Here's the intraday chart we gave our members earlier and how we trade SNDK off SUPPORT off 50 and through the next areas of overhead resistance which are here. If AMAT earnings go well (ironically our earnings plays for today except AMT are short phase) I would add some March 55 calls
SNDK.. YHOO you see you buy OFF THE LOWS, and 50 was a good area for support. If you look at our intraday chart (we also follow a 60 minute and daily chart) all other overhead resistance on the 5-minute chart was taken out to upside so we are doing well FOR NOW. SNDK still has a way to go but its now in a doji and if it closes 80% of intraday high, you might chance to hold a small position long overnight. I just don't add bad stock over worse stock and buy the lows and not the highs.
YHOO is also a doji now off the 20 ma. We have begun to be brave and shorted YHOO on Thursday which turned out to be a grea strategy, from the 48 area to a low of 46 almost to the dot, but if it takes out 20 ma 46.86, might be a good area for a beginning long position again. I would and have for subscribers put up an intraday chart showing the potential areas of support/resistance for YHOO, however in front of the NTES report we are not recommending YHOO big positions. You definitely have to BUY these stocks off lows and support levels and not from highs. YHOO was a terrific chart on Thursday for a pullback.
Lana, today was the example. That buy off 50.25 (treating it like an earning play simply means giving it a wide berth and not running to short it at support but rather the reverse). SNDK has passed all our intraday fibonacci retracements (others have as well) so its SOLIDLY IN BUY TERRITORY. How long it holds? we don't know but we know are ready to look into the daily and 60 minute charts for the next overhead resistance since today's was completely taken out to upside. SEE HOW 52 is the next KEY area of resistance on daily chart, while 50 was taken out nicely today. (imagine if you shorted below 50? that would make no sense) Now I'd look at 55 on daily and 53 on the 60 minute SNDK chart.
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