Tuesday, August 12, 2003

SOHU did reverse off a long in the morning jumble off the low of 29.35 x 1.03 = 30.23 and round up to 30.25 which is where we are long from at the moment.
MRVL one of the lone exception able to push to a full target on the long so now looking for a potential short off the swing highs.
The Fed did nothing on rates as expected and the policy explanation did the usual line down the middle of the road so stocks really haven't done much.
Market extremely quiet now as we wait on the Fed meeting announcment -- that isn't due until 2:15pm EST so it could be quiet like this for a while -- usually just before it gets moving again.
MRVL currently long with a high of 35.49 x 0.97 = 34.42 so round down to nearest 1/8th or 34.37 as our current short reversal area.
AMLN currently long with a high of 24 x 0.97 = 23.28 so round down to the nearest 1/8th for a short and 23.25 becomes our current reversal to short area.