Trade What You See, Not What You Think Message Board

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Strategies & Market Trends : Trade What You See, Not What You Think

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To: Threei who wrote (667)	6/23/2001 3:12:53 PM
From: Sharck	Read Replies (1) of 867

VADYM XOMA has strong support at 13, the stock dropped to 12 on Thursday relating to the speculation of a rival face off with BGEN. At that time it goes on alert on my charts with the expectations that the company will put out some PR, in response to the rivalary and move back to 13. The end of day action on XOMA showed support and a riskier trader might have entered a position there. However, the volume and stock price during the day, gave no indication that the stock was under accumulation as opposed to a fund unloading. Friday AM the stock triggered at the open, (I don't buy gaps, but the 10:00 reversal gave an easy trade with no headfakes besides a short pause at the 13 base. I started to unload my longs between 14.25 and 14.75, while starting a boxed position net short. As the stock started to spin, by 14.80 I was fully short and out longs and covered the short at 14.25. I did not buy the end of day SS covering bounce as I am reluctant to hold this over the weekend. So how did you trade it again??? finance.yahoo.com Sharck

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