Replies to post #18874 on Marketgems Earnings Trader- Trading Strong or Weak (MKTGEMS)

[jenna]

CCMP 50 or puts Last Position picked up on October 23 (55) and added on the move up on October 24 (50's), looks good for that move back to 52. Needed to get back $1.62 that CCMP owed me 'cause I did NOT hold a short/put position through earnings. I did think it might bounce today but thankfully it didn't. Target is still 50 but nice opportunity to take some profits on those puts

[jenna]

Great rally in nasdaq <g> NQ's took out both the 20 and now fail at the 50 ma. Another good play for the daytrader who took an opportunity for a "a pause that refreshed" from either this morning through 10:15 or from 3:00 on Friday (this is a classic exhaustive move from Friday's late date rally in the 3:00 reversal period) another failure to read any direction into this market except small "spikes" caused by news plays like the FBF and BAC merger. We might capitalize on these moves but I wouldn't read anything more into them than 1 to 2 reversal period rally. FOLKS ARE SHORTING HIGHS AGAIN after taking profits on not even a full day of upside. (just reversal period to reversal period)

[jenna]

We milked the Asians for the past 4 weeks (well tomorrow morning will be 4 weeks) and will be holding some calls through the report even as profit taking (75% was recommended today. Only one losing position (expected as part of the straddle is the SINA 40 puts picked up on 10/23 and some SOHU puts otherwise the CALL and long side of the positions dominated once again from 10.22. http://www.marketgems.com/hibaby.wav

[jenna]

12:00 PM EST Marketgems market commentary:
After a gap open, many indices filled most of their gaps but are holding at second support area (the 50) which might be a good area to watch for new longs at bounces after the nq's and s&p futures losing the 20 ma on 5-minute chart)


Some of the techs we watched which was moved even BELOW THE GAP FILL price. The charts are far from showing direction. It doesn't look like Friday's 3:00 reversal will be all we need for a definitive move back up. Earnings plays still offer the best buying opportunities at these dips (CTSH, AVID were good opportunities while AAPL and QLGC were further gaps 'n craps) Only the best buy setup patterns should be bought, and only with tight stops.

[jenna]

Nq's and SMH (38.61) found support at the 38% retracement area just as we suggested they might and now need to take out the rising 50 period ma for a continuation of this new bounce. Suggestions were made as to the SMH and a bounce here at this support level it could continue through the 50 ma, here is a genuine buy set up with support/resistance areas planned.