And I’m Spent…
Before we look at anything today, I want to note that there is heavy
whipsaw action today. How do I know? Because I just sat through a whipsaw-filled futures trade, and although I was profitable, it was emotionally taxing
to reach my goal. Just look at the chart.
This is the type of volatility that shortens the life of a trader.
For those interested, my reason behind taking this trade was my belief that we would fill the gap.
The gap has now been filled on numerous Nasdaq stocks. Looking
for trading opportunities will be a bit easier now.
Today’s Watchlist:
NWX, XLNX, CIEN, ITWO
Speaking of volatility, let’s take a quick look at the Networking Index. On
Wednesday it was down 5%, on Thursday it was up 5%, and Friday…Â
This morning, I will be focusing on intraday setups.
Xilinx
(
XLNX |
Quote |
Chart |
News |
PowerRating), like many tech stocks, gapped higher this
morning and filled the space. It is currently traveling in a downtrending
channel. Excluding one quick move, it has been bouncing along the trendlines.Â
Ciena
(
CIEN |
Quote |
Chart |
News |
PowerRating) has a chart that resembles that of Xilinx,
suggesting similar trouble in multiple sectors. Again, except for one price
spike, it has been smoothly moving along the trendlines. Again, look for
opportunities based on the trend.
One stock that has held up rather well today is iTwo
(
ITWO |
Quote |
Chart |
News |
PowerRating). Unlike
other big tech names, it has held its gap opening and is trading near its highs.
Set your alerts near 169 and 170 and watch for a breakout from the
near-term consolidation pattern.
Until later,