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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: Jay Lyons who wrote (1306)	10/16/1998 4:43:00 PM
From: LastShadow	Respond to of 43080

BMCS It was a huge gap down this morning, and I think I posted that it might hit a rubber floor. At any rate, the open was teh first hour low of 38.75. I ignored the single spike above 39.75 in that same hour as there wasn't any volume associated with it. Then I split the difference between 38.75 and 39.75 to get 39.375. Actually, there was enough movement and volume to justify entry lower, but I couldn't watch it so I just set the alert at 39.25. Using the 'official' full gap play would have set it off in time for a buck by close though. You can use the modified gap plays in fulll gap situations, but there is more RISK to doing so, and until one is comfortable playing gaps, I certainly don't recommend it. I also sold VRTS at open and shorted, and bought to cover and rebought just above 39.5. At lunch I had some time to actually study all tyhe tickers I was running alerts on, and if I had the time to think about it mid morning I would have gone for EBAY as it was also showing entry signals, and would have given up at least 3 points. As it was, VRTS did give the buck and ahalf back, but that is the value of having multiple stocks to screen. Go with what you are familiar with, and if not, go with what is moving, and if you don't know, don't play. One of the reasons I exited VRTS at close was becasue I don't know what Monday will be and I also don't want to take that kind of risk. With BMCS, the overriding reason is that it tanked, and it will drift back down and back up until it settles on what its going to do. Well, okay Dave, you aren't buying, and Sue said someone has to sell the losers she is holding onto so maybe you can exit her bad calls and she can tell you when to hold. Okay, so now we have to get a job for Jeff Jordan since he has returned in force. Hmmm...what do you think, gang...help me out with this... Have a great and safe weekend! lastshadow