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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum
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To: lee kramer who wrote (5741)3/2/2001 7:51:36 PM
From: Jenna   of 6445
 
Are TLGD and TECH ready to make a move to recover or are these one day wonders? Okay so according to technical analysis TLGD had a stochastic breakout and bullish engulfing on high volume. What does this mean for monday?

The better 'beef' to sink a short, sharp knife into into? technical analysis is fine for intraday lately but does not do a thing for determining the direction of the short term trend. That little blip on the DAILY chart looking like an appendix, will NOT be the determining catalyst for entry. Only if investors decide to rally around the stock and give it a chance and change their sentiment will TLGD and some others continue to move up. Technical analysis will mirror the decision of the investors, but not the other way around. But if the compx keeps dropping to lower lows, I am not interested in being the first of a group of Lemmings to take these home.

We decided to trade riding the 5 and 15 minute trendlines breakouts today, without much regard for "the bigger picture".. since we did gap down and recover a bit. The 50% pullback was 2,130 was still basically a "short" scenario and 2,150 would have been worse, but opening at 2111 was very negative and we closed still lower than 2,150. We got overzealous on the long side just for the intraday trade but even shorted once again in the latest reversal period.

stockcharts.com[l,a]dicanymy[pb20!b200!f][vc60][iUc20!Ll14!Lo14]
stockcharts.com[l,a]dbcanymy[pb20!b200!f][vc60][iUc20!Ll14!Lo14]
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