New ideas for possible entry on Thursday

(Targets are approx, and are the first target only, most have higher 2nd and third targets)

Below:

New ideas from tonight's screen (narrowed down from screener results of over 400)

LONG Breakout with volume today 

MHO    1150-1250 OR 8.5%

ROK     78-83 OR 6.5%

HSTM   1830--1920 OR 5%

HALO    1000-1100 OR 10%

MENT    1330-1375 = 3%

GHDX     2800-2900 = 3%

PLFE OVER 11.00

SHORTS Breakdown with volume today. Vol generally over 500,000

SAP

REXX

PPL

ANN

CHRW

CHK

SWN

BBG

The above could work for both underlying stock or the options.  To reduce risk, I tend to use options for shorting if it's a small cap, lower volume,  or lower priced.  Most of these have a dual purpose: hold for 2-5 days, and also suitable to hold for a few weeks. So on options I'll usually get ones with about 60 days expiration left.

The 2-5 days sometimes end up as quick same day exits if they happen to move that day, like todays same day 4.5% move on REDF and 2% on MPEL. I have higher targets for MPEL but it closed right at resistance so I took profits at 3:55 PM. Can always re-enter.

Options trades have been giving 60--300% in a few days, with AA the only current 60% loss (tho there is still time left on AA puts and they may easily recover). The options profits would be even higher if I used same month options; conservatively I'm using 2-3 months options to give it room if it needs time to correct first; though I generally buy in the money.

* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".