WMT reversal play??

Discussion in 'Trading' started by zman7854, Dec 3, 2003.

  1. Any comments on a possible WMT reversal - looks like it may be near a bottom coming up on the June lows. Any comments??
  2. Bought some WMT today @ 53.07 my target is 55.70 with an initial stop of 52.07. I am looking at a window of 1-2 weeks on this trade, decent risk/reward profile and liked today's price action also liked the hammer/doji candle on the dailies. Any comments on this trade?? thnks. :)
  3. lindq


    I bought at the close yesterday. It fits my parameters of a strong pullback from an EMA, good fundamentals, and a good history of gains from these levels.

  4. What EMa do u use?
  5. lindq


  6. lindq, what would you like to get out of this trade? How long do u want to hold? (what is your target/stop?) best, z.
  7. lindq


    I would sell on the close of the day that my position has gained 4%. My average hold is about 3 days. I don't go for homeruns, although those sometimes occur on overnight gaps. I like constant turnover of my capital in multiple positions.
  8. good call. went back above 60 again longer term
  9. Since you asked, I'll opine on the chart you showed - yes, the hammer candle pattern looks encouraging but after the gap down on big volume, the Big Boys may not be done dumping shares. And the short-term trend is very distinctly "down".

    I prefer to buy stocks that have tested their recent lows at least once and preferably twice.

    Hope you have a tight stop. For your sake I'll be pleased if I am wrong. I hope the trade is a winner for you! :)

    Paul :)

    PS My concern for this stock is that after the Friday Job Report Mania, if the market gives that all back on Monday you could get whacked as that major downtrend continues on.

    I had expected a stronger buying close than what happened Friday after that kind of news - makes me think that an upside jobs surprise was already largely factored into equities.

    Just my .02