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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Ken Wolff who wrote (491)2/12/1998 1:20:00 AM
From: Ken Wolff  Read Replies (6) of 2120
 
PUBLICATION STOCKS (PART II)

Here is how I play a BusinessWeek stock. Other publication stocks can be played in a similar manner depending on the time of the week it hits the stand and the on-line medium.

STEP 1:
Read the stories in "Inside Wall Street" and rate them so as to find the BEST story. Put the symbols on the quote screen and wait for Friday's open.

STEP 2:
I like to see the volume open with at least 75K shares or more and the price should be up at least 1/2. Normally the stock will sell off to about a quarter of a point below the open where it should be bought. Any excessive selling at 1/8 below my purchase price will cause me to exit the trade. I am only willing to risk 1/8.

STEP 3:
I will hold the stock through the week-end and allow the story to affect the stock on Monday.

STEP 4:
The stock will usually open up and sell off fairly soon after the open. I sell at the first indication of selling.

STEP 5:
The stock should be repurchased after the first sell off. I will sometimes hold my trade for a few days as they continue to rally all week.

I try to ride the profits as long as possible. Remember the story is being digested on every desk where BusinessWeek may sit and can continue to rally. Also remember to take into consideration the sector the stock is in.

Good Luck,
Ken
mtrader.com
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