3SOF

thx set, SNDK has been a good trade for me , I see this one going to near 30 or more before earning. But will in no case hold it through earnings.

Not much today, but I will sell at tomorrow's open. Not keeping this one for ER 

Sold @ 27.8

Quote from: stocky on July 19, 2005, 10:24:41 AM
Sold @ 27.8

I've enjoyed watching this nice "steady as she goes" trade.  Good job, Stocky.  Applause.

thx melf, hope that I come up with more in future

Thanks stocky. I kept half of my SNDK and now its at 31.40. Love every move of it. Should I sell here?

you better own FLSH too when it pulls back .....2005 top line growth of 40% and bottom line growth of 50%.

Quote from: stocky on July 16, 2005, 06:24:13 PM
I see this one going to near 30 or more before earning. But will in no case hold it through earnings.

This one happened to get to your target after earnings, but there also were some good looking charts before earnings that now look like someone grabbed the stock by the throat and slammed it to the ground.  ABT, GIGM and ARBA are just a few that come to mind.  Not a bad strategy at all that you like to get out of stocks before earnings.

SNDK has exceeded the pattern target, and finished on Friday with a Shooting Star candle.  That's characterized by a long upper shadow with little or no lower shadow (SNDK has a little lower shadow) and a small real body (that's the little white box at the bottom of the candle that represents the open and the close). 

The Shooting Star arises after an uptrend (SNDK rallied 40% in two weeks) and is a bearish signal in an uptrend.  Needs downside confirmation, as all candlesticks do.

That's the definition of the candlestick WITHOUT that huge gap up, begging to be filled      

Shorted SNDK at 31.74.  I'll cover a CLOSE or obvious late day rally above Friday's Shooting Star candle at 32.84.  Risk: a loss of 3.5%.

SNDK currently is BID 31.72...ASK 31.73

Well I will be seller of SNDK at this point.

It may go up but I know that shorts get bold every time SNDK moves its head above 30. Dont know what will happen this time. Historically this is dangerous band to own [29 to 32]

Quote from: stocky on July 25, 2005, 09:07:54 PM
Well I will be seller of SNDK at this point.

It may go up but I know that shorts get bold every time SNDK moves its head above 30. Dont know what will happen this time. Historically this is dangerous band to own [29 to 32]

I hope there aren't too many shorts, Stocky, since I'm now one of them 

Shorting the Shooting Star on SNDK seemed like a reasonable low-risk play.  Friday's candle on big volume closed only $0.19 higher than the open, suggesting that buyers of that long tail didn't have the conviction to hold it into the close. 

If there's enough buying conviction to close SNDK above Friday's $32.84 high, then I don't want to be short, and I'll take the 3.5% loss.

Quote from: Melf Elf on July 26, 2005, 03:56:03 AM
[If there's enough buying conviction to close SNDK above Friday's $32.84 high, then I don't want to be short, and I'll take the 3.5% loss.

SNDK printed 32.88  just before 2:00PM, sold off only to 32.68, so I didn't wait for the close.  I covered at 32.75 for a 3.2% loss.  It's been rallying all day on volume, so that's good enough for me.  I'm impressed that SNDK got back to this level at all after the Shooting Star, and I don't want to get in the way of a short squeeze to the upside.

Quote from: Melf Elf on July 26, 2005, 02:17:49 PM
[
SNDK printed 32.88  just before 2:00PM, sold off only to 32.68, so I didn't wait for the close.  I covered at 32.75 for a 3.2% loss.  It's been rallying all day on volume, so that's good enough for me.  I'm impressed that SNDK got back to this level at all after the Shooting Star, and I don't want to get in the way of a short squeeze to the upside.

The squeeze is on.  SNDK currently is at 33.32, up $1.58 

Two lessons to be learned from this trade:

1. Recognize as quickly as possible when you are wrong, and get out of the postion.

2. Don't ever be as stupid as Melf Elf, and post on the internet that you are shorting something.  It's the equivalent of saying to the wolf, "I'm all alone with no one to protect me.  Please don't eat me, Mr. Wolf.  Pleeease."   

We saw today another big rally in Scandisk after the announcement of the deal with Verizon Communications Inc. to sell a flash memory card for mobile phones at Verizon stores, and after the presentation of New Gadgets Unveiled at Trade Show.
Scandisk has reached the Overbought conditions , so perhaps we can have now some profit taking in this levels.

Sorry , the name of this company is Sandisk, not Scandisk.