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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Felix Ruan who wrote (2360)2/8/1998 5:19:00 AM
From: Scott Moore  Read Replies (1) of 18691
 
Felix
I'm 3 for 3 in the last 2 weeks on ONSL shorts, but only for 1 point each time. I've used Williams %R on the 60 min. chart when it has peaked in the 97 to 100% high range. All have been short at closing near the high for day. Now if I had set stops only 1 of 3 would have been winners on the next day. The two that went the other way the next day went up another point. Fortunately, on the following days on both those trades ONSL went down 2 and I got my GTC buys to cover filled. So, you have to realize with the MM's posting such low volume bids and asks, the daytraders can make it really takeoff and run over even the MM's posted orders until it will decay or hunt for an equilibrium point. I'd wait to see what happens until 2/12 when earnings are due out, and if you have the warm-fuzzies near closing and it has made a runup then it might be worth a stab. What I've notice if you try to wait for it to stall after a runup and split the spread with a Datek/Island trade, I've been too late and trades down away from my best ask sell posting on level II. So another words, you set a target, suck up your fortitude and hopefully you won't get crushed the next morning when with sector influence it decides to make a little run. If you have big huevo's you could also double up you short the next day when it goes up a point or 1 1/2. I haven't done this primarily since I wear a pager and am on-call and might have to work for 18+ hours straight. I could stomach a small loss in that case, but don't want to play with fire when I can't even cut my losses short because I don't have time to log on.
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