Watching RIMM

[Soverus Khan]

Watching this for a position or swing short. We'll see what happens with CPI this a.m. Sorry for no chart, but a quick glance should provide my reasoning.

[kerahc]

Anyone else see it close at resistance?

I'm assuming you've been watching the short side of things since the 19th when the SPY hit it's 200MA and headed south fast right? The momentum has started to head north and caused me to take profits on the 13th. I don't normally fight the trend so I'm being nimble till I get another signal up or down. What have you been reading from the market? I haven't seen any posts of any real interest on here lately so it's nice to see another active trader throwing out ideas. Take a look at HBI, on the short side. I've had a put spread on since the 21st and like how the 20/50 cross over has happened and it is retesting it's 20ma. If it breaks above it on a close I'm out and if it heads south I'll stay in till the 200ma or breaks above the 20ma.

[Soverus Khan]

Kerahc, I'm closing a very large position in HBAC today. My overall bias is short to include tech (JNPR, AMAT, RIMM, SNDK), but I trade based on the day's action. I should have taken a swing with JNPR, but it did not meet the criteria.

For the swings I consider the negative bias I have on the market.....so I am seeking out those patterns and conditions that show a breakdown of buyers and show correlation to the SPY or Q's.

Key support on the SPY....we'll see what she brings.....the 6 month chart is ugly.

edit: content.

Watch the 1370 area on the s&p....that eventual test will present tremendous shorts. Next leg at 1325(ish) looks tasty as well. Of course today's potential leg down has my trade que loaded for "bear".

[Soverus Khan]

Watching RIMM closely this a.m. Anything on the open above the previous close will shorted. Pre-market is all over the damn board!!!!

[kerahc]

It had a short signal fire off for me on a 15 minute chart at 3:30 yesterday but I wasn't watching RIMM so I wasn't around to take it. It has had a large run with a new falling momentum on the 15 minute chart I do like. If it gaps up to 143.33 it's a great place to short.

[Soverus Khan]

I caught the bulk of the big drop yesterday on RIMM. Scaled in the whole way down. Left a little on the table. I'm liking the looks of pre-market in the last 15 minutes.

Gotta check out to free the bandwidth.

Thanks for the comments!!

[kerahc]

RIMM opened today coiling, after setting off a short signal yesterday afternoon on the 15min chart. On the daily chart it fired off a long signal today to enter tomorrow on rising momentum. It seems that the stock tested support on the 22nd of May and the 13th of June. It's at the top of the range and if it breaks out after coiling for 9 days it could move 5 points up very quickly to $150ish. The same pattern happened on on May 2nd when it coiled for 10 days and then went on to move 5 points in 15 days.... something to watch but very much against the rest of the market because Qs closed below it's 200 day moving average but has somewhat rising momentum. Depending what the open is tomorrow will depend if I take a shot to start a position. Any thoughts?

[Soverus Khan]

RIMM developed a nice trading range today. Shorted near the open for about a buck then watched the channels form and traded them. Good short on AAPL in the p.m.

Ventured a small short position on RIMM near the close.....hammer is setting on the desk for my forehead as I know better than to hold over night in these conditions. We'll see.

RIMM close 18 Jun 08.png

[Soverus Khan]

If it can it will. Yup, broke out to new highs. Not sure what I was looking at yesterday. covered on 7th leg. Knucklehead!

[kerahc]

Originally Posted by Soverus Khan

If it can it will. Yup, broke out to new highs. Not sure what I was looking at yesterday. covered on 7th leg. Knucklehead!

Ouch, that had to hurt today. I knew that it broke out after coiling but I didn't expect a 3 point move today so I was happy to get it. I took a position on the open with a deep money july call spread 130/150 and closed half on the close. Normally I'd keep it open till the momentum slows but in this market it's not worth the risk. Did you take a look at HBI today? I mentioned it acouple posts higher on the 17th, if you were lucky enough to be short today you were just as happy as I was, I closed at the 200ma...