Monday, April 16, 2007

Watch List Trades - JCOM, NVDA, THE, VRSN

j2 Global Communications, Inc. (Public, NASDAQ:JCOM) was a pivot point base and break pattern from last night's watch list. I entered long on a break of the ORH instead of waiting for the pivot point to be taken out. Either way, it was a winner.

NVIDIA Corporation (Public, NASDAQ:NVDA) was a pivot point setup on the 15 minute timeframe. The OR failed to hold the pivot point on a closing basis, so I tried to get in on the first tradable pullback. It failed again on the retest, with the result - we'll call it a scratch. The chart above is a 5 minute timeframe. This setup remains in play, we just need a little more strength in the $SOX.

TODCO (Public, NYSE:THE) which was my strongest pick from the watchlist, pulled back to support of the rising 50 period MA and setup a low risk entry. Initially it took out the pivot point but failed the retest, so I was stopped out. It did manage to regain the PP into the close and remains in play for tomorrow.

CREE gapped down and did nothing all day so we'll come back to later, maybe.

VeriSign, Inc. (Public, NASDAQ:VRSN) is a trade idea from Brian Shannon at Alpha Trends

The first chart is the daily timeframe. The blue line is the breakout point and the red line is potential resistance from February's long upper shadow. The second chart is the 15 minute timeframe, which shows my buy stop entry above the breakout point. I took a partial when price dipped under the red line and I'm holding the balance for a swing. My stop will be about 10 cents below the afternoon low.

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