Volatile but better action...
Tuesday, August 7, 2007 at 11:00PM We have gone through many volatile session recently and today's just no exception. We can honestly say that nobody that we know expected smooth action post Fed Decision. Despite of the fact that we closed well off the highs off the day, but we also closed well off the lows. More importantly, we closed firmly into the green territory and that's somewhat reassuring. At least the breadth is much better today compare to yesterday. We have been concentrating on some of the familiar names most of the day and carried some position home for a change of pace.
Here are some plays...
MR, this old play came out with pretty decent earning last night and we managed to play some middle way through the day. Again, this one is from the medical sector and the it hasn't taken alot of damage during the past couple of weeks. This is a strong sign and today we just got an excuse to get on board some.
CRNT, from the look of it, this play is not over by any means. It may have a pull back here and there but the further away it moves from $15, the better trading action it gets in our opinion.
LULU, we chased some of this one today as it cleared previous high pretty convincingly. We are going to be flipping this one very aggressively as we believe taking short term profit is as important as getting in a good entry on it.
LDSH, this one also cleared it recent consolidation range pretty convincingly today and with the help of this market, we think this one can get some serious leg under it. Of course, just like everything else, market behaviour is the key here.
LKQX, given its usual churning nature, this one actually did exceptionally well today. We aren't chasing much up here but in case the momentum persists, we'd be there without hesitation.