Preparing For The Specialist
Some people may look at the
chart after the fact and say that the Specialist was ‘stealing’ the action.
For those who prepare ahead of time
though, maybe you’ll catch him in the act, and join him in his wicked ways.
This morning in the premarket, I saw something
that looked to be potentially interesting. Varian had a nice surprise for
investors via company guidance, but because it’s a less well-known ‘trader’ on
the NYSE, the premarket trade was what we’ll call ‘quiet.’ With the daily
chart setting up in a classic formation, I felt obliged to put up an early alert
as it looked like there might be some real opportunity in the stock, as the
Specialist did his ‘best to protect investors’ best interests’….NOT!!!
09:24:55
Ahead Of The Curve
Varian Medical (VAR)
is setting up on a closing basis as a potential daily Cup & Handle. The
company released an upside preannouncement after the close of trade. Premarket
trade figures are not available for Varian, but triggers above handle resistance
are set above 62.25. Cup and 52-week highs are slightly above this level at
62.94.
Very nice action off the opening gap at daily
triggers, as orders would have been elected off handle triggers.
…but, in case you missed the daily setup,
breakouts that work usually provide a first pullback or intraday consolidation
with which a trader can gain entry. With Varian, the intraday chart provided
traders with a Slim Jim opportunity.
10:51:48
Intraday Setup Alert
Varian Medical (VAR)
is consolidating in an intraday
Slim Jim. The stock was pointed out in the premarket as a pattern long above
cup and handle pivots. Today’s early action has delivered on that setup in
establishing fresh 52-week highs. VAR is up 2.33 at 63.85.
I can’t refrain on this one–these lil’ breakouts
were ‘too easy.’