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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Dotty who wrote (3736)	9/10/1999 12:54:00 PM
From: Matthew L. Jones	Read Replies (3) \| Respond to of 18137

Eric, Which thread would you recommend to see which issues some of the other daytraders out there are trading. I've been position trading until yesterday when I began to day trade again. I'm trying to get some "feel" for the action of some of the stocks being commonly daytraded now. When I quit daytrading before, everyone was playing the internets. I'm just looking for high betas, decent liquidity, and no heavily manipulated issues. Thanks for your help. Matt

To: Dotty who wrote (3736)	9/10/1999 3:56:00 PM
From: TraderAlan	Read Replies (1) \| Respond to of 18137

"Dotty" <g> The morning gap held so it wasn't a sucker gap. Market makers will push price as far as it will go on pre-open good news. If they take the buyers out of the market by aiming too high, the open fails and then you have a sucker gap. Big up and down opens are followed the majority of the time by a period of testing and backfilling. In a very strong (or weak) market, the gap can be followed immediately by another move in the same direction. We haven't had a very strong market since the spring. Use a 5-min NYSE TICK to follow the play of the buying/selling pressure. The change comes when the TICK channel is broken. The expression "Bull Trap" is often used for exhaustion gaps where an overbought market gets one last piece of good news, gaps up and then finds no fresh buyers. The Trap closes when the gap is filled. Alan