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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Jenna who wrote (15780)9/29/1998 4:57:00 PM
From: Jenna  Read Replies (2) of 120523
 
New thread: "Beaten Down, Frazzled, but Still Fundamentally Sound Traders" What a day!.

I can't say I was surprised about the internets tanking before the rate hike and directly afterward, I expected that reaction. I was surprised at how quickly things turned around to the POSITIVE.. I did see at 3:00 the internets rallying, but like the Boy that Cried Wolf, I wasn't going to be sucked into a fakeout internet rally. Actually some traders probably went long again and then short..

For daytrading the internets the trick is to forget about limit orders, forget about 5 minute charts, stick with streaming quotes, excellent instant execution, and 1 minute charts. Don't be too strict about intraday chart patterns on the internets when they are rallying. Go with the trend. You should have a 'feel' for the price patterns of the top 3 (AMZN, AOL and YHOO). Get accustomed to daytrade only 3-4 rather than scatter yourself across the entire sector.
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