Wednesday, August 02, 2006

Trade of the Day - J2 Global Communications Inc. NASDAQ (JCOM)

As per last night's watch list, JCOM gapped lower on the open and immediately bounced towards a gap fill. I'm finding it easier to short these types of setups into strength rather than wait for confirmation and scrambling to short on an uptick. I took my usual 50% profit at the first reversal shortly after 10:00 and managed not to get stopped out on the balance. I guess I'm getting a little more confident with my short trades.

My only other trade was long NVDA around 11:00 EST which I closed just before leaving for lunch. Good for $0.65. The stock gapped up, pulled back and made a few NR range bars on the 15 minute view. Low risk entry.

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