Trend Day Trading Scan for March 3
Which stocks topped our “Potential Trend Day” names mid-day on Monday March 3rd, a day when the Ukraine news dominated the intermarket landscape?
Let’s start with our potential bullish trend day stocks (fighting the trend of the broader market):
Our bullish candidates include Lorillard (LO) which is breaking out of a daily chart ‘flag’ pattern, Reynolds American (RAI), Deere and Company (DE), and CF Industries (CF).
Which names topped our Downtrending List for the day?
These would be candidates for bearish trend day continuity (if the stock market continues to trade lower throughout the day) or aggressive reversal strategies:
Qualcomm (QCOM) topped our February 12th list, and International Paper (IP), Xylem (XYL), and Schlumberger (SLB) appear for the first time.
You can see prior “Trend Day” updates and see the outcome from the remainder of each session.
Ideally, most or all of these names will continue the intraday trend throughout the session, which allows for simple retracement (bull/bear flag) entries.
However, not all stocks that start with an intraday trend continue throughout the session.
Aggressive traders can play potential reversal set-ups that develop mid-day (for example, Schlumberger’s power-reversal candle off the $91.00 level might be such a candidate).
February 28th Trend Day Stock Scan
February 25th Trend Day Stock Scan
February 24th Trend Day Stock Scan
Follow along with members of the Daily Commentary and Idealized Trades summaries for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey’s new book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).
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