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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Jenna who wrote (118869)12/13/2000 11:45:43 AM
From: Jenna  Read Replies (3) of 120523
 
11:30 into the doldrums... with CFLO, MUSE, ANEN, RIMM and NTIQ short..covered SNDK and BEAS I would be putting in a buy stop on stock #8 at 70 and #9 on today's watch list at 30 1/2 as intraday resistance levels. Without tracking resistance/support levels on end of day daily charts and than watching intraday charts and rechecking with those daily chart major support levels, you will flounder without price targets. When our stocks failed to hold at the intraday resistance like CFLO they were immediate shorts and the failure to test those levels. Exact pivot points have to be considered to know how much downside you might expect. CFLO, NTIQ, ANEN, as was SNDK (which was a nice long trade from December 7) were short term overbought. We were planning on SNDK as a long play, but if you take look at the 5 minute chart.. it was a 'classic put or short' and the bars were very bearish range expansion bars that did not break the resistance but rather dropped well below support and all this by 9:45!!

WE have had a complete rundown on the Nq's and SP00z already and shown how easily we can see how they dropped substantially in their directional movement indicators (-dx crossed over the +dx by 9:35!!), stochastics and price (big bearish candlesticks) all BEFORE the 10:00 reversal period and beginning at 9:35 to 9:40. Even the sp00z which gapped up was on a downslope on the 5 minute chart with three black crows beginning at 9:50.. and another set of 3 black crows at 10:50 through 11.. at which time the sp00z was moving down quite a bit off their highs.

But even without the sp00z for confirmation, the nq's and the stocks themselves were moving down from the very first 2 or 5 minute bars.
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