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Wednesday, October 04, 2006

Market & Stockwatch Recap 3/10

What i want to say abt the market today is pretty much summed up by Trader Mike & his charts. So I won't post the market charts here. Dow made a new high today of 11795. Hmm...but I just want to caution that Dow is only made up of 30 stocks, so its move can be easily manipulated. Anyways, all 3 major indices bounced off their support & started gaining momentum to the upside after 10am ET.

I was pretty frustrated that I was not able to participate in 2/3 stocks I highlighted yesterday. Both had moved far too fast for me to react. Duh...both had managed to hit my initial targets....if only I was fast enough, if...if...if. This kind of experience pains me as well, although I know deep in me that its really no fault of mine. Ok, enough of whinning...Now let's take a closer look at the 3 stocks that I mentioned yesterday:

PPDI: It made a $1 move in 5 mins from market open. Too fast for me to catch. It hit my initial targets of 34.0,33.75. So I had to let it go. Throughout the day, 33.75 served as the support. See chart.

: A gap down & also another $1 move in 5 mins from market open. Again too fast for me to catch. Hit my initial target of 39.0 before rebounding to close positive. See chart.

HRS: Still in my watchlist, waiting for it to clear 42.0


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