Decisiveness Requires Flexibility
‘Do you want the truth? You
can’t handle the truth!!!’ Actually, I hope you can handle the truth,
because when it comes to daytrading, you had better be flexible, and
prepared — to quickly reassess a stock’s recent ‘relative strength’, by taking
the other side of ‘what was’, and get on the side of a high-probability ‘what
will be.’
Personally speaking, I have a lot more respect
for ‘what is’ in the here and now, rather than ‘what was’. My emphasis is placed
on key levels of technical support and resistance, rather than a label, such as
RS (although it has a ring to it in summing up my evening report).
With that in mind, every night I put up a list of
‘trading picks’ for TM, but sometimes the list comes in most handy by virtue of
just having the stock on my screen — because when it’s time to play in the next
session, you just don’t know for sure who’ll end up stepping up to the plate.
09:38:12
Early Relative Weakness
From the Nightly
Daytraders Report, Symantec (SYMC)
had ‘closed well’ yesterday, but with the issue down .90 point at 65.16,
SYMC is once again in testing mode. Key price and 50-Day EMA support are
slightly below session lows of 65. Either a break of today’s consolidation lows,
or a move thru daily supports might be considered for position shorts
In today’s trade, it was quickly determined that
it was Da Bears who showed up to take a swing at SYMC. So you can keep on
looking like Mr. Gump (like my ‘picks’ often do) in the next day’s session, or
you can say, ‘Thank you, Jack’, because when it comes to trading the ‘what is’–
we certainly try our best to always keep ahead of Forrest.