I'm not buying this gap down open...

Discussion in 'Stocks' started by TradeByTheWater, May 25, 2010.

  1. Last Friday was a great gap down open to support levels to buy off of. Check out CLF...

    This morning i'm sitting back a little bit but will be watching BBT and NTES.

    NTES looks like a nice short below the $29.38 pivot low to target the $26.00 area...

    BBT also looks like a decent short below $29.60 for a move to the $28.50 area...

    I'm on a very short time horizon with these.

    Anyone see anything worth leaning on?
  2. hajimow


    Today we might close green. Lots of tempting buys.
  3. Whenever there is a gap, there is always a play on it. Perhaps "not buying this one" is correct... perhaps not.

    Problem is that there are 3 possible gap plays with one variant on each... 6 possibilities on any gap. Guess it right and you make some gold.
  4. hajimow


    Chaos at open. Sellers have no clue and are panicked. Buyers are very scared. Things are changing.
  5. ptrjon


    the news is just getting out- main street investors will be dumping mutual funds and further strengthening the dollar by flying to safety in treasuries... at least 2 bad days ahead if i had to guess
  6. hajimow


    I agree but things change so fast. Institutional buyers might jump in at any time. My point is that you cannot predict
  7. S2007S


    I went long the dip under 10,000

    Long URE and XLF.

    If the market closes well off its lows going into the close this afternoon ill hold them into the opening tomorrow morning, any small gain into the close will bring asia and europe markets higher.

    Just released:

    Consumer confidence 63.3 vs 57.7 not bad

    Fed index 26 (may) vs 30 (april)
  8. A proxy for the stock market.. lags a bit.

    Wait till next month.
  9. hajimow


    I agree but I am a selective buyer in this market. Buyers should be painfully patient though.
  10. corbel


    The investor in me has taken over the trader in me. I'm buying-and-holding once a week. Hopefully in a few months we'll hit a bottom, else I'll run out of money
    #10     May 25, 2010