AI
Thursday, May 08, 2003 11:54:42 PM
Looking for GS, JPM COF recovery. The point is that you don't want to move into a spike high and breakdown by 10:15 to 10:30 so you'd choose those companies that might be bought up by the houses as well as traders. That is why I chose AZO today.
I expect that GS found support at 74 and could move up to 76 and possibly as high as 78. I would not wait until 10:00 to trade but rather pick up after 2 or 3 bars of higher highs on 5 minute chart.
If you get something like this chart below which is the "template" of what we've had lately in the tech sector, you might be better off diversifying your trading with some strong companies that pulled back and are likely to be snapped up after a small correction (like AZO did today)
I expect that GS found support at 74 and could move up to 76 and possibly as high as 78. I would not wait until 10:00 to trade but rather pick up after 2 or 3 bars of higher highs on 5 minute chart.
If you get something like this chart below which is the "template" of what we've had lately in the tech sector, you might be better off diversifying your trading with some strong companies that pulled back and are likely to be snapped up after a small correction (like AZO did today)
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