Short Term Trading Member Forum

[techcharter]

SHORT PLAY: TLAB

Todays spike looks to have completed a multiple of wave 5s. Tomorrows earning will be spectacular. After hour's trading erased some of slide into the close, This could be a wave 2 in the new trend down, or wave 4 in the last wave 5 to the top. Wait for confirmation on wave counts

http://clearstation.etrade.com/cgi-bin/details?Symbol=TLAB&csize=07&PositionId=3072169980&am...

You can see how not only did the price rally from the lower bollinger band to the other, it pierced it and pulled back. The MACD is still oversold even though the price made a new 52 week high.

http://stockcharts.com/h-sc/ui?s=TLAB&p=D&yr=1&mn=1&dy=0&id=p68776599426

The success Lockheed reported today was met with solid selling. I think the same will happen to TLAB as it has rallied nicely over the last 2 years. I don't know if trading will be a pop and drop, or a drop. So just wait out the opening. If the market spikes up wait until a fairly clear wave count unfolds. Parabolic spikes tops are tough to call. If the price drops below $15.25 at the opening, chances are the top is in, and the price will fall very fast.