Hot Pick Of The Day

[Rob]

Respectfully, New-born, yesterday's price action in ImClone, I submit, had little to do with recent chart history, and practically everything to do with a rumor that a buyout deal had been achieved. If I'm not mistaken, even the world's most revered technicians will tell you that news trumps charts. While a rumor is not exactly "news," eveidently a significant number of people who follow this company believe this rumor will soon become news.

p.s. By the way, I am holding the puts.

[New-born baby]

Respectfully, New-born, yesterday's price action in ImClone, I submit, had little to do with recent chart history, and practically everything to do with a rumor that a buyout deal had been achieved. If I'm not mistaken, even the world's most revered technicians will tell you that news trumps charts. While a rumor is not exactly "news," eveidently a significant number of people who follow this company believe this rumor will soon become news.

p.s. By the way, I am holding the puts.

You could be correct. Price action today will tell us something.

[billyjoe]

New-born and Lye,
Thanks for the compliments. I assure you I look like a young boy compared to Lye . Ski, I don't know how to take your comments . I'm sure you mean well.

----------billyjoe

[Rob]

GOOG Crossed the Threshold

New-born. I just noticed that for the first ime in its history the GOOG 50-day SMA crossed below the 200-day SMA. I believe you said you were waiting for this to happen? I would not short it if I were you, though.

The reason it crossed over is because the 50-day has been basically flat since early June, while the 200-day is still sloping upward. I think soon the 50-day resumes its upward movement.

[peanuts]

TRI me, punk... just TRI me

TRI hospitals looks like a good play today. symetrical triangle breakout, or breakdown about to happen soon (12:30)

I've got trigger orders in place to scalp some either way, short or long.

[New-born baby]

GooG

New-born. I just noticed that for the first ime in its history the GOOG 50-day SMA crossed below the 200-day SMA. I believe you said you were waiting for this to happen? I would not short it if I were you, though.

The reason it crossed over is because the 50-day has been basically flat since early June, while the 200-day is still sloping upward. I think soon the 50-day resumes its upward movement.

I wouldn't short GooG either. But I would buy puts or buy calls. That limits the possible loss. Still think she's weak, although yesterday she looked great, and that scored a low pole reversal on the PnF (a warning that prices may rise and the bear signal fail). Everything has to do with BEARnard right now.

[New-born baby]

TRI hospitals looks like a good play today. symetrical triangle breakout, or breakdown about to happen soon (12:30)

I've got trigger orders in place to scalp some either way, short or long.

I would call it a descending triangle on the weekly, and PnF says she's due a haircut down to $30. Daily looks much more promising when today she really popped on volume.

What spreads have you bought?

[Rob]

. . . although yesterday she [GOOG] looked great . . .

Yes, she did. Not quite as great as Keira Knightley, but great anyway.

In the long run I've got goog... goog... googly eyes for Google.

[peanuts]

I would call it a descending triangle on the weekly, and PnF says she's due a haircut down to $30. Daily looks much more promising when today she really popped on volume.

What spreads have you bought?

My trigger activated at 40.8, and I opened a short position at 41, with 7 cent stop loss set. No limit set on the gain... I'm watching it intraday right now and if something looks appealing, I will take the profit. Otherwise, my risk is 7 cents / share.

I deleted my buy trigger

[Rob]

Peanuts, a .07 stop loss on a 41 dollar stock??? Why so tiny? BTW, it looks like it just tripped.

[peanuts]

My trigger activated at 40.8, and I opened a short position at 41, with 7 cent stop loss set. No limit set on the gain... I'm watching it intraday right now and if something looks appealing, I will take the profit. Otherwise, my risk is 7 cents / share.

I deleted my buy trigger

Geez-O-Man!!! as soon as I post this, my trigger goes off, and I got stopped out at .07/share... I guess it could have been worse- I could have lost even more.

[New-born baby]

My trigger activated at 40.8, and I opened a short position at 41, with 7 cent stop loss set. No limit set on the gain... I'm watching it intraday right now and if something looks appealing, I will take the profit. Otherwise, my risk is 7 cents / share.

I deleted my buy trigger

Thanks for the info.

[Rob]

Peanuts, I consider William O'Neil's style to be very conservative, and even he suggests using 7 or 8% as a stop loss to your entry. On a short sale of 41 bucks, a 7% stop loss would be 43.87.

[spikefader]

EBAY. Channel short today, confirming intraday pattern. Caution longs.

A pop to R1 (24.66) offers risk of 2.4% and target of 35%, r/r of almost 16. And such pop would create a 2-day chart SHS. I'm bearish on the market folks and this strength is to be sold into imho.

Good luck all.

[peanuts]

Peanuts, I consider William O'Neil's style to be very conservative, and even he suggests using 7 or 8% as a stop loss to your entry. On a short sale of 41 bucks, a 7% stop loss would be 43.87.

I traded today based on the chart the way I saw it... looked like 41 was resistance, and if it broke, then a confirmation would come at 41.06, so I set my trigger at 41.07... Minimal loss on a stock that I'm not too familiar with. In this case, I didn't lose too much. It's the days when I make a good 2% or more on a daytrade that more than make up for days when I lose 1/5 of 1 percent.

I don't think WON daytrades... but I could be wrong. I was not willing to possibly lose 7% in one day