Market thoughts and outlook on my positions:
Nasdaq closed at a crucial 2300, which is major resistance and the top of the 1 year trend line.
I am hopeful this level holds tomorrow.
If I see no weakness by 10:30am tomorrow, I will start covering some position and building a much larger cash position.
If the 2300 cant hold, I see Nasdaq running to 2500-2600 level. Similar kind of breakout that the dow had last week.
Rotation form the Dow into the Nasdaq could fuel such a move.
BVEW
hopeful of a breakout above 3.05 soon as everything has rallied.
Long term position
EPAY
looking for $5 to cover all (maybe $6 on the addition from 7.72 today)
Cash .80/share
Last quarter -.31, June expected -.27 and 2002 -.32
Middle of the day news did not justify giant move.
ERTS
This one trades with the NAZ quite a bit.
If no weakness tomorrow, will cover.
Been a great trader for me up till now.
GLGC
target 20 with a stop at 25
HYGS
I am looking for an extended run over $8, stop at $6
IMNR
Target mid 3s, will add high 6s, no stop
medium term position
ITWO
Target 22, stop loss 29
LNUX
earnings tomorrow AH
probably long term hold, unless earnings show improvement.
Target $3
MFNX
Long term hold to ZERO, no stop here, will add close to 7
RFMD
Rode this one from 34 to 12 earlier in the year.
Target now 31s, major resistance low 37s, stop 38
RNWK
Target 11s, stop 15.75
SCMR
medium term position
target 9
will add at 12.50, no stop
STOR
target 18s, stop at 22.50
Good Luck
Michail |
