Raymond Norris - thank you for your analysis, and for sharing your thoughts. As a past critic, let me stress that I appreciate any opinion/analysis you may have regarding NITE or any other stock. I also appreciate the fact that you are sharing information without the distraction of promoting your site (that was my *only* problem with any of your posts).
On a different note, weren't you a tiny bit premature when you came on here recently as NITE was bumping against the 60-64 barrier, to announce that NITE is on the verge of a breakout? That really does not qualify as a breakout when the stock soon thereafter declines steadily until it hits an intraday low of 52. You spoke of a "head and shoulders" pattern - ummm... it is not nice when an additional decline occurs on the other side of such a magnitude. Interestingly, at the same time frame that you posted your "breakout" post, a poster on another board posted an analysis that *accurately* predicted: "Breakout? Not yet":
boards.fool.com
Now, wouldn't you say, his diagnosis was far more accurate than yours? Note, he said "not yet" - meaning, you and many like you were too early. In this trading game (as opposed to *investing*), timing is everything. As a trader (not investor), it was a *mistake* to buy at the time of your breakout announcement. By contrast, that poster was *right*. Sure, you can say - it will go up in the future - ummm... we know that. The questions is *when*. You called it too early - that's the plain fact.
Anyway, to err is human, and an exchange of views is useful.
On a joking note - I noticed on the Yahoo board there is a character "allnigher_99" who maliciously associates your posts appearing, with NITE tanking. Thus far, he has been uncannily right - several times. As a NITE long, aren't you concerned posting today? Of course, I'm kidding - and I fully expect/hope that with today's posting you finally broke the spell of bad luck coincidence of your bullish posts followed by NITE tanking.
I too am a NITE bull, though as a hands on trader, I tend to pay more attention to other additional factors which I found useful. Thus far, I have made good money in NITE (and I've posted my trades here, in a timely manner). Every trader does some form of TA - the trick is to find what works for you. I'm glad your TA works for you.
Good luck!
Morgan
PS - NITE did not "bounce" off your $55 target - it "bounced" off the $52 price (as I posted here, I shorted NITE just under $60, and covered - posting at the time - my cover at 52 1/2, and I went long at 52 3/4 - all this was posted intraday at the time of my trades). What NITE has done is to close at $55 twice so far - which is not exactly a "bounce" (technically, this might qualify as "closing support", but it certainly is not a "bounce"). In other words, the correct buy-in should be at the bounce point of $52 area - not the $55 number. If you set an order for NITE at $55, you'd be sitting on a "no-gain" for the second day - as a trader, it is not acceptable. |
