FNSR...surprised the #### out of me, too! Yesterday, FNSR did exactly what it was "supposed" to do:
After failing to take out the RBOP at 40, it turned tail and ran South (and I trumpeted that I had sold the last of 4 trading posiions at 39, near the day's high).
Today, it opened at 37 1/2 (1 1/2 pts higher than the close). Didn't really concern me until it touched 39...and that's when I rechecked the chart and my notes and noticed it had held the previous RBOP of 35. By itself, that doesn't mean much...but volume was good, there was no real retreat from the open at all, macd was still strong, and the slow-moving stochastics (which had previously begun to turn down) suddenly reversed back to the upside again. A classic chart fake (they DON'T happen that often) that served to remind me that I should never trade COMPLETELY out of a stock that I feel strongly about fundamentally.
So I put in a buy stop at the posted RBOP of 40 and ended up buying back in, losing 1 pt and commissions in the process (no big deal as my original basis on all 4 positions was under 24!).
Today's close above 45 shows real strength and the potential to quickly clear a former congestion area (back to March) through the mid-50's. But I'd be surprised (again) if we don't have a least a brief pause here before continuing up.
(Gee...and I'm supposed to be the the unabashed bull on Rande's thread...correction, "selective" bull!)**Lonely Bull...Herb Alpert, anyone??**
I hope you made a ton on your options, j1!--MK-- |
