AM Meeting Summary

Jul 25th, 2008 | By | Category: General Comments, Steven Spencer (Steve's) Blogs
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CHK–Support 48/48.30 Resistance 49.60. FNM–Support 11.80 Resistance 12.60. XTO–Resistance 49.20 Support 48.  WDC–Support 30. WFR–Support 42 Resistance 44. QCOM–Support 51.70 Resistance 54. WM–Big Seller at 4.04 yesterday.

Followup (11:15AM): When FNM failed to break above 12.60 we shorted and covered in front of the 11.80 support.  When the support dropped we traded it on the short side again for another $1.50.  Currently we are long as we believe a bottom was put in at the 10.50 level.  First resistance 11.50.

Some traders caught the break of 30 on WDC.  CHK briefly dropped the 48 support but immediately popped back up.  If it trades above 49 we will be looking to get long

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