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Technology Stocks : SMTI: SMTEK International, Inc.
SMTI 21.61-22.5%11:33 AM EST
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To: Bwe who wrote (74)8/27/2001 7:01:06 PM
From: chartseer  Read Replies (2) of 420
 
LU was purchased as a day trade. Even though most of my decisions are based on PnF chart patterns I do not use the standard theories of PnF for trading. My theory is a stock will move sideways more often than not. For day trades I play the sideways motion rather than that a new low is going to be made. I played the 5.50 as a double bottom pattern. Plus I use 1 minute, 5 minute, 15 minute charts from Qquotes and also use DMAs. Then there is always the gut feelings. There is also being familiar with the specialist past actions and reactions to markets. Have you ever seen a specialist scalp a large bid or large offer? Do know that a specialist cannot compete with a public order? Do you have access to a quote system which shows the sizes?
Then there is the good friend who knows nothing about the market but is lucky as hell. He just bought LU a few weeks ago too. But all decisions are based on seeing familar future PnF chart patterns unfold as expected.
Forinstance today SBC pattern did not unfold as I have been expecting it to. I will sell last trading unit tomorrow and go back into DD which is looking more like I had expected it to move last month.

What makes you think LU and NT are going to 10? From 6 to 10 is 80 % move to the upside.
What is the down side risk? LU is always an active stock with a good following. I do not think those who follow LU are aware of HPTs.

Then agin what the heck do I inow?
I'm still just learning how to play this game,

Steve
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