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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum
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To: Jenna who wrote (2471)1/19/2001 6:48:23 PM
From: Jenna  Read Replies (1) of 6445
 
ADBE - breaking out of down trendline marketgems.com today's watch list. ADBE actually took out the first trigger today but did not succeed in taking out the second. At least its in a good position to retest next week as the chart is at least poised. Check the chart, I would like ADBE to continue up and finally take out that top support at 64.When a stocks falls entirely out of range either after a bad earnings report, acquisition, or other problems, the chances are small that they will retest successfully to original levels. What happens is simply that at every minor resistance level, those stuck in the stock will want to recoup their lost capital and most rallies will be shortable. It is important to follow the chart 1-3 days and see where it has been going since the post. When we follow the chart patterns, the trades are usually good for more upside. We have seen that this entire month when a good deal of plays were held up to 6 consecutive sessions.

When a stock is near its lows like MACR or even QCOM the climb out of the abyss is harder because at every minor resistance levels, shorters are poised and investors want to escape. MACR has critical resistance between 32 1/2 and 33 and I would not enter until it breaks above that level and holds because it will only hover around the 30 and 31 area dropping back on any small rally. This is more stringent if the market pulls back. You don't have to look further than VRSN, whose chart was screaming "Short me" yesterday and it was doing well until it got pulled into the magnetic force of the market rally. When there was no big rally today, VRSN returned to its historical volatility and sank.

Relative Strength for MACR is showing a bearish divergence on the daily chart. I would carefully track both ADBE and MACR next week. I wouldn't be shorting MACR but nor would I be rushing in.
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