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Strategies & Market Trends : NEW Market Gems - Swing and Day Trades
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To: Jenna who wrote (1026)6/13/2001 12:32:14 PM
From: Jenna  Read Replies (1) of 1227
 
IMCO triggering again at 37.25 (as we posted earlier) remember IMCO was a trade for us way before it was the 'news king' with GM. That only accelerated what was for us a slow and steady gainer for weeks, I would pick up more at the move above 37.25 (as we did) but don't expect a move to 43 that quickly with all eyes and traders thinking the same thing. It will find resistance at the 38.34 area on 15 minute chart. Traders seem not to consider technicals just news, the stochastic are overbought and SLOPING DOWNWARDS on IMCO, typical of a very strong stock that is in a short pullback, just like a dozen of our other swing trades. The fact that IMCO is now in the limelight, doesn't change anything. We wait for historical volatility to move back to normal (as in other earnings plays with good reports).. and it will continue to move up slowly just as TMPW, ATVI, TTWO, THQI, and numerous other strong stocks we follow.
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