Yesterday was a perfect example why I rather let the market narrow down my watch-list rather than do it discretionally. Cypress Semiconductor (CY) was on my list, but I decided not to put the order in because I felt that the float was too large and that the semiconductor sector was extended. Mid-day yesterday a buyout rumor hit the wires and CY at one point was up 10%. There’s a lot of randomness in trading, and while we might have a feeling of which stock has the best chance of being the biggest winner for the week, we never really know. Long term, the biggest winners share certain characteristics that make a difference, but in the short-term none of that matters.
All my buy orders had an exact buy time which was 10:30 am, out of 23 names only three triggered after that time, 1 (DLTH) triggered before 10:30 am.
My list today is a lot longer than I would like it to be, the recent 6-week consolidation is the reason why I have so many names. Many stocks like the market have been moving sideways marking time.
I have an interest in the stocks below if and only if they go through yesterday’s high plus .10-cents. I consider these swing long ideas with a shelf life after they trigger of 1-10 days.
ATSG, XPO, NSM, CRUS, SNCR, MELI, TWOU, OSK, ROST, MIDD, LOCO, TWTR, VG, CYBR, MGA, SON, AR, ELLI, MGT, ERII, GV, ININ, CPA, MPET, CGNX, SFLY, TWLO, YNDX, CHGG, LC, ICON.
If I wanted to narrow down the list and not allow the market to do it for me, then I would prioritize the list based on their float, the smaller the float the higher in the list it goes.