Posted by 30 December 2004

Is ANTP Finally a Sell?

I rarely try counter-trend trades but ANTP was just begging to be shorted. And I figured that the 50 area might turn into resistance. This is one from the “try anything but use a stop” school. (An old Todd Harrison quote.) Here’s the intraday chart (15 minute candles) followed by the daily chart:

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Comments

  1. Posted by Duru on December 30, 2004 at 2:10 pm

    So the intra-day technicals were the main trigger? Looks good for 5-10 points possibly?

  2. Posted by Mousefinger on December 30, 2004 at 2:17 pm

    Looks like a pretty good intra-day trade at $50. I’m looking at $47.13 (2:16 PM – EST). It’s not my style to short this way, but it looks like profit taking is take place at the moment.
    :-)

  3. Posted by Mousefinger on December 30, 2004 at 2:18 pm

    Eeep…that should be “taking place”…seems I need to upgrade my fingers to Version 2.0.
    ;-)

  4. Posted by Michael on December 30, 2004 at 2:36 pm

    Duru,

    It wasn’t so much the technicals. I just saw a spot where I could put a stop to get a decent risk/reward. THe run has to stop somewhere, so I figured that I could *lean against* 50, even though it wa already above 50. You know how round numbers are.

  5. Posted by Erik on December 30, 2004 at 5:14 pm

    I got into this at 24.19 on the 20th of Dec. I had a really good feeling it was gonna break out. By the signs I saw it looked like it was gonna break fast so when it went up and than down I got out figuring I could take a little bit home with me, without taking a bath. Then it runs up from the 22nd when I sold it until today…Ugghhhh
    I think 50 will be a minor resistance point it will flatten tomorrow and blast off on tuesday…

  6. Posted by Michael on December 30, 2004 at 7:48 pm

    Sorry to hear that you missed the big run. So you really think it’s gonna go even higher?!?! Why? It can’t keep going parabolic forever.

    Anyway, I covered it at 3:45 since it was being so stubborn. I’m sure it’ll take a while to fall back to where “it belongs”. I think I’m finished with it.