Thursday, May 10, 2007

Good Late Morning World

Is this the pullback? Or will the dip-buyers be out in force to push the indexes back up before the close? I expect that the Nasdaq will venture down near the 20-day average before resuming the uptrend.

Most of my positions are holding up well in the downdraft- GIGM, MVIS, CMGI, and now LNN. It might be a good day to add to these positions. URZ is down a few percent, but not close to my stop yet. I hope it holds because I have a feeling the URRE earnings report will be a catalyst, one way or the other.

I did pick up an initial purchase of 100 LNN @ $32.15. I tried to get some yesterday but the stock wouldn't slow down. My stop for this purchase is just under $31.00. I have a target of $36.00, which gives a 4:1 reward to risk.

While I'm typing this I see CMGI is exploding upward on volume.

***Update*** I just bought 1000 QQQQ @ $46.20 from a bounce off the 20-day average. I will more than likely close this position out today. Stop is at 46.09.

***Update*** I trailed my stop, and then got stopped out on the Qs, 1000@ 46.2114, for a net loss of 3 bucks. I have to say the Nasdaq's inability to bounce strongly from these levels has me a tad concerned.

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