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QLogic Corp. Message Board

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  • clubbythefoot clubbythefoot Jan 28, 2003 12:38 PM Flag

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    As a VERY short term trader, my personal bias is that the easy 5 points have already been made in the BBH breakout failure.

    Having said that, I would wait to see if 85 were breached on the downside, for 2 reasons. First, there is reasonably strong support right there. Second, at 85 the BBH will probably re-cross its down-sloping 200 dma. Breaking through both would be a nice bearish set-up.

    Please note the additional support at 80.

    Also, keep in mind that option premiums are relatively high with the recent spike in volatility (down a bit today). Also, we are quite oversold and the P/C spiked yesterday. You may have a better opportunity to enter the trade when complacency seeps back in, all else being equal.


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