Discussion in 'Trading' started by dgmodel, Feb 10, 2003.
what was the sell off on MIK last week all about??? i cant seem to find any news on the co...
Same thing happened in Nov. right around earnings. Although they met numbers (or really close) I think they gave some negative guidance and then got chopped down on the open.
I was watching/waiting to buy in on a pullback at the time. Got a little too much of a pullback so I moved on. Got to learn to recognize the old "where there's smoke there may be fire".
thanks a lot...
just a lil tip that i found out any time a co. comes out with close numbers or meets, but guides lower... SHORT!!! from experience this works out for 7-8 out of 10 times...
Good tip in general, but this MIK instance was over on the opening print. Might've worked as a 2 minute buy for the opening order folks, but that's not my schtick.
I looked at the T&S & charts that day, and with my new found knowledge (it just plunged) I could make an argument for a short setup forming, but the signal and the event were one and the same.
I'm just glad I didn't buy it a couple of days earlier for a pullback swing.
I've noticed this same action with several "strong" stocks that had been doing relatively well. It was awfully easy to knock them off their perch (e.g., MIK, PDCO) That just reinforces how scared this market is now.
i agree whole heartedly... it seems its a lot easier for the market to get spanked then for it to run up... even on extremely good economic data, or news we dont get very strong runs nor gaps up... seems to me for the term being geopolitical issues are stronger then economic data... (but i could be dead wrong, ish if i was right most of the time i wouldnt be on here chatting and trading id be on a beach chatting with women and trading stories)
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