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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum
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To: Jenna who wrote (267)12/29/2000 6:22:41 PM
From: Jenna  Read Replies (2) of 6445
 
CHKP one of today's shorts THE EXHAUSTION GAP UP (or move up) and the 9:50 to 10:10 reversal period marketgems.com

NOTE below it says to look at the reversal from 142 and in fact CHKP got to 144 1/2 before reversing exactly at the 10:00 reversal period. You could have played it long as long as you were aware of the potential reversal during that period. 138 1/2 was the pivot point and indeed CHKP reversed at 144 1/2 and moved down to the pivot point until it plowed all the way to 130.

6> CHKP Check Point software Technologies Ltd. 140 1/16
CHKP is overbought and  in a weak downward trend.  MACD is bearish and Relative Strength is bearish as well.  CHKP might move up on an exhaustion gap look for a reversal at 142.  If CHKP moves down at the open than 138 1/2 is the next pivot point for the move to 134 3/4 which is the first level of support  and than 129 3/8 second level of support.  144 would be a buy trigger if CHKP is caught in an uptrend past the 9:50 to 10:00 period.
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