Trade Plan for Wednesday
Posted on July 8, 2010 by trader21 in GLOBAL CHART ANALYSIS, Trading Plan
We have been saying the market was in oversold territory and was due for a pop. Looks like we finally got it in on Wednesday. We had some monster moves as well in our open positions. NFLX ran over 10%, CREE ran over 8%, FFIV ran over 7%, NTAP was up over 6.5%, AKAM popped over 6% , SHOO ran almost 5%, CTSH ran over 4%, SNDK over 4%. It is great to participate in days like these but it is important not to get sucked into this market too deep yet. Moves of a day or 2 aren’t that significant because they are simply technical moves and short covering. We are great at nailing those moves but understand that until they occur with volume and can last more than a day here and a day there, the down trend will not change.
The major indices are simply peeling off the bottom and will hit resistance here pretty soon. If it can break through that resistance area we will consider getting more aggressive but for now we will enjoy any further moves here with our currently open positions and will re-assess the situation again later
Thanks
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Again, thank you… Sold off my Calls on SNDK on the high side… purchased puts on CTSH, DLTR, and URBN… while stock was high…
Still bearish for me… will attempt to buy opposite of the ticker for a while..Until pattern and confirmations hold and volume supports long buys