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I think CACS is a good one to short, $10 and the 200dma are too much resistance - it is reversing back down. Also, the CFO resigned.

The importance of volume is shown with the way the QQQ reacted to the 10-million share block trade on Oct. 15 - shown in the chart below. There were also daily volume increases on up days, which showed heavy buying around this time. In the present, as it is making new highs, I am not looking to short but waiting and watching for a point to possibly buy at a pull back. Volume was pretty high on the Nasdaq yesterday and should be noted. Its significance will become more clear as trading continues.

This entry was posted on Thursday, November 18th, 2004 at 11:11 pm and is filed under stocks. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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Drunk and blogging again - not a good combination. Don’t worry, I have extremely good control of my stock scanning skills and can perform almost without flaw - even drunk. Same with karate. But when I play chess drunk, I suck.
GEOI went completely nuts today - I would keep it on the watch list.
IIIN looks good - had a nice volume thrust with price today - looks like it will break out soon.
FRD is looking good too, check out the chart. Over $8 or so is a new all-time high = no resistance.
FSL, a recent IPO, has a chart that looks like it could give you a nice reward to your risk ratio.
NUCO looks to break out - watch it.

The QQQ made a new 52-wk high today and the Nasdaq is close. Obviously the momentum is up. But it is too strong lately - it will definitely correct at some point. I am looking for a volume thrust in the QQQ, similar to this one, which changed and should change the momentum.

This entry was posted on Thursday, November 18th, 2004 at 1:45 am and is filed under stocks. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.