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

To: KM who wrote (117)	6/6/1999 5:42:00 PM
From: -	Respond to of 18137

KM, The answer to your question depends upon the market environment. In a "runaway positive" day like this Friday, I would tend to hold onto the position until as late in the day as possible (or carry it). But, I would always want to have an intraday (mental) stop, based on probably the 30-minute chart, below intraday pivot points/resistance. That way, if the momentum goes away you don't give back all of your profits. More typically, the momentum comes and goes, and the "mid-day doldrums" can make stocks subject to manipulation, so I'm buying uptrending, positive-on-the-day tech stocks on a little weakness, then selling them into strength anywhere from 1/4 point to 2 points up. When you're doing that, you want to sell into strength - offering the stock out. A lot of times, from intra-day TA, you can estimate where the stock is going to run out of gas and dump it just shy of there (even numbers, previous resistance points, large % of average daily range used up, etc.). You can always buy it back if it continues to run. Your strategy with CNET sounds very wise to me. Good trading, -Steve