SNDK at 03/12/2003

[clylbw]

Hi,

Wonder whether there was anyone else doing SNDK today.

I went short just before 10:00 EST, covered it at around a quarter to 12:00 EST, but re-entered about 1 hour later and stayed till end.

What puzzles me is, at around a quarter to 12:00 EST, it seemed to me to be developing a genuine reversal pattern of double bottom, which was in fact a fake. Was there some specific pattern that I should have been aware of?

So if you also did SNDK today and stayed through the 11:30 to 12:30 EST retracement, can you please tell me your reasons for staying? Why did you see that as a retracement instead of a reversal?

Thanks a lot indeed.

 

[Mr. Charts]

B,
It was lifted by the futures and its pivot support 21/11/03
Well done - beautiful trading yet again ;-)))
Best wishes,
R

 

[ChartMan]

Not that I know anything about the characteristics of this stock , but... the out at 77 ( the long bar) was the only sensible option. The fact that it didn't continue on up is irellevant. At the time, it could have easily done so. There was a "W" bottom, that failed to make target of 77.60, and the turn point was right on Fib 38% giving you a perfect re-entry. :cheesy:
I'd say you played it to perfection.

 

[clylbw]

Hi Mr. Charts, Chartman,

Thanks a lot for the information.

 

[Mr. Charts]

"I'd say you played it to perfection"

She usually does, it's just that she wants 110% perfection ;-)

 

[Grey1]

clyd,

I am a long term holder of SNDK ..

I have many post event analysis for staying in the trade and very little in real time specially that things are going exceptionally well between SNDKand Toshiba.. It is always difficult to know the intra day exit on such a strong stock . Not many stocks can outperform SP with 150% plus, in such a short time.. As I said in my previous posts the high beta stocks fall faster in profit taking than their lower beta counter part..

One of the major holder of the stock HARRI sold 80 k @ 76.4 and 77.4 on the 21 OCT which was a good exit signal for those who were long stock..

 

[clylbw]

Hi Grey1,

Thanks a lot for the information; it adds a nice new perspective.

 

[Trade_Ideas]

SNDK: About to re-enter

SNDK has taken a hit recently, but is in a consolidation pattern and looks good as an entry:

SanDisk Corporation
Company Information
Ticker Symbol: SNDK
Listed Exchange: NASDAQ

Technicals
Volume Weighted Volatility: $3.1135 / Day
Average Daily Volume: 5,417,246 Shares / Day
200 Day Moving Average: $47.4629
50 Day Moving Average: $76.3718
20 Day Moving Average: $79.4170


Edited by FTSE Beater - Advertising

 

[Grey1]

Trade Ideas,

Thanks for the post. (I was a customer for a while but only closed my account last month)

For those of you who are interested in long time investment ( six month ) the following info might be useful..

SNDK , NTAP both are high beta stocks ( 3.4 and 3.3 ) and are 25% and 18% off of their 52 weeks high .. Good opportunity to go long ..Other Lower cap stocks in the same sector such as MXO and STK have also outperformed the benchmark by at least 2 times..