Here’s Why We Leave Our Egos At The Door
As daytraders we have to stay focused on
what the stock is telling us, and learn to keep our egos out of the way, if
we are to trade a solid technical setup that may contradict our opinion on the
stock.
11:12:02
Intraday
Sector Alert
The semiconductor sector (SMH)
has managed to hang onto gains in today’s session after an upgrade of select
names by Merrill Lynch. Within the group Cymer (CYMI)
has demonstrated the strongest characteristics on a daily basis, as well as
technically in today’s trade. The stock is trading above both its 50 and 200-Day
EMAs, and intraday is consolidating near the highs of the day. CYMI is trading
up 1.12 at 33.84 in a Slim
Jim pattern.
Cymer had everything going for it, including relative sector strength in
today’s session. Everything that is, except my opinion. For those of you who
read the Nightly
Daytraders Report you’ll know that I’m not one to jump blindly on the
“cheerleading” bandwagon that analysts expect unwary investors to hop
onto after 3 days of large percentage gains. But, as a daytrader, when it comes
to taking a good trade, I realize that it’s more important to leave the ego at
the door, and get paid in the process, to take a nice long intraday ride.