Wednesday, August 09, 2006

Failed Breakout - NVIDIA Corporation NASDAQ (NVDA)

As per this morning's watch list, I traded NVDA on the open as a breakout play with a buy stop order above the pre-market high. Unfornuately, the breakout failed almost immediately so I exited the position right away. I eventually managed to make 50 cents on it as it reversed off its morning lows and headed for a retest of $25.00.

2 comments:

monkeydust said...

Well, NVDA beat revenue and raised guidance but got bit by the options backdating bug and thus didn't report eps and dropped 10%.

Would have thought things would have worked out better with the kind of runnup it has had in the last couple of weeks.

Once again we see that its better not to hold through earnings. CREE and JNPR getting pounded too.

Jamie said...

It will be interesting to see if NVDA can't bounce tomorrow because it fell into pretty strong support at $22.00 in AH.

The options backtesting bug may keep the entire technology sector in the gutter for quite some time.