Must admit the builders are looking as lousy intraday as KLIC/KLAC one short managed today on KLAC but it didn't last too long. We are not getting the easy longs or solid long-running shorts like usual as LEN and that group is in a lengthy and frustrating consolidation leaving the rest of the 52.50 puts in limbo so far. Some of the pitfalls of consolidation!
EBAY and AMZN potential pullbacks, just watch them on multiple frame charts (5 and 60 min with daily). Stay with a few quality set ups of "potential news plays" (i.e. earnings plays, mid-quarter earnings updates, even 'problem' plays like pending FDA approval, settling of law suits, etc.) News plays that have already hit are usually too late and volatility is huge. Keeping in front of ANTICIPATION is a better way to catch those movers. Once they've hit, they are sells on actual news. Do some reading (not the message boards but some reputable financial magazines Barrons, WSJ, IBD) You won't find the news on the boards until after its happened, you will find clues in the magazines.
Of course you have to get used to which news is "shortable" as well (New America Page, Where the Money is Flowing, Top 100 IBD, etc) Most traders now like to hold positions longer and not be in and out 12 times a day or 12 different positions. Know your preference and stick to it. (I like to choose about 5 to 7 companies and watch them linking to news (reuters, business news) when I expect earnings, news or breakouts/breakdowns and keep milking them before going onto the next play) Playing them INCREMENTALLY for the Long Term Daytrade and occasionally holding a percentage of the whole overnight. NEVER AVERAGE DOWN ON LOSERS, rather run with winners. Lately a successful strategy Resistance/support tops and bottoms see charts below (by 10:00 for example) to short and to trade down to buy the support letting them run down and up in the morning before zeroing in on them AFTER exhaustion morning trends.
Familiarty breeds SUCCESSFUL trading and not hopping from play to play. Just an opinion and one I've observed to hold true for the past 8 years or so.
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