Thursday, July 06, 2006

Watch List - Update on recent Picks - SLAB, ADSK, PEIX, AMD

Originally profiled as a long setup, SLAB is starting to look more like short. Either way, it will be tradable on a break of the mini ascending triangle.

My buy setup for ADSK triggered this afternoon at $33.00. I sold my position into the close for a small gain because I didn't want to hold ahead of the jobs report. However, if $33.00 holds as support tomorrow, we have a tradable higher low on the heels of a bullish morning star reversal pattern from last week.

PEIX just carved out a bearish engulfing bar at pivot resistance, so we'll wait for a pullback to support before getting long again.

The AMD trade didn't trigger today, but it will tomorrow on a lower sales forecast for Q2.


monkeydust said...

AMD was one of the better performing semis today even though they came out and slashed forecasts. Amazing.

Lost a bundle on a NVDA long right off the bat but managed to make it back and a little extra on a THE long (which I also liquidated midday before the major downturn). THE turned quite weak today after oil started to come back down (as did RIG).

Only way to make money in this market is daytrade.

monkeydust said...

Merlin nailed the closing price for the S&P 500 for the week too.

Jamie said...

Couldn't bring myself to trade the open because of the head fake on the jobs data. Thought I had a good short setup with AMD after it filled its gap around 11:30 but it didn't work. The NAZ is starting to feel very bearish. If Q2 earnings fail to impress in the early going, we'll be heading south quickly.