Yesterday's action saw a continuation of recent trends. The Dow, Russell 2000, and S&P SmallCap continued to move higher, while the Nasdaq struggled. True, the Dow and S&P did retreat yesterday after moving to new two-week highs, but the S&P SmallCap index closed at another all-time high. The Dow and S&P have retreated to support. Expect some morning weakness to bring the averages down to yesterday afternoon's lows before the rally resumes. Do not anticipate a move back to Monday's lows. PQE - Buy (IMO) Reasoning: The price momentum surge has taken the stock to all time highs breaking out of the inverted right shoulder of a 2 1/2 month long base. Stop: falls below $37.00 Price Objective: 42 to 66 Definition: Right Shoulder: A head and shoulders top or an inverted head and shoulders bottom describes the shape that many price patterns form before moving sharply up (inverted) or down.
I accumulated 1700 PQE at an average of 40.24. The volume is very weak so expect big swings and lack of liquidity. (IMO) Don't play this as a daytrade or you could easily be scarred out by the specialist.
Currently short: RETK OVER INFA UTSI OPWV CRUS LWIN Currently Long: MCRL (several days now) AFFX (stopped out) Was spanked on a long position in STEL this morning. My good day is only mediocre now.