Had a decent day today, primarily on the back of $ORPN. I saw the morning volume and caught the move from $5 to $8 for about a dollar. I'm OK with missing out on an additional $2 of upside since the intraday range on the stock was so extended already.
Too bad it faded back so high from the high of the day, since it would have made a good short candidate tomorrow. It reduces the amount of potential profits for an unchanged or gap down open tomorrow. Still a good short candidate if the stock gaps up at all overnight, the bigger the better. My ideal scenario is for the stock to gap up to $5 or higher and then dump off the whole day.
I didn't see anything else interesting out there with volume so I sat on my hands most of the day, until after the Fed meeting when I was surprised at the sudden spike in $X. I saw that it was confirmed with the rest of the commodities/materials stocks and took a position, netting about 35 cents in 30 minutes.
Here's the sector move I was looking for. It didn't come from the hot-rolled ITA decision like I expected, but that shouldn't change much. $X is still clearly leading and will probably be the easiest to trade out of the bunch. Some of the lower priced commodities stocks like $FCX, $TCK, $VALE, etc may give overall decent returns on a percentage basis, but as laggards will probably be tougher to trade with choppier price action.
I do expect a gap up in these stocks tomorrow, after which the plan is to wait for a bit and let them pull back in a bit before looking to get aggressive.
I'll probably also take a look at anything with volume as well, although that will take less of a focus than usual with the potential of a commodities sector move out there.
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