ASEI Shows Its Spots, and Updates on AAPL, CSCO, GIGM, CVTX (20 Aug 2006)
First the minor action in ASEI (American Science & Engineering) today:
This is just a daily chart for reference. The real action on this stock is intraday. This one was on red alert for a mammoth multidollar-range daytrade. Didn’t happen Friday, with options expiry and the market dead in the water. It did, however, print two pretty little Dummy Spots on the 5-min and 15-min charts. Check ‘em out:
And here’s the 15 minute intraday:
Will be praying for more of these to show up next day I’m off from the (gag) “day job” (puke).
Trade Updates for 20 August 2006:
Update on APPL (Apple Computer) setup:
Friday posted a Higher Low and a Lower High for Apple. No changes. This bar is not a Dummy Spot, so for now I’ll stick with Thursday’s range of 67.18-68.66 to look for a trade entry.
Update on CSCO (Cisco Systems) setup:
Cisco is still behaving better than Lassie. Friday’s bar continues a textbook pullback into an uptrend. Could take an entry above its high of 20.90. Another, shorter bar with a lower high would be ideal.
Update on GIGM (Gigamedia) setup:
Gigamedia put in a Lower High on Friday, but it was on decreasing volume and ended the day in the black, er, blue. This thing might reverse and prove me wrong after all. A short trade taken on Thursday’s (8/17) break of the prior bar would still be 0.14 under water by the way I set my stops, which is still the maximum loss I would take on this trade. We’ll see.
Update on the CVTX (CV Therapeutics) setup:
No trade on CVTX yet. Friday’s high was 10.35, just slightly lower than the 10.37 I’d count as a break. Note that the volume is fading. I’d suspect a breakout on low volume to be a fake-out, and move my stop right up to about 10.25. A good break should be on heavy volume, and should close well above the 10.37 level.
I’m aware that CVTX had the “over 10 million shares issued at $9.50” situation in the news. That does seem like it would be a drag on the stock. However, I just trade the chart. If people run from CVTX, it’ll show up in the candles.
G’nite.