June 1, 2007
Stock Du Jour (CIEN) & Random Observations
Decent buying all day with a little wiggle around 1 PM.
Nothing of note on the New Lows list except for the UltraShort ETFs: QQQ (QID), Russell 2000 (TWM), MidCap 400 (MZZ).
Notable New Highs, again hundreds of them so I’ll just pick a few out: J. Crew (JCG), Guess (GES), Nike (NKE), Joy Global (JOYG), Baidu.com (BIDU), Mastercard (MA), Schwab (SCHW), and Apple (AAPL).
Ciena (CIEN) was the stock du jour doing over eight times average volume while making new highs — even without a “sophisticated” scanner you can see things making new highs on unusual volume.
Cat: | Time: 9:08 am (utc+8)
June 1st, 2007 at 10:09 am
[…] The Chairman highlighted CIEN today. Here is the PnF for Dummies setup. Is that 45 degree trendline magical or what? I cannot figure out what the significance can be behind this trendline on a stock that is running. […]
June 1st, 2007 at 1:54 pm
Looks like alot of the money was made premkt. Alot of pre mkt action with DNDN too
June 1st, 2007 at 2:08 pm
BL: Yeah, it gave a good Dummy Spot pre-open and I suppose the liquidity was there to take it, but who caught it?
June 2nd, 2007 at 1:06 am
A 45 degree trendline is just a good trend of price moving up and the high becoming support. Buying programs kick in buying on the bid from weakness, sending the equity up gradually. Always nice and profitable. Not to hard to know what side of the market you should be on and a whole lot better than when an equity is choppy.