Trading with Jerry Olson

[madrose1]

On INTC NVLS and KLAC today , it was almost the perfect scenario unfolding if you also had the charts running for all 4 amigos , INTC KLAC NVLS & AMAT which I always do , so I am not just throwing darts and guessing .
(including levell II & ecns for all 4 as well)


If you followed the action or look at the 3 min chart for INTC you see that $29.39 area holding thru , and INTC gave a tell-tale sign of wanting to bid up later from the first , after the usual "trap a few shorts " & bounce scenario was possibly to unfold ...I mentioned this to Zeev early on , as you guys in "Da Room" would have been messing & playing around with charts , instead of planning your strategy for entrys

I mention to Zeev early on what I am seeing
http://www.investorshub.com/boards/read_msg.asp?message_id=2466393

"alot of valuation "hold" calls in the semis so far...perfect day for some shorts to cover into weakness ....but a weaker opening for them looks like but not huge selling here yet "


* You know as well as I , when they wring out all the bad news and pushed them way down so far for weeks .... Hedgies from much higher up have a tendency to cover larger positions into the final weakness , and new shorties get rolled over and sit there unbelieving , hehehe....

so adding INTC on second test of $29.39 , watching casually at the same time NVLS get pushed down also to $32.25 after the open , again even a quick glance at a basic chart shows that it was getting bought there from before :
http://stockcharts.com/def/servlet/SC.web?c=nvls,uu[h,a]daclyyay[pb50!b200][vc60][iUc20!Lb14]&pr...

What was really beautiful about today , is Thomas Weasel gave all three amigos AMAT KLAC and NVLS a peer perform rating , so they all peer-performed , hehe .

Another quick glance at the KLAC chart shows where it was getting support :
http://stockcharts.com/def/servlet/SC.web?c=KLAC,uu[h,a]daclyyay[pb50!b200][vc60][iUc20!Lb14]&pr...

and the beauty was of the entire morning was , that they did the whole scenario in easy 1-2-3 steps ! First they pushed down INTC and it stabilized off $29.39/41 area ..then they pushed down NVLS to support and hovered it there briefly to $32.25 ....then they went after KLAC to wring it out to the mid~$52 area of support , getting new shorts in and others to dump ...and then reared them all back up with a bit of a small vengence .

There always is alot of money to be made on a day like this , if you guess the set-up correctly and see the signs and plan the trade ...and just read the charts! But Jerry doesn't believe I can read a chart , LOLOL!!

About +$1.50 off both NVLS & KLAC'ster ...a huge +50c off AMAT romp to $22 ...and +40c off INTC. But one has to see the set-up and plan the trades early on as i said before, during the premarkt, not alot of goofing off and being captured by the fear....as Jerry says --->read the charts and ignore.
But I can't read charts ....hehe


*** Another tip-off today was how some traders went after the momos like QCOM early on , and the bounce in the Networkers CSCO and FDRY . I tried all this time to try to get some to notice the bottoming action in FDRY & CSCO. Again just look at the charts...and the action .