Here’s Some Real Profit-Taking
I love the fairy tales
of ‘profit-taking’ that the media uses to give investors confidence in their
newly acquired positions. Personally, the only story I care about, is
the booking of real intraday profits from our daily consistent, disciplined
brand of daytrading.
12:13:50
Intraday Reversal Alert
ABAXIS (ABAX)
is an excellent example of investors ‘taking profits.’
With the stock down over 2 points at 20.71, the
issue has given virtually ‘all of it back’ in today’s engulfing bearish bar,
technical trade. But, ABAX is now showing signs of potential support. Session
lows of 20.30 fall just shy of a ‘gap fill’ and a 38% Fibonacci retracement from
January pivot lows. Intraday reversal longs might be considered thru
consolidation, angular resistance of 20.77.
As CNBC likes to say, ‘Profit From It.’
Chris Tyler