Intraday/Swing Plays

Yesterday's action saw a continuation of recent trends. The Dow, Russell 2000, and S&P SmallCap continued to move higher, while the Nasdaq struggled. True, the Dow and S&P did retreat yesterday after moving to new two-week highs, but the S&P SmallCap index closed at another all-time high. The Dow and S&P have retreated to support. Expect some morning weakness to bring the averages down to yesterday afternoon's lows before the rally resumes. Do not anticipate a move back to Monday's lows.


PQE - Buy (IMO)

Reasoning: The price momentum surge has taken the stock to all time highs breaking out of the inverted right shoulder of a 2 1/2 month long base.
Stop: falls below $37.00
Price Objective: 42 to 66

Definition: Right Shoulder: A head and shoulders top or an inverted head and shoulders bottom describes the shape that many price patterns form before moving sharply up (inverted) or down.
 
I accumulated 1700 PQE at an average of 40.24. The volume is very weak so expect big swings and lack of liquidity. (IMO) Don't play this as a daytrade or you could easily be scarred out by the specialist.
 
Originally posted by Seanote
I accumulated 1700 PQE at an average of 40.24
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Excellent buying, you got 'em at an exceptionally good price given the very low volume.
 
Originally posted by Seanote
Does anyone have a stock they consistently trade that looks attractive on the long or short side?
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Currently short:
RETK
OVER
INFA
UTSI
OPWV
CRUS
LWIN

Currently Long:
MCRL (several days now)
AFFX (stopped out)

Was spanked on a long position in STEL this morning. My good day is only mediocre now.
 
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