As Web's World Turns

[spikefader]

IMAX: Potential C entry at today's low. See it there?

[Websman]

IMAX: Potential C entry at today's low. See it there?

I see it and missed it...I was at work.

[B.J]

Wipe that frowny face off your screen, Webs. It's back down there again today. You just have to wonder about buying it in a freaky market such as this.

[Websman]

To tell the truth, I'm afraid to buy anything in this freaky market.

[New-born baby]

Sell it first

To tell the truth, I'm afraid to buy anything in this freaky market.

Webs,

Don't buy, sell it first.

There are exceptions: FRO jumped $2.12 today. But yes, the market is kinda sick right now.

[Websman]

Has anyone been watching NTE? It should be due for a correction soon.

[Websman]

I'm headed to the local Bass Pro Shop to take advantage of a sale on 2 stroke Boat motor oil. This place is a Redneck Paradise! They haven't gone public, but if they do, I'll be the first in line to buy stock.

[skiracer]

I took a look at NTE and think that you may be onto sometime for a couple of reasons. The first one being that the tech sector is very weak right now and that's a help if you're going to short something there. On the daily those last two days candles are showing signs of weakening. Thursdays was showing consolidation after a few days of uptrend and two small gaps up last week. Fridays was indecision on lower volume on basically a down day for the markets which kind of stopped the uptrend whether temporairly or to begin further consolidation remains to be seen.

I would bet on a small reversal and pullback to fill those two small gaps to around 24/25 area. Both the RSI and the CCI are in the overbought areas on those scales so a small drop could easily be in the cards this week. I'm adding it to my picks for the portfolio of the week, although I don't know for sure if I would enter a short position but it looks good for that. I would have to see how things go after the bell on Monday.

[Runner]

This is a weekly chart of NTE. Look at where the best play would have been with this one. IMO I think one may be late to the party buying at current prices, but I’m clearly not an expert in chart reading!!

[skiracer]

Runner,
Were you speaking of going long or short with a trade. I was looking more at the daily chart for a short term short position. I definitely wouldn't consider a long position at this point with the markets and tech sector being as they are.

[Runner]

Skiracer the weekly chart whispers short to me from 29.50 range

[Runner]

Spike, what is your take on NTE?

[Runner]

I took a look at NTE and think that you may be onto sometime for a couple of reasons. The first one being that the tech sector is very weak right now and that's a help if you're going to short something there. On the daily those last two days candles are showing signs of weakening. Thursdays was showing consolidation after a few days of uptrend and two small gaps up last week. Fridays was indecision on lower volume on basically a down day for the markets which kind of stopped the uptrend whether temporairly or to begin further consolidation remains to be seen.

I would bet on a small reversal and pullback to fill those two small gaps to around 24/25 area. Both the RSI and the CCI are in the overbought areas on those scales so a small drop could easily be in the cards this week. I'm adding it to my picks for the portfolio of the week, although I don't know for sure if I would enter a short position but it looks good for that. I would have to see how things go after the bell on Monday.

Skiracer, I would agree with the daily chart TA you have done.. Surely some profit taking has been going on from Thursday’s action. Now the question is will thhis gap act as support?

[Runner]

A move up or down is clearly instore for NTE. This is a 60min intraday chart!!

[skiracer]

The more I look at it the more I like a short play. I usually only use the 15 min. chart for intraday decisions, perhaps a day trade if I see a big move starting, and the daily and weekly for a more precise trading decisions where I'm going to be in the position for a few days to a week or longer.