Monday, October 08, 2007

 

Jay-Z ft. Pharell - Blue Magic


Comments:
ALVR - looks like a good entry point. Shedder, can I draw on your superior charting skills for an advice?
 
Kmorph, give it another day. Late day selloff not a good sign.
 
Kmorph, thks for asking. I question what they are superior to; however, I jump at most chances to look at such things.

First of all, I used to really like ALVR, until I sold too early. The damn company puts out PRs all the time, and because of that, the momo is awesome. Not to mention the whole wimax craze.

As for the chart, it sold off today on the 2nd highest volume it has had in 6 months. That's significant. The 50 day average, which it really hasn't spent anytime near since it broke out in June, is right at 12.50, with the lower Bollinger Band just beneath it.

Now something I always have to remind myself is that objects in motion tend to continue. Because of that, I'm with you Kmorph in believing there might be a bounce to catch. I'd be looking for an entry right at the 50 day, or somewhere between 12 and 12.50. If the stock pauses in that area, and then cannot muster a bounce within a day or two, I wouldn't touch it anymore until it forms a new base.
 
Jake and Shedder, thanks to both of you for the advice. I'll see what happens tomorrow.
 
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