Sunday, May 15, 2005

On naz, and a long candidate: SIRI

Well, I was going to describe why I haven't covered my QQQQ short position yet, but Trader Mike says it all. A strong close or two above all of that resistance he talks about would probably have me flipping my entire QQQQ short position that I've accumulated since January right into a big long.

And I still think SIRI looks strong. In fact, it looks like a breakout is imminent. Unless SIRI is down tomorrow morning, I'm going to take a position in it. I'll start small since I'm expecting the major stock indexes to roll over next week. But if a SIRI breakout does happen, I'll double down in a hurry. I'll run just as quick too if it closes below its 10-day moving average.

I've seen a few other decent looking charts tonite that I wouldn't mind being long of, but I'll give you a hint: none of them are tech (except NVDA). I don't think INTC or DELL can stay up where they are without taking quite a fall. I'm saying this because they haven't gone through the kind of consolidation prior to breaking out that would make them buyable by shrewd money managers like me =)

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