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I went short on EMC last friday, but had to cover early yesterday. The long-term trend is still down, and if it tries to break the 50-day moving average again and fails, it would be another good short entry candidate.
Posts: 1051 | From: Michigan | Registered: Sep 2003
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Internet services eg. amzn, ebay, sina & software group eg. beas, espd on counter rallies back to resistance. Posts: 69 | From: San Jose, CA, USA | Registered: Jun 2003
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Hmm, not sure about ebay. I went long ebay the day it gapped down at 82.25. I see it as either an overreaction to the news, and it will level off while drifting upward, or it will continue downward sharply. It held up quite well on friday, but both friday and thursday the 50-day moving average acted as resistance for the highs.
If it can break this level, I see it remaining on it's bullish course, but if it continues to fail to break this level, without some major market momentum I then see it as being a good short target. Right now I'm up a bit on it hoping it continues, but have a stop in at 82.00
quote:Originally posted by Jeremy: Hmm, not sure about ebay. I went long ebay the day it gapped down at 82.25. I see it as either an overreaction to the news, and it will level off while drifting upward, or it will continue downward sharply. It held up quite well on friday, but both friday and thursday the 50-day moving average acted as resistance for the highs.
If it can break this level, I see it remaining on it's bullish course, but if it continues to fail to break this level, without some major market momentum I then see it as being a good short target. Right now I'm up a bit on it hoping it continues, but have a stop in at 82.00
We'll see!
The failure to hold above resistance this week provided the opportunity to go short. Given the Andor factor and the Naz, NDX in sell mode, I suspect further price erosion down to the May gap support. Anyway, plenty of falling out bottoms nowadays.
Posts: 69 | From: San Jose, CA, USA | Registered: Jun 2003
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Yep, I bailed out today at a slight loss, definately a good short candidate now. Lots of potential downward movement ahead.
Posts: 1051 | From: Michigan | Registered: Sep 2003
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Shorted ET at 10.70. $XBD on prolonged downtrend. Stop at 11.50, Target new low or a major Nasdaq rally.
AMTD, SCH are also good short targets. However need a major market breakdown on high vol, not like the little 40 point downdays on Nasdaq like today. Any thoughts are welcome
[This message has been edited by azircon (edited July 23, 2004).]
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