Monday, July 24, 2006

Trade of the Day - Lam Research Corp NASDAQ (LRCX) and Genzyme NASDAQ (GENZ)

LRCX was a buy after it held breakout support during the 10:00 reversal period. I locked in a 50% profit after a 1 pt. gain and gap fill. The balance of the trade was exited around the same price about 45 minutes later, on the first signs of weakness.

GENZ was very bullish on the open but formed a high upper shadow into resistance shortly after the open. These types of reversals before 10:00 often signal a failure so I was cautious getting in. I waited until spport held and price bounced before getting long. I exited 50% on strength as price approached resistance and held the balance into the close. My stop was set 10 cents below last Thursday's high for the balance of the trade.

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