SNDK target 75 in front of earnings...perhaps the 75 puts by Tuesday or the 70's. SNDK was a winner last quarter but we have to contend with IBM, QLGC and SNDK for Wednesday and IBM and QLGC might give better gains in a straddle than SNDK.. For the next 3 sessions looking to sell SNDK short at first spike high, only until the very first exhaustion COT bar (change of trend) which might be at the beginning of second reversal period (10:30 to 11:00) and ride this up for almost the rest of the session. That's just the plan, we might change it depending on the S&P futures and Nasdaq futures and any important economic news in the morning. At this point I'm actually bullish on technology to be able to OVERCOME downside.. buyers are picking up dips (although they are shorting rallies, the shorting is limited to the first reversal period)
The reverse is also a possibility, if for some reason (although that's about as likely as it was MEDI moving up on Friday) to have a pullback on SNDK at the open for a buy off support of 5 minute chart. It is really important to set up buy stops/and trailing stops (I usually set trailing stops at support/resistance rather than just at $0.50 to $0.75 intervals) but its your choice..
Once again I think there will a trend change after the first reversal period (9:50 to 10:15) and if you concentrate on beginning your trading by 10:15 or getting on board a quick locomotive that might be at the station by 10:00, you should be concentrating all next week on the REVERSAL PERIOD TRADING OFF SUPPORT.. If you set up your charts correctly, filter out all the noise from other stocks, news driven plays that are up by the time they are mentioned, you will be able to take the BEST setup in the morning.
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