scanning for Stocks to Trade for the Week
Day trader revenue comes from a short window. This is self-evident, yet a costly mistake is to get your trading ideas, from that same time-frame.
To become a great trader you need to trust order flow. Order flow is the commitments made by big money. These commitments take time to play-out, which means they are slow to change.
We trade day-to-day but institutions don’t. To become a great day trader you need to commit to a bias. Changing that bias from one day tot he next is a tough way to make a living.
Stocks with Earning this Week
Pacific Crest Securities issued a Q1 enterprise preview Tuesday and commented on three stocks it would buy and one to watch. Analysts led by Rob Owens noted that spending on security maintained “strong momentum into the first quarter, potentially taking share from other areas of IT spending.” Latest Ratings for CHKP DateFirmActionFromTo Jan 2015JefferiesMaintainsBuy Jan 2015CitigroupMaintainsBuy Jan 2015MacquarieDowngradesOutperformNeutral View More Analyst Ratings for CHKP View the Latest Analyst Ratings
Halliburton Company (NYSE: HAL) is estimated to report its Q1 earnings at $0.37 per share on revenue of $6.99 billion. Morgan Stanley (NYSE: MS) is projected to report its Q1 earnings at $0.78 per share on revenue of $9.17 billion.
24/7 Wall St. has put together a preview of some of the larger companies in the tech sector reporting their quarterly results in the middle of April.
If any recovery in the works for IBM, then there needs to be some fundamental changes within Big Blue. That is the message from Credit Suisse.