This Is Why You Should Pay Attention To Yesterday’s Closing Price
Currently, Dow average
is up 117, and Nasdaq is up nearly 26 points. But, semiconductor
sector is lagging. It is not attracting enthusiastic buyers.
11:15:05
(From TradersWire)
Semiconductor HOLDRs (SMH)
is reversing to the down side. Short SMH if it slips below 32.48. Target is near
31.50. Place a stop at 33.20. SMH is trading at 32.55, up 0.07.
The issue opened right at the lower boundary of a gap zone and met astute short
sellers. If you were an experienced trader, probably you shorted SMH shortly
after the bell. Why did I wait for 32.48? It is yesterday’s closing price. I
just wanted to see this morning’s gap get filled completely before selling. At
11:50, the issue fell below 32.48.
Have a nice afternoon session.
If you have questions, feel free to mail them to me.