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  • hedgehog25 hedgehog25 Oct 24, 2012 4:29 PM Flag

    Could've been a lot worse

    From a technical standpoint, today's trading was ambiguous. I was expecting massive dumping that would make it drop like a rock. It did trend downward throughout the day, but it was a weak downtrend with several sharp retracements and no extended sustained free-falls. Volume was more to the downside. Price action like this after a big gap up is followed by uptrends as often as downtrends.

    I still stand behind my bearish call, because the fundamentals are stacked against it, and it's not likely to go too far on hype when the company and the stock have lost their luster. The earnings beat was modest, and doesn't justify such a high valuation.

    Disclosure: Holding Nov 21 puts and Dec 19 puts, currently up 25% and 32%, respectively.

    Sentiment: Sell

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    • Donot know hwat chart are you reading? Based on the chart red by MarketClub, indicating strong uptrend from here!

      • 1 Reply to hongyuc01
      • Um, I'm reading candlestick price charts with various technical indicators I use. There is only one chart to read, the rest is analysis. I'm not relaying - and don't trust - any web site or newsletter's analysis. You want to take MarketClub's analysis on faith? You're welcome to do so. I'd rather do my own analysis so that I understand the reasons I trade beyond "such-and-such web site says the technicals are bullish".

        I can't see any basis for predicting the trend right now based on technicals. Today's action was ambiguous, more data is needed (over the next few days) to make a technical call. If MarketClub is already predicting a strong uptrend based just on today's gap up, then I'd say it's #$%$.

        Sentiment: Sell

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