Tuesday, July 11, 2006

Trade of the Day - The Anderson's Inc. NASDAQ (ANDE)

Long ANDE shortly after 12:00 as it lifted away from support. It then spent the better part of an hour and a half consolidating just above my entry point. Finally it started moving up and easily took out yesterday’s high. I exited into the close just under $47.00 for a 2 pt. gain.

Semiconductors were the easy leaders off of this morning’s market weakness. Having decided not to trade the open, I waited patiently for BRCM to pull back and establish support. I entered long shortly after 1:30 as volume ticked noticeably higher. I exited 50% of my position into yesterday’s resistance and held the balance until near the close.

Just to wrap up last night's watch list stocks, I did not trade RIMM because the early morning pullback was too deep and invalidated the pattern. Instead I took a piece of TZOO’s mid-afternoon bounce when it became increasingly apparent that the NASDAQ was going to hold 2100 as support once again.


monkeydust said...

Nice trades!

I got killed in the morning with NVDA but was able to claw my way back with SNDK, THE, and ATYT and end up for the day a little bit.

The market is still trading like one day everything is doom/gloom and the next has everything looking rosey.

Hard to make money in the market without watching it constantly. I've been selling all my positions before close daily since I don't trust the market when its trading like this.

Jamie said...

Thanks, the morning was pretty dismal, but at some point I noticed that several semi stocks were green, in an otherwise sea of red, so I started looking for some support related entry points.

NVDA is tough to trade these days because its performance is being associated closely to the MSFT VISTA delays.