May 31, 2007
Stock Du Jour (NOVC) & Random Observations
A weak kind of mixed morning which led into some more serious chop around noon — the buyers only stepped in around 2 PM and took it up into the close. One of those days where the end of day picture doesn’t tell the real story.
Notable New Lows: JDS Uniphase (JDSU), Interactive Brokers (IBKR), and Solarfun Power (SOLF).
There are tons of Notable New Highs so I’ll just single out a few favorites: Deckers (DECK), Crocs (CROX), Southern Union (SUG), Novatel Wireless (NVTL), Apache (APA), Boeing (BA) — nice to see it over the century mark (nicer to have bought it just after 9/11), Caterpillar (CAT), Schwab (SCHW), Apple (AAPL).
Liquid ETFs making new highs: Consumer Staples (XLP), Basic Materials (XLB), Industrials (XLI), Mexico (EWW), Telecom Services (IYZ), and Water (PHO).
Novacea (NOVC) was the stock du jour doing about 400 times average volume. It has a 7 million share float and volume traded was over 21 million shares. ;-) After doubling in 45 minutes, the stock then suffered erectile dysfunction and Dummies lost a few bucks.
May 31st, 2007 at 10:26 am
IBKR printed a pretty good hammer today.
May 31st, 2007 at 10:33 am
Mike: Yes, holders are no doubt feeling “hammered.” ;-)
May 31st, 2007 at 2:35 pm
I’m not a candlestick guy, but I’m partial to hammers that occur with a long lower wick (if that’s what you call it), that occur after a decline, and that happen on high volume. The idea, of course, is just that it’s an old fashioned selling climax (exhaustion of the sellers).
This one’s not perfect because the prior decline had leveled out somewhat prior to today’s hammer.
In other words, I may try to daytrade it tomorrow, looking to get long.
May 31st, 2007 at 2:52 pm
Mike: Yeah, the hammer is a pretty nice thing to see; one old time who always uses bar charts calls them “springers.” (I only look at the stuff that’s unusually active for day trades.)