Good, Good
This
commentary was written at 3:20 p.m. ET Thursday.
Good, good all the way around.
Solid volume.
Nice action in many of the glamours.
And a very nice trend day in the Naz,
from stem to stern.
Among the names, Handspring
(
HAND |
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PowerRating)
came out of a give-and-go formation on heavy volume…this is a favorite pattern
of mine — similar to the Cooper 1-2-3-4 pullback, but you wait for price to hit
new high ground before entering…it’s suitable for day, swing, and aggressive
intermediate-termers.
Interwoven
(
IWOV |
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PowerRating), at this
writing, was setting itself up for a Cooper 1-2-3-4 pullback, albeit deep.
Extreme
(
EXTR |
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PowerRating) put in a bullish
outside day on rising trade.
Fuelcell
(
FCEL |
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PowerRating) came off 3%
following the "topping tail" referred to Wednesday…swing
and intermediate traders should be familiar with the probabilities associated
with this type of pattern.
Micromuse
(
MUSE |
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Chart |
News |
PowerRating) enjoyed a nice
late-day surge to take out the top of its seven-month base.
Verisign
(
VRSN |
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PowerRating) pulled out of a
four-month range on a second day of beefy volume…its relative strength has
increased nicely over the past seven weeks.
Cacheflow
(
CFLO |
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Chart |
News |
PowerRating) finally appears
to be putting in a platform following a 60%+ move over the past four weeks.
Imclone
(
IMCL |
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News |
PowerRating) bounced off its
50-day on huge volume as it appeared to be on its way to setting up for a Cooper
1-2-3-4.
Hot storage area networker McData
(
MCDT |
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Chart |
News |
PowerRating)
is in a bullish three-day pullback.
Nvidia
(
NVDA |
Quote |
Chart |
News |
PowerRating) pulled back in
constructive fashion on drying turnover.
From trader extraordinaire Kevin
Haggerty’s column of this a.m.: "Trading is about probabilities. There are
no definites, and no one can tell you which of your trades will be successful.
That simply means you must do the work and prepare your trading plan with
high-probability type patterns. Don’t get caught up in the whipsaw emotional
activity that prevails in choppy markets. Wait on it. Don’t
force it."
If you’re unsure of whether to plow
into this market — or any other market for that matter — the only advice I can give you is this:
"When in doubt, stay out."
Above all, keep your mindset open and
objective, as always.
And your opinion in your back pocket.