AIG - Forming a nice wedge pattern on the daily chart that I think is going to get resolved soon and Im betting on it breaking out higher. I think if it gets above 50.66 (last week high) it can see a pop up to 51.70-52.00 . I am long some calls overnight looking for that break tomorrow. Ill use 50.00 as my stop. Im using next weeks exp.
Got a pretty good question in WatchMadazTrade today where someone asked me about my set up for trading in terms of hardware. I was thinking about writing an article or making a video about this earlier but never had the time but now since people are asking about it I’d thought I’d write this article about what I feel day traders need to have and should NOT cheap out on if they plan on doing this for a living or at least to generate consistent income. And the best part is, if you’re a declared business trader with the IRS, all of these things are tax deductible!
1) A Very Fast Computer: There’s no excuses, here if your computer lags, you’re screwed. Trading platforms hog RAM, you need a fast CPU to load applications faster, a Solid State Drive (SSD) in case you wake up at 9:29AM after a long night of partying and need to boot your computer in 10 seconds, a good graphics card (GPU) to support multiple monitors, etc… Now you say, ‘Madaz, I don’t have thousands of dollars to blow on a fast computer’. Well guess what, I got my computer on slickdeals for 380 bucks, so it’s possible. Take advantage of black friday/cyber monday deals. Just get a fast computer and don’t cheap out on it, trust me.
My Current Computer Key Specs: Intel Core i-7 3770, 12 GB RAM, Nvidia GeForce GTX 660 ( Supports 4 monitors and I also game), 500GB Samsung 840 EVO SSD.
PMCM: Might be the next RFMK type mover considering that it is getting huge volume in the $0.004′s and that’s RFMK just moved up to a penny from. Expecting a gap higher above $0.005 on Wednesday where that level will be first support. Overall, key support is $0.004 moving forward as that was the low from a nice power hour on Tuesday. Resistance is $0.006-$0.0065 with a penny being in play this week if volume stays consistent. Want to see at least 1 billion shares traded on the day with upside to confirm further momentum into Thursday. Continue reading
RFMK: Alerted this one via email @ $0.0046 on Friday and it finished the day with an awesome close @ hod. Expecting the penny level to act as a magnet this week as long as the company doesn’t dilute the thing to death. Key support is $0.0055-.0055 and key resistance is $0.0075. Continue reading
Here are some stocks that are in play for tomorrow. Again, expecting things to be relatively slow tomorrow like today.
MINE – Stock is up an astonishing 10 days in a row without any major pullbacks. There was one little pullback to play today which I was able to make a few bucks off of but not really anything big. Whenever this thing pulls back it will pull back hard as it is up over 600% during that time frame.