Sleep Little Market, Sleep

Another wild and crazy day for the market! Not. Let's see, the past five days, the SP has changed a whole 2 points. And volume has been very low, under the 50 day volume average. I don't know about you but if that isnt boring basing I don't know what is.

We are at the 50 dma for the Nasdaq and today did show an increase in volume for that average. That could produce that bounce I was talking about. But if volume stays this dull on the bounce, I will have to think the bounce will rollover and a break of the 50dma could happen. But I can not predict the future so I will game it both ways.

The market was pretty dull, overall, except the intraday drop off in oil. But that market is so voaltile recently it could be at new highs tomorrow.

The real action came in smaller medical stocks. Eyetech (EYET) was bought by OSI Pharma (OSIP). Not a big deal. But the big deal for me was Panacos Pharma (PANC). Go read my weekend blog. As you can see, I had PANC ready to buy this morning or might have already takend a position in it. Unfortunately, I did the former and not the latter. PANC came up on my screens around 10-11am EST on Friday and I did not act on it at the time. Why? I did not completely fall in love with the daily chart at the time. Only after reviewing the daily at the end of the day did I fall in love with it. Well, when I woke up, the stock was up 55%. Did I kick myself for not buying it on Friday? Yes; just once. Why just once? Because the chart did not look right at the time it came up on my scan, I played my game plan correctly. I risked a nasty reversal that could have really hurt me. You cant predict the future and I had no clue it was going to be up 55% in the morning. So I did everything correct. The chart only looked perfect after the close, after it rose another .06 late in the day to create a very nice chart pattern. So I did everything right. Never get upset about missing the big one. You are going to miss a lot.

New Swing Longs: LDSH ORBK CRUS

Longs Outperforming Market: BCON KNDL DGIN ADST SBTV ACR

New Swing Shorts: PP IPG KSWS

Stock On The Radar Screen: ALO PANC MVCO IRSN PESI KTCC

Aloha from Mauifornia! LOL