Thanks ed, I am watching NTAP -- waiting for it to get oversold again on the stoc. I like the possibility of a second bounce from oversold before I get in. I use a few different things to time these things -- I wrote a program called QPnf (it is free, available at pnfcharts.com) that does point and figure charting and I use that to figure out things like support levels, and price objectives. I also use all sorts of other varieties of tea leaves :-)
Based on these NTAP seems to be nearing support levels within its overall consolidation between 80 and 100 (approx) since falling from 120. I'm thinking it will hold 80, most probably 85 like it seems to be doing today. Perfect timing is always hard -- I tend to think I should be buying when everyone is selling. And right now everyone is selling NTAP.
In my normal mode, I'd be buying at 87, 85, 83. But I'm using this as my experimental option play -- I figure I always learn more when I put actual money on the line. So thinking Sep 60 calls, somewhere around here. Small number of contracts -- 'cause I always lose my first 3 trades when I change something in my methodology and this will most probably be no different! So don't anyone follow me in :-)
Of course, in my day trading QPnf charts I am expecting it to get back to near 87 1/2 again today . . . and would buy the next time it nears there, and sell the next time it nears 90! But I'm trying to chuck the habit so I'm not doing anything and am working on my real job!
-Atin
EDIT:
Just looked at the candlesticks -- the thing looks ugly, wants to test its recent lows so bad . . . |
