RIMM gapped down on lowered guidance. Price tested the round $ number $50.00 and tried to save itself, but sellers prevailed. It's hard to know exactly when to get in because the gap is so wide and the pivots are so far above price. Look for narrow range price action to develop with reasonable stop. Here I'm placing my Fibs from yesterday's close to the ORL. The OR is too narrow and the gap too wide, so I think this gives a reasonable target. But I took a partial at $48.00 to lock some in. Eventually, the 50% fib. extension was reached.NVDA was much easier because we can key off of S2. Cover as price approaches the whole $ level.
Missed the gold stocks rally off the open - Fast moves to R2 - AEM and GG, and ABX didn't do to badly either.
HES - 2 IBs - partial at whole dollar level. There's a base at the blue line which may or may not hold as support. Morning star reversal pattern - cover balance and long.
6 comments:
jamie... you kick my A$$!!!!!!!! lol
i love your blog....
Hey Lars,
I didn't follow my plan (#1 for today was long gold), but I did kick some ass. LOL
Jamie,
Would you call the RIMM a higher risk setup since gap is so wide and entry is a little far off moving averages?
YR,
Technically, the RIMM trade is higher risk for the reasons mentioned. But intuitively, it's not. The stock has had a really strong run off of the lows based on better than expected future earnings. So this morning's announcement was sure to be met with big selling.
Jamie,
I looked at my Gold WL and all 12 had beautiful opening charts and there was good news. Airlines and oil was neg. Easy pickin's sometimes.
Nice job BL.
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