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Strategies & Market Trends : Timing the Trade the Wyckoff Way
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To: snoot who wrote (122)6/7/2004 5:15:33 PM
From: coferspeculator   of 14340
 
Hi Tim,

MBG was listed on Friday's list and also on May 17ths list. Until Friday it was being considered for a short position but Fridays action, noted in Friday's report, negated the potential short position as the character of the action appeared to be a shakeout off the supply line from the LPS of May '02.

This action offered the potential that a second phase could be considered and a conservative target from the SC of $70 could be targeted, as well as a potential target from the LPS of $77. Of course, the potential buyout offer after Friday's close was the reason for the intra-day action on Friday (a well kept secret :-)).

To answer your question concerning the volume surge and spread, I still wouldn't have considered it a buy on Friday unless it had jumped the creek, which I didn't feel it had done. That's subjective because some would have considered a creek at a lower level than one parallel or near the $62 level. After an extended move such as the one that MBG had for nearly a year, I would prefer in this situation to see the jump near the highs as this area could well result in an upthrust. That's just a personal decision. Anyone that looked at the action in the $58-$60 area as a jump and was an aggressive trader was well rewarded today.
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