Monday, September 11, 2006

Trade of the Day - Akamai Technologies Inc. NASDAQ (AKAM)

As per yesterday's watch list, I placed a buy limit order for AKAM at $40.55 before leaving for work. Unfortunately, I did not get hit as price bottomed at $40.60, so I had to chase a bit. I sold 50% after a 1+ pt. gain. AKAM could not take out resistance on the first intraday attempt, but after pulling back to support around $41.00, it consolidated for an hour or so and then started to move back up so I re-entered my full share size and exited into the close.

Today was my best day so far this month. I traded all of yesterday's watch list names (CKFR long; CTXS long and BOOM short). CKFR was a long on a break of Friday's high. I sold the entire position at $40.00 and change, as this stock was getting far too extended given last week's big gains. I tried to buy CTXS on a gap fill but it didn't quite manage to close the gap so I took an entry on a break of the pre-market high. BOOM gapped down on the open on high volume confirming my bull trap theory so I managed to get in on the 3rd 15 minute bar as it made a feeble attempt to rally. I exited the entire position after a 1 pt. gain.

Here are the charts:






Click on charts to enlarge

5 comments:

Ugly said...

Nice job, dude

Richard said...

Wow, that was just about the best play possible on AKAM. Especially buying back in when you did. Way to go.

Michael said...

congrats on the big day

Jamie said...

Thanks guys!

presidentfox said...

Great stuff Jamie
PF