Two stocks I had on my radar from yesterday acted a-ok.

GROW gapped higher, but pulled back on the intraday 5-minute chart five bars before heading higher. The buy signal comes over the higher high, and the stop is placed a penny below the day’s low. With the stock gapping higher, and then trading higher, look for acceleration off of the 50 dma. Sell in 1/3’s on the way up.

COG hesitated a few bars after the open, deciding what it was going to do for the day. I was looking for at least three bars on the pullback. That didn’t happen. The next chance for an online trade was as the stock broke above the 5-minute high. I’ll sometimes wait for the next bar to enter to make sure there actually is some relative strength. Of course, that doesn’t always work. Sell 1/2 before the close, and swing trade the rest with a stop moved to break even.

I hope some of you caught the wave up today. Often, after the federal reserve comes out with their decision to change the federal funds interest rate, you’ll see the market change direction in violent swings. There was one change of direction today. Up.

GROW reversed it’s drop yesterday with a consolidated range (2 inside days) the last 3 days. Watch for movement out of this. Trading back over the 50 dma could provide momentum.

Oil stocks moved higher with the market. COG has a break over the mini base. Watch for an increase in volume, and momentum higher.

As I mentioned yesterday, the homebuilders are building a botom for now. Notice how the sell signal quickly reversed. It’s because stocks in the sector have already made the big move down. I haven’t talked much about retracement, but that’s all this is, on a bigger scale/longer time frame.

CROX wasn’t participating in the rally today. I’ve been trading this on the short side, and will again, if it lags tomorrow. The 50 dma hasn’t turned down yet, so I’m staying with day trades for now.

As usual, I’ll wait for setups before entering any stock pick. I’ll set a stop loss, potential targets, and sell in partials when the trading plan dictates.