Marketgems Earnings Trader- Trading Strong or Weak Earnings Growth

[jenna]

MU, KLAC For MU/RHAT we got our earnings run finally afer a morning short the rally. RIMM, no most active lists or intraday scans were set, no constant babble of every story that came out in the last 5 hours (ironically those that seem to advocate quiet and speculative study are the noisiest of all) Barely traded from 10:00 to 12:00 expect to lock in and lower trailing stops. MU nice today but will it hold up the nas tonight? AMZN covered (3 day short from Friday)below our target of 40 (low as 39.85) so we'll be considering a reshort there. Just a short cover rally folks, enough to cash in the chips on the shorts and begin the cycle again tomorrow (or maybe even by 3:30) I would not even consider going long RIMM, a cover or sell of a put doesn't automatically mean a change in direction just locking in profits.


Chart prepared well in advance of the move up and 50 is the next test of KLAC. Might be reshort or might not but it was a good run (2 month short broken down to about a 6 to 10 swing shorts and no longs except intraday)If 50 holds we might go as high as 50.50 see our prepared chart below.