Wednesday, July 23, 2003

JCOM - holding long from 51.10 -- Profit target is 51.10 x 1.03 = 52.63 which is right on an 1/8th so no rounding. The current swing high is 52.10 x 0.97 = 50.53 and we round down to the nearest 1/8th when going long to short so 50.50 (break of) becomes the potential exit on the long and shorting area.
OVTI - reached our profit target on the short. Now looking at the long off the swing low of 36.17 x 1.03 = 37.25 which is what we're waiting on now
CHINA - missed the short due to the gap and early plunge -- looked for a long and off the swing low of 11.25 x 1.03 = 11.59 rounded up to the nearest 1/8th or 11.63 is where we are long from at this time.
BRCM - new swing low of 22.74 x 1.03 = 23.42 so rounded up to the nearest 1/8th is 23.50 and we look for a break of that to go long - that has since triggered.
XINGE - done trading there as we went long then reversed to short at 6.87 and that reached our profit target as well. With two full target trades in the books we will stop there on this stock - especially since the dollar amount now is so low now after the drop this a.m.
BRCM has broken down to new lows so remember we'll be recalculating a potential long trade based on the new low in this swing.
OVTI - currently short from 37.20 on the pullback after the first 10 minutes. Target down at 36.13
HITK - no short trade due to the gap and early move -- so looking for a buy -- the swing low has been 26.60 x 1.03 = 27.40 so rounded up to the nearest 1/8th (short to long) or the break of 27.50
BRCM - no chance on the short so looking for a long -- current swing low of 23.23 x 1.03 = 23.92 which rounds up to 24.00 (nearest 1/8th up) so a break of 24 and we go long.
SINA - with the short not possible to trade the long was next off the swing low of 26.10 x 1.03 = 26.88 which is where we are long from.
XINGE - like NTES this one was way down early -- so looked for a long off the swing low of 6.00 x 1.03 = 6.18 and rounded up to 6.25 nearest 1/8th and that has hit the profit target. Can now look for a short trade.
Plenty of gaps lower. Several have already gone to the point where their 3% targets would have been hit. NTES is an example of this after the first 10 minutes the low is beyond the 3% short target -- no trade short of course because of the gap and lack of pullback first. So, we now look for a long trade -- the swing low of 34.74 x 1.03 = 35.78 and that rounds up to 35.88 to go long.