To: Kat who wrote (57 ) 3/31/1998 2:41:00 AM From: LghtBrgade Read Replies (1) | Respond to
Kat, I have been shorting and going long on ICMT on a daily basis. Yes, you are right, the monthly chart is straight up; however, the intraday chart is very volatile (usually consisting of a 1- 1 3/8 spread). Basically my strategy to this is simple. I would be long with ICMT at open (stock was purchased before close on the previous day), ride it up to daily resistance then sell my long position. I would then put in an order to short ICMT and at the first uptick. Now I am in on the short. ICMT has for the most would establish a daily support early in the trading day, which would often be broken by afternoon. Once the daily support is broken and ICMT would fall (usually to an intraday low of 3/8-1/2 under daily support), I would cover my short, then just go long again toward the end of the trading day. I simply repeat this process the next trading day and have been quite successful at it. Now don't get me wrong on this. I do like ICMT and I think it does have potential for a further uptrend; however my trading strategy is to exploit both the ups and downs of a stock to reap the full benefits of the stock. Furthermore, I don't plan to be doing this forever with ICMT, I usually only do this with high flyers such as ICMT which are in the period of consolidating until its next uptrend. I do plan to be long on ICMTand only long once ICMT starts to gain momentum back. I believe this stock will hit 25-30 and I wish us all the best of luck for it to get there...........Only thing I am doing right now is during this time that ICMT is trading between 14 3/4- 16 5/8 is maximizing the rewards of its movement within its trading range, and that is going both long and short......
