So overall, today was a very solid trading day. While sitting at my terminal, I could feel the urge to over-trade positions, which is contrarian to how I was trained. I am a firm believer in trading with a plan. With so many individual issues gaping in today's session, it took everything to trade my two positions that fit the model and let everyone else play the rest.
Below are the two issues we traded today:
Trade #1
HBAN - Huntington Bancshares, Inc. - We trading this from the crossover above 20.00 at the open. We bought in at the cross at $4.90 per share with a tight stop-loss set for $4.80. We had an inta-day target of $5.15 per share, which we achieved at 2:00pm EST.
HBAN is a great trading stock and is one to keep an eye on.
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Trade #2
SilverCorp Metals, Inc. - SVM - With our recently announced partnership with www.abuseoflaw.org, we found it interesting that one of their previously covered investment fraud stories was now on our trade list as a long play today. SilverCorp Metals who claims to be the recipient of a massive "short and distort" further put claims to rest about its financial well being by having KPMG Forensics do a thorough accounting of the Company and issue a report as to their findings. SVM closed on October 21, 2011 at $8.12 per share. Based on the pre-market KPMG Forensic report that was issued today, the stock had a immediate stochastic crossover buy signal at the open and trading in a range of $8.68 - $9.83 to up till the close. The stock traded strong until 2:30pm EST, when there was a sell crossover stochastic developed at $9.64 which it carried until the close with a closing print of $9.62. (SVM)
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