Tuesday, July 21, 2009 3:48:05 PM
RIMM CHART:
This is a momo play, IMO. Tech took a little breather today and I love to buy on those days.
I was holding some $70/CALLS from a few days ago but decided to take my profits this morning. I then sat and watched RIMM all day. Kinda boring unless your in this to make money.
I do a lot of my buys off the 60 minute chart for options. This was the case once again. RIMM hit it's low of the day around 1:00 PM. The next candle was a nice bullish candle. The third candle was my trigger. As soon as it passed the high of the second candle I pulled the trigger to get back in.
Buy 20 RIMM Aug $75/CALLS for $2.89
My daily chart has a $90 target on RIMM so this gives us about a $15 upside. The low today was about $73 and this is where I will be watching closely with a "mental" stop. All of the indicators I use on the 60 minute chart were coming out of oversold conditions as well. So all in all I feel it was a great buy on a tech stock on a down day for tech.
Here's the chart.
This is a momo play, IMO. Tech took a little breather today and I love to buy on those days.
I was holding some $70/CALLS from a few days ago but decided to take my profits this morning. I then sat and watched RIMM all day. Kinda boring unless your in this to make money.
I do a lot of my buys off the 60 minute chart for options. This was the case once again. RIMM hit it's low of the day around 1:00 PM. The next candle was a nice bullish candle. The third candle was my trigger. As soon as it passed the high of the second candle I pulled the trigger to get back in.
Buy 20 RIMM Aug $75/CALLS for $2.89
My daily chart has a $90 target on RIMM so this gives us about a $15 upside. The low today was about $73 and this is where I will be watching closely with a "mental" stop. All of the indicators I use on the 60 minute chart were coming out of oversold conditions as well. So all in all I feel it was a great buy on a tech stock on a down day for tech.
Here's the chart.
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