RIMM has been in a trading range in the last 5 days, low $54- $57. It's a slim jim pattern on 60 minute chart. If market was stronger and CSCO's earning was good, RIMM could break $57 level and lead to $60. RIMM has great fundamentals. I wish market is stronger because it's very profitable trading RIMM AAPL, etc. This is my first post so hi everyone and happy trading.
Using weekly chart, RIMM dropped from about $134 to $35, $99 drop. 31.8% retrace is $31.5 which is about $67. $68 is a resistance on daily chart. 50% retrace is $44.5 which is about $80. Please take a look at the weekly chart, $80 is a clear resistance and at around at top od the bollinger band. All RIMM needs to do is to announce a great earning report and the huge gap down 2 quarters ago will be filled. Just ask Obama to buy a blackberry for each member of his staff then RIMM stock holders will be very happy!!!! How about ask Oprah to give away free blackberry!!!!
Welcome to the party. With Cramer continually hyping the stock, more and more people are finding there way here. Most certainly why its gains are holding up as the market wallows around. VZ and AT already reported and talked glowingly about their blackberry sales so we already got a sneak peak at how good RIMMs earnings will be. I will hold all the way through but I just have to decide how much I will hold depending on market sentiment. After all, I can only get what the market will give me. (and I hope its alot ) What I find interesting is that Crammer hyped a little on PALM. I need to learn more about their current predicament since the stock is very cheap. People that got it at $2 have already made out like gangbusters. But those that had it at $50 got gangbanged. :eek: Anyhoo, happy trading, this thing is up and down a few bucks a day so buy the lows and sell the tops, but keep a little in for the breakouts.
I picked up 1000 longs in what maybe the last time we see in the 54s. Monday the Gov starts to announce rescue plans.
Out todays buyin at 56.40. Its a funny day with the infighting over the bank bailout. But monday will be the relief that at least something was decided. Leaving another 1000 for the up breakout. If it comes down, Ill buy more. NOK making nice gains too but not as much as RIMM but only ties up 1/4 of the capital. bought in 1000 at 12.50 and will sell at 13. $500 is not too shabby there. I will eventually short its highs after a good rally as earnings in a few months will be dismal for them. All they do is dumb phones and their better smart phones are a long ways in the pipe. Dumb phones are litterally on their arse. But its a good company in the long term. Probably a great buy bellow ten for now though. Neat about this one is some days when RIMM is down is when NOK is up. Thats kinda neat. Happens like that because NOK is pretty much sitting on its lows, so it cant help but pop up sometimes on its own without RIMMs help.
There she blows.... Hope nobody's short.... Congress announced that senate may have a compromise as early as tomorrow, and we bounced off Nov lows. 2 big positive signs that lifted spirits and optimism. Didn't sell any NOK yet and at this point I will let everything run. The rally may be starting today.
Sold all RIMM on the second breakout, but bought the 1000 back at 56.75. We may be approaching selloff friday, but things are looking really good that it just may not sell off. Stimulus is down to 800 billions so a few Reps will probably turn coat. Meaning big headlines in the morning after a YES vote for stimulus. I want to be reasonably long for that with cash on the side in case of a surprise. After seeing yesterday, I don't think shorts can drive it down enough for me to buy more. But I was surprised how low it went this morning and snatched it up. Just goes to show, pesemistic news is way more powerful than the herd of shorts. Over all, really good day.
Over all this thing went up good but there was several good short moments, so I hope you cleaned up on them. The ovenight short would have been sweet, but who could have known for sure. But I hope it again makes a quick pitstop down in the 54s tomorrow. I could use a few thousand more.