Marketgems Earnings Trader- Trading Strong or Weak Earnings Growth

[jenna]

MOT might have moved the market up but it sure didn't keep MOT itself up. Look at the 60 minute chart for MOT.. 14 looks like a high area to crack for any continued upside. We have to be very careful here about sell offs. THE WHOLE is not equal to the sum of the parts. MXIM IMDC eBAY all good shorts off highs, most of the techs did have a morning move (IBM QCOM MXIM lasted a lot longer than MOT!) so what is the point if folks are taking profits at 10:00 to 10:30 highs. We do have some very notable exceptions which is why the HIGH PROFILE techs are only about 30 to 40% of our intraday plays. Many of our plays and the stronger ones are across sectors like financial, building, banks and education. If traders are selling highs and buying off support, we are still in a DAYTRADING mode for the techs. If you're setting stops YOU ARE GETTING STOPPED OUT! of these positions and reentering at buys off support (if you reenter at all) Missing from this list are EBAY, QLGC, GE, KO)

BRCM is stuck trying to break out of 31 support after a pullback on the 60 minute chart (I would not have held through downside) INTC which was a long today was only nice until just under 31 (30.94), when it too sold off and only bounced again for a short time at the 30.48 area. What this is telling me is that when we get the actual REPORTS of the likes of INTC, EBAY, QLGC, maybe even SNDK (I'm still bullish SNDK) we might have our first glimpses of things to come ----> namely a sell off at a gap up (similar to JNPR and not similar to the move on YHOO) Of course we can't be sure, we don't have crystal balls but we are still very aggressively look to short off resistance and buy support intraday. ONLY EXCEPTION ARE STOCKS THAT ARE BREAKING OUT OF
3-7 days of consolidation until they virtually explode( examples here are SLAB, OVTI, SNDK, USNA, NFLX)

Picked up a new position in the 95 IBM calls today but basically even IBM is now facing potential resistance 93.50 area. All the signs are there that if we do manage to get 95 in IBM, I'd take the profits and RUN.