Tug of war
Thursday, August 23, 2007 at 10:59PM Given the amount of points market has risen since the low of last Thursday, we think it actually did pretty good today. Volatility has eased quite a bit and it seems there are willing buyers out there, on selective stocks. Once again, we had some trading opportunities from some recent names that looked very interesting today.
VMW, it seems that there's not a day gone by without some sort of action from this one. Because this one is so new and the momentum is still very strong, we literally just have to rely on 5 min. chart to watch for a reversal. Action is definitely one of the fastest paced we've traded in a while. We bought back some and added some near the end. If a morning pop comes, we'd be willing to part some shares.
WX, ever since this one IPOed, it constantly reminded us of that other Chinese medical co. MR. Sure, the business is entirely different with these two companies but the trading resemblance is quite similar days after their IPO. Top top it off, both had an awesome IBD eps rating to start. We are trading on technicals only up until today and we will watch any further development to see if it can pick up any momentum like other IBD related stocks.
CRNT, speaking of IBD, this former IBD #1 stock is still live and strong. Tomorrow comes a big test of $17 and we think if it breaks out clean, we'd see some quick upside. Again, tomorrow's Friday and many traders may not push it too hard and as long as it stays up here for IBD, we can all leave it untill next week to try for a meaningful push.
ARCI/DOCX, many of you may not even remember these two cheapies when we alerted a while back but they both had a fantastic day, in their respective way that is. The trading in DOCX may seem iffy but it goes to show that sometimes it's worth it just to park a couple shares in these kind of stocks as long as they don't break down.
