Skiracer's stock slopes

[skiracer]

Here's some food for thought on a strategy for gaps up or down at the open. As always a plan or any plan is usually better than no plan at all.

[B.J]

Excellent stuff, Ski. I've been burned a time or two getting stopped out at the open. Probably shouldn't even watch the market until 6:50 (9:50).

[skiracer]

BJ,
Me too before I came to know this outfit. It started to make sense to me once I read their take on it and started to watch the number of times that it did exactly as they are talking about. Now I wait an excerise some patience and restraint. It's just another item to have some kind of strategy to apply if it comes up which in this case is alot.

[skiracer]

IBM looks like it is ready for a decent bounce after testing resistance at 77/78 range three times before finally blasting through. Look for it to fill that gap between 80 and 85 and could go higher if we get a continuation of this recent uptrend.
Big point is that the NAS has finally broken through 2100 an seems to be holding it. Any help from the markets and IBM will be one of the leaders further up.
Excerise patience and watch for it to make a move from the open. If it still holds the move at 10 am it's a go and I'm in for a full position. I'm looking for 85 here.

[skiracer]

Exited NGPS and CMTL today. NGPS at 31.00 for a 5.20 gain and CMTL for a 2.02 gain. Was holding 500 shares of each. Freeing up some capital for IBM. Bought 1000 shares of IBM today at 78.60. I hate buying any stock above $35/40 because it's alot of money on one position. Only my own personal feelings on it. Actually this trade took up two positions under normal conditions total money wise. Bought IBM today right around it low of the day when it turned back up. Been tracking up all of last week and pullback today provided a great entry. Up .36 on the trade today. Tech sector, SOX and SMH very strong today and over the past week. IBM up pretty good last week and building on the right side of it's base now. Strong SOX and SMH will be very good for the position.

[Websman]

[QUOTE=skiracer] I hate buying any stock above $35/40 because it's alot of money on one position. Only my own personal feelings on it. [QUOTE]

My feelings as well. I'm working with limited capital so I tend to look for lower priced stocks.

[skiracer]

John Murphy from StockCharts is feeling bullish on the SOX and SMH. If the NAS and the tech sector keep this up we will have a nice uptrend in the works.

[Runner]

I was feeling that TEcH might just be getting started. Nice charts SKI and best with IBM!

[skiracer]

Exited NGPS and CMTL today. NGPS at 31.00 for a 5.20 gain and CMTL for a 2.02 gain. Was holding 500 shares of each. Freeing up some capital for IBM. Bought 1000 shares of IBM today at 78.60. I hate buying any stock above $35/40 because it's alot of money on one position. Only my own personal feelings on it. Actually this trade took up two positions under normal conditions total money wise. Bought IBM today right around it low of the day when it turned back up. Been tracking up all of last week and pullback today provided a great entry. Up .36 on the trade today. Tech sector, SOX and SMH very strong today and over the past week. IBM up pretty good last week and building on the right side of it's base now. Strong SOX and SMH will be very good for the position.

Just an update on a couple of things. Glad I took the profits in CMTL and NGPS the other day. Both are showing signs of weakness today. Just lucky to some degree in selling them off just to free some money to get into IBM. Always better to take the profits no matter what drives you to do it.

IBM up pretty good from my entry. I'm setting a stop first thing in the morning at 81.35 which is real close to today's close. The position is up 2.85 an I'm protecting those gains. My honest feelings are that it is going to consolidate and pullback from here tomorrow. If it goes back under 79 it could be a nice spot for an entry. So much depends on the timing and what the SOX and markets are going to do.

HTRN had a nice day going for itself until near the end of the day when it went from 14.27 to 13.70 in a matter of minutes. It recouped the drop in a matter of minutes and closed today at 14.01 depending on what service you watch. The big thing here is that it had a big buy in the AH of around 804,000 shares at 14.16.



The stock is reporting earnings on July 27 after the bell. The position is up 1.51 after today. No stop set on it yet. Big swings in this thing on an intraday basis an I don't want to get stopped out after holding the position as long as I have on this most recent entry.

I'm still holding VPHM from 8.70. Glad I procrastinated and couldn't make up my mind about what to do on the reversal the other day. Up 1.35 on the trade as of close today. I'll be setting a stop on this one around 9.70 just as a precaution. I don't know what brought on that big bounce in the afternoon today but I think this one could pullback some after todays gains. Those last two candles aren't exactly positive. A doji and a small selloff to end the day.

They made a mistake on the volume amount on big trade AH an I made a mistake relying on them. The actual trade was for 4000 shares @ 14.16 and not 804,000 shares @ 14.16. The SOB's had my heart pounding.

[skiracer]

I have to agree with this guy's take on the markets over the last few days. Last week he, John Murphy of Stockcharts, and Deron Wagner of Morpheus Trading Group, were all talking up how good the SOX, SMH, and the tech sector in general were looking. Somewhere out of those three I got the lead on IBM. I wasn't necessarily watching IBM but once the seed was planted an I started looking at the chart the chart and sector the setup began to look good to me.

In at $78.60 and closed today at $82.42. Up 3.82 in less than a week. I put a stop on it this morning at 81.35. I was actually thinking I was going to get stopped out because it has had a pretty nice bounce an I thought it was going to consolidate. Fooled again in a positive fashion. The tech sector has been strong over the last couple of weeks but I haven't seen hardly any posts about the sector or any of the bigger or lesser name tech stocks. There have been a few nice moves in the sector. Was wondering if anyone else had made the play on IBM or any of the other better known names in the tech sector. Does anyone else watch the strong sectors primarily to find the stocks which are in the hot sectors and those setups. I mentioned this one a couple of days before the runup but not a word on it from anyone except Runner who wished me luck with the trade. Just curious to see if anyone else even looked at or considered this one. I raised the stop this afternoon to $82.25. Almost 5% in less than a week and still hanging in with the trade. This runnup and the markets in general are in need of a small correction before considering any long setups but not advising anyone to jump into anything short because of it. Of course if something jumps out at you like HANS did intraday today for MTM it's a nice bone.

[Runner]

Way to go Ski with IBM. I did not trade it. As for tech I’ve noticed the increase in the RSI in the sector and I often look at the sector charts from stockcharts. I like to try to figure out rotation and then attempt to find set-ups in that sector.

Over the last 5 sessions RSI standings:

Tech +5.9
Consumer Staples +5.8
Financials +5.9

Energy –7.4
Utilities –4.6

[skiracer]

Picked these little tidbits up from the Briefing.com newswire. I know there are a few people out there interested in these names. Hope it provides a little more insight about the stock and possible trades. Nothing to do with my feelings or anything. Just passing on info.

[New-born baby]

Thank You, Ski

Picked these little tidbits up from the Briefing.com newswire. I know there are a few people out there interested in these names. Hope it provides a little more insight about the stock and possible trades. Nothing to do with my feelings or anything. Just passing on info.

Thanks, Ski. Hey, I'm a big boy now. I can handle hearing a contra post about the garbage I've been trading. (AMLN )

I appreciate any and all info you throw up on the board. Keep it coming!

[New-born baby]

Ski--

Ski--
While you're working on a bloody nose
Any news on HANS or TOL?

[skiracer]

Briefing.com again and a few stocks to keep an eye on.