October 25th, 2016 Watch-list
Evening traders! Still not much strong movement one way or the other for the overall market, so not going to spend too much time there. We most likely will continue to see this back and forth action through the election. We have a strong week of earnings coming up, so there should be a large amount of volatility. With increased volatility generally comes increased activity in the small cap space, so we'll look to add 2 or 3 new plays to our current list of BDSI and WITK in the coming days. The main issue now is finding plays that do not have earnings in the coming days/week. DJIA daily chart below with key support and resistance labeled.
Current Below $20 Plays on Watch:
BDSI: Another small green day on this one, plus we're still trending upward shorter term. We were able to briefly break above that 20sma, but we failed to close above it. The 20sma and 50sma are the next key breaks on this one. For those not in, this is not a point to be entering. For those in, could be wise to bring your stop loss to within 2% of your entry price to reduce your overall risk. Hopefully we continue to trend higher moving forward!
MITK: This one has appeared ready to go many times, however once it finally comes back for the 15 min reversal, it ends up falling lower. Let's keep on watch and make sure to look for the daily and 15 min buy.