For now, I'm going to stop fighting the tape. It seems that we just keep going higher. Yesterday's low volume rally was led by the $SOX which seems to be waking up all of a sudden. I'm assuming that the low volume is holiday related, with people taking off on both sides of the actual day. Yesterday's SOX rally felt like a dead cat bounce, but the P&F charts for both the NASDAQ (P&F target 2540) and the SOX (P&F target 544) are very bullish, so I'll go along with that.
2 comments:
Jamie,
I know that you are working on part deux, but one of these weeks, could you also explain to us your momentum techniques. I missed out on NYX last friday over the 1st 5 min highs and EFUT this Yesterday. I suffered big pussy syndrome on EFUT today. But these were great opening bar momentum plays. Let us loyal readers know if you plan to teach it to us oh wise one.
Hey Misadventures,
How badly do you want to play these types of names and what is your risk tolerance?
Normally, when I play the open, my stop is set at the pre-market low. Today when I saw EFUT, I decided to pass. The $5.00 pre-market range was out of my league.
However, both of these stocks offered the same low risk setup in the afternoon which could have generated a very nice profit without wetting your pants. I'll post the charts for you this evening.
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