As per my pre-market post, chatter re: an AT&T takeover played right into the DISH B&B setup. DISH gapped up and carved out a shallow rounded base just below the daily pivot (blue line). It was a fast move, a scalp really. I was ready for that possibility and closed the position after it retraced more than 38% of the move from the swing low to the spike high.
BIIB gapped down and traded in a NR just above yesterday's swing low for most of the morning. During lunch it started to make a move lower so I took a dummy short. I took a partial as price approached the morning swing slow and I was stopped out on the balance.
AMLN took a dive when the FDA issued an alert on its diabetes drug Byetta. After price stabilized mid-range, I was hoping for a low risk entry and more weakness into the close. Found a low risk entry, but the weakness held the lower end of the mid-range.
10 comments:
Jamie,
Nice alert on DISH last night. I watched LULU and INFY from gappers, but did not participate.
I was short AKAM on test of ORL and PP from last Thursday. Gave trickle down trend day.
Jim,
INFY would have been a great short except that it didn't base at ORL prior to falling down.
Choppy session overall, but tech should bounce tomorrow on favorable INTC and YHOO earnings.
slick trading Jamie - way to squeeze out some good dough on a tough day.
Did you enter DISH intraday?
Thanks QQQBall,
Good setups were rare amid the chop. Yes, that DISH entry was around 10:00.
Jamie,
What a dish! Good call and on the Briefing WL with many others(23 +/18-. cpsl qmar stt ostk nok. Felt scattered today as went from the Br WL to At the Open Momo List just to see and lost my focus. rbn(nice chart), trak(reversal) Premkt Scan. TRAK for a loss then 2 gains, EXEL -7/15 for a painful wait and see b/e, JASO for some food money. Need to focus on Br WL and Premkt WL gap ups or downs but not both sides of the gap.
Jamie,
Also biib -6/30". Manana.
BL,
See you traded JASO today. FSLR SPWR and JASO all testing recent again.
NAZ should see some buy side interest tomorrow. Semis should at least get a bounce on the strength of INTC guidance.
Edit - testing recent highs
Hi Jamie,
Would a break above 5th bar NR high for DISH be a good entry point as well. 5th bar also recapture 5EMA.
YR
YR,
No, not based on the stock recommendation I made in the pre-market post. These PP trades have to break the PP. Your suggestion would be anticipation as opposed to reaction. The stock has just made a series of lower lows. One inside bar on the 5 min. timeframe is not enough confirmation. The stock could just as easily have completed a gap fill before turning around and you would have been stopped out.
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