Thanks, OJ, I don't use P&F myself, but its interesting. I rely a fair amount on momentum readings, and it has been dismal the last few weeks. I'm still waiting for my other indicators to reverse.
SCH is getting hammered. From April 13 at 75, and it's below 50 now. Lost almost 6 points since announcing earnings. Of course SCH trades a bit differently because it's NYSE, but still, to go below 50 is not nice. Further downside if it can't hold 48, but of course, it has not done a dive like NITE from 80 to 42 - the retrace from 64 to here at 52-53 is narrowing the band, but the lack of momentum the last few weeks is pretty bearish. I mean nobody is looking for SCH to go back to 75 and more anytime soon. So, to expect the band for NITE to break to the upside over 64, rather than downside below 50, is quite optimistic. And the momentum is all wrong. At that point you'll have to see what the general market looks like. If the market tanks, no OLB or brokerage will go up (including NITE, which is lumped together with it). We'll see.
Good luck.
Morgan |
