Befriend the Trend Trading Message Board

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Strategies & Market Trends : Befriend the Trend Trading

SPY 689.17

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Dec 11 4:00 PM EST

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To: Dr. Stoxx who wrote (7125)	5/17/2000 5:39:00 PM
From: smchan	Read Replies (1) of 39683

CMGI stepped off nicely at the open. I called the short on the basis that: it ran in the last hour or so at the close yesterday, futures gapped down, and negative news came out regarding LCOS (of which CMGI owns a chunk I think). Anyway, after stepping off 2+ points in the first hour, it bounced back slowly and gave back about a point long and more or less hung within a 1 1/2 to 2 point range all day. It did step off hard and go short on a 13m basis at close. I've started looking for 2 patterns in the morning: stocks that gap up despite a longer term short bias, and stocks that gap down after a hard run the previous day. I got the first pattern from you, TC, based on the DIGL morning short you called a week or two ago. The 2nd pattern is similar. I will start paper trading both behaviors when I find them to see how well it works. I was watching CMGI as a 13m play but decided not to take a position due to news. As we've learned, news tends to screw up our trends. Sam

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