Stocks opened lower and climbed back, as traders seem to be in the mode of JBTFD.
Apple has managed to close at a new closing high, and set a new intraday high as well. Somewhat remarkable given the hard reversible on high volume from February 15.
Monday, February 27, 2012
Afternoon Thread
JBTFD .... it's just that easy ... until it isn't. |
Morning Thread
Gator's Chart of the Day: FIO |
The stock gapped down on it's last earnings announcement (Jan 24) and trading last week filled the gap. Rumors of a take over of FIO by multiple companies (INTC, DELL, EMC among others) were also circulating and the stock also received another "Najarian pump" from Dr. J.
The chart shows recent support at the 50 day sma (25.65) with stronger support around 23. I expect resistance at 30 and even more at 33 which was the announced price for a follow on offering. Average daily volume has been increasing for the last couple of months and I don't expect that trend to change.
I am looking for an opportunity to start a position but I am also going to wait for the price to come back to the 25 area.