Taking The Plunge
Using the java applet “going positive/negative for the first time
today” can lead to very profitable intraday trades. This morning we alerted
a great one with biotech issue Myriad Genetics
(
MYGN |
Quote |
Chart |
News |
PowerRating). I love it
when a simple alert can flush out an extraordinary opportunity.
Search Results
Total Records: 2 Â Â Â Viewing Records: 1 to 2
| Newsfeed | Time (EST/24hr) | Symbol | Headline |
| STK | 09:48 | MYGNÂ | goes negative first time of the day |
You have to be quick to utilize this information, but when you see the alert,
all you have to do is look at the daily chart to gauge the short-term trend.
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On the daily chart we have a continuation short below the
previous low. We then take a look at our intraday chart for an entry point.
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In this instance you would have to take a chance and limit risk
with a tight stop, “front running” short entry on the daily chart,
since you might have to wait too long for an uptick and miss your chance on
capturing the bulk of the move. This is a good play, since market dynamics were
weak at the time of the alert. In the five-minute bar following the alert, the
stock upticks and reverses, giving us the necessary price action to execute an
intraday short position. From there it drops 4 points in 15 minutes.
Random Musings
Anybody catch Mark Haines on CNBC’s “Squawk Box” this morning?
Gotta love him bashing that portfolio manager who’s previous picks on the show
were down something like 12% and 22%. Hey Mark, take it easy on the guys who
really have to stick their necks out and try to make money for their clients. If
it weren’t for guys like him, you might not have any guests on your show. Like
he’s the only money manager down this year? I’ll bet I never see him play hardball with Abby Cohen. That would be something to see.
Until tomorrow,
Duke