I wouldn't be too sure this was heavily shorted on Friday. It picked up nicely later in the session. Also if you check out both the Nasdaq index and sector Philly you will find similar patterns. ALTR is therefore moving in step. If you want to treat it as a tier 2 stock for following the leaders, fine.
In the same sector, XLNX might move on today's news.
I'm never sure of anything and yes I have noticed similar patterns amongst the Nasdaq stocks. These are ideas only. I'm not suggesting anyone trades them and I think you'll see from the title of the post that it is just an example of how I would use Fib levels.
Just adding to the debate, flea. No criticism intended whatsoever, so please don't take offence! ;-)
I trade intra-day only, sometimes only for a few minutes so anything I could say would be of little use to this board.
However, I am watching these for intra-day swings, reversals, breakouts etc today:
INVN IBM XLNX (which I did mention) MEDI BMY FRX
No problem flea.
Amongst my many failings I don't always express what I think as carefully as I should. I tend to appear too definite and dogmatic sometimes.
It's very easy in this medium to both give and take the wrong impression ;-)
Have a good day.