What To Do When You’re Trading At Intraday Highs…
After an early run-up, we’re trading near the 1.5 volatility band on the
S&P and SOX, and at the 1.28 band on the
NDX. This, combined with the fact
that we’re above the .618 retracement of the 11/13 – 12/2 move, suggests a
pullback soon, perhaps as early as this afternoon, if we get to the .786 level
(if we continue up today, look for a pullback tomorrow, though).
Bottom fishers* may come in for
Hotels.com
(
ROOM |
Quote |
Chart |
News |
PowerRating), which is trading in a
Slim Jim. Don’t overstay your welcome on any move here, though. Pretty much the
same story with Expedia
(
EXPE |
Quote |
Chart |
News |
PowerRating) which has already tested its intraday highs.
Verizon
(
VZ |
Quote |
Chart |
News |
PowerRating) is trading up on news that Vodafone isn’t selling its stake
in the company. The telecoms are all up today, and VZ has already taken out its
12/2 high. It could rally this afternoon.
QLogic
(
QLGC |
Quote |
Chart |
News |
PowerRating) is also trading near its highs, and looks good on the
30-minute chart.
Have a good afternoon,
*riskier than trading with the trend