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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Ken Wolff who wrote (900)	4/4/1998 7:33:00 PM
From: Peter H. Hodge	Read Replies (1) \| Respond to of 2120

<<Right now I am advising my group to "buy the first uptick" on any first day of good news stocks>> Ken, could you elaborate on this? My understanding of your setup is that on a good news stock you may expect some profit taking on the gap up (if it does gap)with a subsequent fall off. Therefore you wait until the trend reverses (the first uptick) before buying in. Would this also be true for a stock which just takes off from the open with either a gap up and follow through to the upside or just an increase without a gap? From a technical standpoint, can the uptick be on either the bid or ask or are you looking for the ask uptick? Thanks for any clarification.