The CNBC Million Dollar Portfolio Challenge is not about investing, it’s about reckless speculation. With over 300,000 participants, you have to put it all on the line and hope that the stocks you pick will take off immediately.
Since stocks can’t be traded during market hours, you have an additional element of risk. Should you buy a stock that was up big today and hope that it will continue? Should you buy a stock that has been quiet and hope that it comes to life before too much time elapses? Both approaches might work, but there are underlying characteristics that can be queried to improve your success rate.
You need to focus on stocks under $15 that are poised to make a large percentage gain. I have created a number of searches to help you win the CNBC Million Dollar Portfolio Challenge. The searches look for breakouts, days in a trend, volume spikes, and range days. I will be adding another search today that looks for stocks that are near the low end of the 52-week range, have based and are starting to move higher.
These FREE searches are dynamic and the symbols link to pop-up charts. You will also have access to two other search groups in the dropdown menu. Pre-Open shows all of the stocks that are moving before the market opens. I had to program this search for my own trading. It is the most comprehensive list of stocks anywhere and it helps me plan for the open. Movers is a search that shows me the “Hot” stocks once the market is open.
When you flip through the charts, concentrate on stocks that have a nice tight trading pattern and do not have big deep troughs in the 1W (one week) chart. If the price action looks good, click the 1M and 1Y links in the chart to zoom out and get a longer term perspective.
If you need additional help, you can hover over the column header to get a description of the search or you can click the “How To Scan” link in the left margin. I also have an extensive video on how to use the OneOption Scanner.
The rest of the searches are proprietary and I use them to find stock and option trades for my subscribers. Have fun with the CNBC Challenge and continue to use this resource after the contest.