Wednesday, May 9, 2007

Evening Wrap Up

Gains in GIGM, MVIS, and CMGI closed the account up over .5% today. I did not add any shares to any positions for two reasons: GIGM and CMGI are both above the upper Bollinger Band, and I did not want to trade with the Fed. speaking.

Nasdaq volume today was more than Monday and Tuesday's volume, and was above average. It seems to me the market will attempt to close at a new high tomorrow.

I believe that URRE reports earnings tomorrow, which will probably influence trading of URZ, in which I have a small position. URRE's chart is very similar to that of URZ. I like the consolidation of URZ at the 20 day average, with decreasing volume, and will add to this position on strength, and especially if it completes the consolidation and looks to break the blue line I've drawn.

MVIS reported earnings this evening. The lack of after-hours trading tells me it was a non-event. MVIS's chart is beginning to look interesting again as it looks like a volatility squeeze is building. With anticipation of a major contract in the air, I'm guessing the volatility squeeze will lead to another run towards $5.00, although the high number of naked shorts (it is regularly on the SHO lists) always leaves me unsure of the direction of the next move.


brent said...

Hey Wood. MVIS is coiled, and the path of least resistance is up. If it falls below $4 it will be extremely short lived. I know you allready have a pretty full position in MVIS, but this sort of opportunity does not come very often and I would say the probablility of MVIS moving higher from here is to great to pass up. I will be placing hefty trade tomorrow in MVIS in the next couple days. Wish me luck and best of luck to you.

brent said...

sorry for the bunk grammar: " I will be placing hefty trade tomorrow in MVIS in the next couple days."

On any weakness, I will pull the trigger.

Woodshedder said...

Brent, I agree with your assessment. While "luck" is not the best word, I do wish you the best of it with MVIS. I've held it for so long now that the day to day machinations do not bother me so much. Whether that is a good or a bad thing, who knows. I do know that every year there is typically one or two stocks that I hold through thick and thin, and typically they win me lots of $$$.