‘They’re Making It Too Easy…To Wait’
When we’re in ‘the chop’, I can’t think
of better words to live by than Dave Landry’s, ‘No Tickee, No Tradee.’ If
you’re going to brave the waters in an environment that is showing equal parts
failure and success, boost your edge by waiting for someone else to make the
first move. There are times when I feel it’s totally appropriate to be the first
one in, and then there are other times such as the ‘present’, where the ‘gift’
comes to those who wait.
09:11:10
Pre-Market
Stock Analysis
Qualcomm (QCOM)
demonstrated relative strength in yesterday’s session. The stock established
a wide range thrust bar above on volume, putting it above the 20, 50, and
200-Day EMAs. Looking at the intraday chart on a closing basis, Qualcomm has put
in an ascending triangle
from which potential follow thru entries might be considered, on a move thru 38.
As far as the bigger, daily picture is concerned, above 38.50 looks to be
another triangle formation. This one has its inception starting back on June
18th, and appears symmetrical in nature. With the combined charts, this might be
one to keep on the ol’ radar in today’s trade.
11:16:06
Intraday
Update
Qualcomm (QCOM)
didn’t trigger early on, and just as well. As the saying goes, ‘No harm, no
foul.’ Intraday trade has the stock now forming a Cup & Handle pattern with
triggers still set on a move thru the 38 level. Currently, QCOM is trading down
.10 at 37.73.
We don’t know if this particular trigger will end
up producing the desired result, but I am confident that with discipline being a
key ingredient in your trading plan, you’ll be in much better shape for the time
when the broader markets finally trigger their own tickee out of our ‘home on
the range.’