Looking at NKE this morning. Yesterday it was a bit out of control on the open but the stock got easier after it broke the 60 level. I’m gonna be using that as my inflection point; above 60 will keep a long bias, below it will try to keep a short bias. Looking for a sell off to the 58 level. A seller will have to prove to me at 58 that the stock is weak, the risk reward is not very favorable for the shorts at those levels. happy trading
Archive for June 2008
I focused on RIMM on the Open as it was In Play after reporting yesterday. I traded it on the short side once it dropped the 128 support level. It was fairly tame and became weaker as the day progressed. There seems to be support around 123.40.
Traded NKE in the afternoon. Didn’t catch the initial short below 60 but caught a nice move from 59 to 58. Was long for most of the bounce in the final hour from 58 to 59.90. A single buyer appeared to be moving it up the entire time. I will look to identify support tomorrow morning and expect an upmove through 60. I will short on a failure to hold above 60.
Trading NKE this am. Below 62 will trade with a short bias if see selling. Down a ton on very light volume- bounce? The NKE specialist has a tendency to treat some orders unfairly. But when NKE is in play it is a very good trading stock. I have attached the chart of NKE below for some help. Good luck!
RIMM showing weakness in the pre market. probably due to the WSJ article talking about people overestimating growth and underestimating risk in the consumer market. I have covered the majority of my overnight short position as it has failed to hold an offer below 139. Will look for resistance at 140.50 level after the market opens for a safe entry point on the short side. Earnings after the close will be a factor in stock movement today as well.