Dummy Trade of the Day - Yahoo! Inc. (Public, NASDAQ:YHOO)

YHOO showed up on my gapper scan along with a number of retailers. I decided to stick with the more familiar name. After consolidating the opening gap and successfully testing yesterday's high as support, YHOO formed a bullish piercing line candlestick reversal pattern on the fourth 15 min. bar. Aggressive buyers could have entered on the 5th bar, but I waited until the OR (opening range) high was taken out. My entry was on the 7th bar, following the NR7 bar. My exit was a little premature. I guess I wasn't expecting such strength into the close on the pre-holiday session.

I took a very low risk entry on one of my favorite momo stocks this afternoon. After a volatile morning session, CAL settled into some NR trade along its slightly upward sloping 10 period MA. In mid afternoon, I felt a sudden uptick in volume on a NR bar and decided that if CAL was going to test its morning high, I wanted to be there. My risk was only about 10 cents and my reward was half a point.