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Tuesday, November 14, 2006

Chart Study - ESRX, ILMN, WYNN

ESRX was on my watchlist. But it gapped up on opening to my preliminary target of $64. The 4th bar printed a bullish lower shadow, with next two bars having narrow range. Potential entry above 6th bar high (also cleared the OR high), with support from 5 EMA. The stock was then consolidating in a series of narrow range bars before seeing some real moves after lunch hour. Exit when 1.38 Fib ext is hit. Tom C. also had a go at ESRX.

ILMN gapped down on news of it acquiring SLXA. First bar was bullish, but 2nd bar had a bearish upper tail shadow. 3rd-7th bar was basically consolidation. If you are aggressive, you could have entered on break of 7th bar low. Bear in mind that entry above OR low (for Puts) is risker than having entry after it has cleared the OR low. Alternatively, entry at 9th bar when it breaks OR low. Exit at 1.38 Fib ext or at 50 MA on daily chart. Tom C. also traded ILMN, but on 30 min chart.

Just before market opened, WYNN announced $6 special cash distribution. You can see how the stock gapped up and surged to abt $89 from previous day close of abt $82 in the first 15 min candle. That's abt a $7 move, and for the remaining day, it hovers arounds $88. See how market factors in the $6 distribution (82+6=88). If you trade on the news like this one, you've got to have fast fingers.


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