Watchlist for August 17th: Gencorp Inc (NYSE: GY) on watch

Newcastle Investment Corp. (NCT) had another nice white candle. I think this move is getting over-extended. It should make for a nice short on green/red action, although it might have another up day.

nct

GreenHunter Energy, Inc. (GRH), China GrenTech Corp. Ltd. (GRRF), and GENCORP INC (NYSE: GY) all had big gains on Friday and are on watch for continuation. GY had the strongest close so I may look to buy it if it shows strength tomorrow. However, considering it has some resistance in the $4.50 to $5.00 area (from last October-November) it may also fall and it could make for a nice short when it goes negative for the day.

gy

Disclosure: No positions. I have a disclosure policy.

0 thoughts on “Watchlist for August 17th: Gencorp Inc (NYSE: GY) on watch”

  1. Hey Michael, ready for another work week.
    Have you looked at CNAM, really low volume but a big move on earnings and a one time transaction that without this transaction would have been a decrease for the period. They should start to fade out during the week, shares to short might be hard to find though.

  2. CNAM gapped higher on earnings report and stayed strong throughout the day. Who am I to presume it was a bade quarter? Anyway, the low volume and it being OTC is enough to keep me away all but the most perfect of charts (like CBIS … now at 1/3 where it was when I last wrote about it).

  3. Ok, I have to get in my head that earnings don’t matter, only price action… Blahhhh. I get so strung out on reading that I forget the rules of day trading that you have put out for me to follow.

  4. I was able to trade QGLY, buy 3000 @ 2.88, sell @ 3.10.
    660 paper trade profit.
    But I got rooked on CNAM, you will find that funny I’m sure. Buy 1000 @ 2.70, sell 1000 @ 2.25.
    Hope your having a good day.

  5. what are you using to papertrade? Are you using TOS or IB’s papertrading functions or just making notes. 3k in QGLY wouldn’t work well–too low of volume.

  6. TOS paper trading and I was wondering about that. I’m sure this can’t be that accurate on these stocks.
    It’s at least giving me a chance to work with the screen and buying/selling orders, scans and charts.

  7. I’m sure you know this but just a reminder, that papertrading with the ToS platform has 20 min delayed quotes, but their charts are live. So don’t look at their charts if you want the “real” feel of trading.

  8. Yeah I noticed that, thanks. I have my real portfolio open as well so I see the delay. It seems a bit complicated to me but I guess you have to get use to it, I see what Michael is talking about.

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