Posted by 4 January 2005

Some Ugly Charts

More high(er) volume selling today. Hopefully we’ll get some hammers over the next couple of days so I can look to buy this dip. I’m not interested in doing anything until some reversal candles are made and/or stochastic gives a buy signal.

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Comments

  1. Posted by Duru on January 4, 2005 at 6:39 pm

    Thanks for the reminder that we have quickly become oversold!

  2. Posted by Andy R. on January 4, 2005 at 8:50 pm

    Why didn’t you stick on that RSAS short call? It’s chart looks very similar to ERES , which I had a successful short play on. http://stockcharts.com/def/servlet/SC.web?c=eres,uuh,adahlyiayddpb50!b200vc60iUah12,26,9!La12,26,9&pref=G

  3. Posted by Michael on January 5, 2005 at 8:36 am

    Andy,

    I guess I just lost track of it after that move up the day I posted it as a short. I really dropped the ball on that one! :-(

    Congrats on catching ERES

  4. Posted by DJ on January 5, 2005 at 1:52 pm

    I’ve often wondered why people call a selloff “ugly.”
    I actually thought that was a rather nice move down.
    “Prettier” than some moves up…

  5. Posted by Michael on January 5, 2005 at 2:03 pm

    DJ,

    Funny that you say that. I usually qualify such statements with a “if you’re a bull” or similar comment. :-)

  6. Posted by Andy R. on January 5, 2005 at 7:07 pm

    Oh, O.K., Mike. I thought that maybe you saw something in RSAS that I didn’t and took it off the short candidate list for a reason. No biggie! Happy trading, Andy