Tuesday, June 30, 2009

Day Trades Short - AEM, ABX, FUQI, RIMM

Short gold on break of support. AEM was the obvious trade and ABX was the sympathy play.

Not sure what to call the FUQI setup other than inverse C&H. But if you see a big thrust higher, consolidation, and a big move back down, just draw in the lines and wait for the handle to form. Approx. 100% measured move down, if we measure the pattern from 21.50 to 20.50, target 19.50.

I shorted RIMM when it failed on a BO attempt. Not a big move today, but I still think RIMM is going to setup a swing short when it breaks the lower trendline of this bearish pennant.

8 comments:

Day Tradr said...

Beautiful trades Jamie. Were you expecting weakness in Gold today?

Jamie said...

Thanks Day Tradr,

I started the day with no expectations, but look at a 1 minute chart of AEM in early trade. What do see? A perfectly formed H&S top at the base of the whole $ level. Can't beat that as invitation to short.

bl said...

Nice trade with FUQI. I saw the rally and thought long scalp. Looks like a symmetrical triangle continuation down

Jamie said...

BL,

Look at daily FUQI and see that yesterday it broke out of symmetrical continuation triangle. Today, it opened strong but succumbed to weakness with the market. Trading all time highs. Must be highly shorted and still in a squeeze. Volume on daily looks euphoric - foreshadows the end of the move is near.

bl said...

Thanks for the help and POT. Still have 100jan10

OONR7 said...

nice play with the gold stocks.

Jamie said...

BL,

POT is a dead cat bounce. h pattern this morning at base of lower trendline (15 min.) could be fatal if it breaks lower.

Jamie said...

Thanks OONR7,

Gold was sweet - a case of being at the right place at the right time.