I wrote on the Tagboard around 10:30 that the market was headed for a test of intraday support (on the S&P around 1296) and that it should be interesting-and it was! Support failed and has subsequently been tested as resistance in which it held. So the intraday chart is falling apart pretty quickly with the Naz leading the way, surprisingly the Russell is holding up.
I went ahead and closed out TTMI as I started to see some accumulation taking place (oh well, I took a lot of profits there around 9 anyway) and I entered BVX so I'm effectively hedged with BVX short and THOR long. I like the way NGAS looks right now with a consolidation (intraday) inside a consolidation (daily). There's also a lot of talk about HYC on the Tag today so check it out. TLB and LAVA longs from last night's vid are looking interesting here as well. You may want to be careful entering new positions long today, but there also be some opportunities. Good luck.
Wednesday, August 23, 2006
Afternoon Update...
Posted by Brandt at 1:53 PM
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