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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 672.07-1.7%4:00 PM EST
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To: Johnny Canuck who wrote (36530)3/22/2002 10:41:27 AM
From: Johnny Canuck  Read Replies (2) of 67921
 
[madtrader]
Fri Mar 22, 7:11am PST AMAT
A friend of mine just emailed me and said he was caught stuck with AMAT from the open. What he means is that he paid at the high this morning and is now having second thoughts. Well, folks, I have to say that is a very common mistake traders make. And it isn't until after one has paid enough tuition does a trader realize the hazards of trading near the open. I certainly paid my fair share of it. Which is why technicians put a great deal of emphasis on closing prices and not so much on opening ones. Or as the Street like to think, the opening is for suckers. To avoid the pain or the merely feeling of being "had", here is a simple approach. Sit out the first 15 minutes, regardless the hype (as is the case with AMAT with their 2:1 split announcement). Watch the trading high and low of the first 15 minutes like a hawk. These two levels will tend to serve as support or resistance for the rest of the day. Readers following this space will recognize that from time to time I bring up the fact a stock has broken above the first 15 minute high later in the trading as a reason to go long. So back to AMAT, the high for the first 15 minutes is 53.40, and the low is 52.55. If and when the stock trades above 53.40, one should go long. Since it is broken below 52.55, I would not bother right now. If one is aggressive, this is actually a short. none
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