Picking a bottom in the IOC? What do you see? I am lousy at trading reversals, so I'm wondering what you look for.
where do you see aapl going after the iphone release? I think there is just way too much hype going with this Iphone. If it doesnt live up to the hype AAPL is certainly going down. Think it could easily trade below 115 by July.
I tried to short IOC yesterday, but couldn't borrow any shares from either broker. Woulda been nice. I saw this (see below) right before the bell, and thought it would rebound after it's 31% plunge. -------------------------------------------------------------------------------- 15:57 IOC InterOil: Color on stock action (30.50 -13.44) -Update- We note that IOC has sold off over 10.00 in the past hour. We spoke with the company, which suggested the weakness was an "overreaction" in response to the street's expectations for a drilling update that has not yet been released. The co said no news is not necessarily bad news. Co has marketing meetings tomorrow in Boston. 15:50 IOC 200-Day Alert -- InterOil continues to drop lower as it challenges its 200-day ema at 27.26 (27.60 -16.14) -Update- -Technical- Note that the 200-day sma is below at 25.74. --------------------------------------------------------------------------------- Then the update comes out and it goes down another 16-17%? Sounds like someone knew about the dry hole (gas, but no oil yet) a little early. Actually, the report didn't sound like it warranted this huge sell-off, but what do I know, I'm a TA guy.
From the pre-market this morning, it looked like the IOC selling was not over yet. Seller(s) would sit on the offer and give out all the shares buyers wanted. By the way, to give due credit, IOC was one of Alan Farley's short alerts after yesterday's close on his web site: http://www.hardrightedge.com/trader.htm
I think it's too late to short, IMO. But were you able to borrow shares??? Good to see Alan Farley's still at it. I loved his book, tho it was tough to read. I haven't been to his website in a long time. Thanks. I see he thought SNX would rebound. I got killed shorting that yesterday. Looks like a better short today, sorry Alan.
yes,i was able to get 500 shares. my philosphy is to short any strength in stocks that have declined to where the broke technical levels. my girlfiend's father works for a major firm in NY and he always says once a stock breaks a major technical area always short. he is so right.