GIGM - Sector: Technology---Industry: Multimedia & Graphics Software

[Melf Elf]

The Bear Flag/Channel, however, still could present a problem, short-term.  The top of it comes in today, September 21, at 12.38.

Some initial hesitation, at least, at the top of the Bear Flag/Channel in the early going.  The high so far is 12.37.

GIGM sure seems to respond well, at least initially, to targets (we've gotten 4), to trendlines and to pattern breakouts, like the 9.43...9.46...9.49 re-tests of the last channel breakout (arrows on the chart).  A lot of that has to do with the fact that it's a liquid stock (relatively high average daily volume), so widely followed.

This could accelerate to the upside, if the top of this channel (12.38 for today) gets taken out by more than a penny or three.  Murderous on the shorts, if that should occur, who already have been badly squeezed.

"Don't stand in front of a freight train."   

[Melf Elf]

The Bear Flag/Channel, however, still could present a problem, short-term.  The top of it comes in today, September 21, at 12.38.

The close was 12.38 , exactly.

GIGM sure seems to respond well, at least initially, to targets (we've gotten 4), to trendlines and to pattern breakouts, like the 9.43...9.46...9.49 re-tests of the last channel breakout (arrows on the chart).

It sure does, closing like that!  It must have a good sense of humor.    

[Ramsburg]

Update:
A new high @ $12.55 Following the recent logic and price behaviour, we may have another consolidation here (or maybe not)...
It's never wrong to take a profit, but its difficult to leave such a powerful position moving like this to the upside, our top target for this short term swing is located above $14.50, our entry was at $9.17, since our strategy has been just upgrading our stops to «fair» values we'll have some difficulties to sell this position at or near the target, so today we'll set a limit sell order and once again we'll upgrade our stop here, the new trading plan:

Trading Plan:
Hold GIGM with a stop @ $11.25 and a Limit Sell order @ $13.25

Regards !

[Ramsburg]

Update:
No special developments on GIGM, the stock is once again consolidating the recent highs, the trend remains bullish, momentum is high and volume is still strong. We'll keep the same trading plan for the moment:

Trading Plan:
Hold GIGM with a stop @ $11.25 and a Limit Sell order @ $13.25

Regards !

[Ramsburg]

Update:
The last 2 sessions were not good for GIGM... It lost a bit of momentum, volume has decreased, and an ascending support was broken...
This is a difficult decision, since we don't want to lose our position in GIGM just in case the swing has more to give for the short term, but in the other hand we don't want to skin our nice profit here... So we'll be setting an aggressive stop level, just bellow yesterday's lows.
In case GIGM start a bigger correction, we may try to catch it near the $10.00 support level (that's a possibility), so the new trading plan is:

Trading Plan:
Hold GIGM with a stop @ $11.50 and a Limit Sell order @ $13.25

Regards !

[Ramsburg]

Position Closed by stop @ $11.50 following the plan (+25% profit).

[tokyopua]

Position Closed by stop @ $11.50 following the plan (+25% profit).

I jumped out of GIGM a little early at 11.51 as I saw it start to drop fast, and also sold AMD a little early also at 24.96.  But applaud to you Rams for this great find, and lets hope we can pick it up again and make more money!   

[jorgegr]

Jumped out of GIGM yesterday but got in today again at 11.05
Got kicked out from DIVX yesterday at 21.80 surprised by the last minutes rally
Trying to buy again today at 21.20 but missed it by 8 cents so far

GLTA

[Ramsburg]

Position Closed by stop @ $11.50 following the plan (+25% profit).

I jumped out of GIGM a little early at 11.51 as I saw it start to drop fast, and also sold AMD a little early also at 24.96. But applaud to you Rams for this great find, and lets hope we can pick it up again and make more money!

Thanks tokyopua,

I'm sure this will not be our last trade in GIGM 

regards,

[Melf Elf]

The Bear Flag/Channel, however, still could present a problem, short-term.  The top of it comes in today, September 21, at 12.38.

The close was 12.38 , exactly.

The top of the Bear Flag/Channel on September 21 turned out to be a short-term top.  The intraday fakeout/breakout above it,  to 12.55, looks like it could be Wave #5 of a Bearish Wolfe Wave. 

If it is, GIGM will seek the target line (#6) which is derived by connecting the high at #1 with the low of #4, then extending it.

Position Closed by stop @ $11.50 following the plan (+25% profit).

That's great, Frederick.  Congratulations, and applause for the great job!

[jorgegr]

Sold now  at 11.39 for a daytrade of 3% and looking forward to Met Elf's # 6 target

[njshiva]

Nice trade Ramsburg. Applaude.

[Ramsburg]

Thanks guys It was a nice trade.

GIGM dropped to near the $11.10 support zone, some reaction there, but the short term pattern is now a bit weak, with lost of momentum and some late buyers getting squeezed...
I really enjoy GIGM for the long run, I'm not sure what could be the short term behaviour of GIGM, but it has an ascending support near $10.10, and that could be a nice re-entry zone in case of further correction.

So we'll be letting a standby re-entry plan for this position:

Trading plan:
Buy GIGM again inside the $10.00/$10.30 range.

Regards,

[njshiva]

wonder how this would effect gigm.

US Congress ticks Net gambling ban bill

   
September 30, 2006 - 4:59PM

Most forms of internet gambling would be banned under a bill that received final US congressional approval on Saturday.

The House of Representatives and Senate approved the measure and sent it to President George W Bush to sign into law.

The bill, a compromise between earlier versions passed by the two chambers, would make it illegal for banks and credit card companies to make payments to online gambling sites.

Democrats had accused Republicans of pushing the bill to placate its conservative base, particularly the religious right, before the Nov. 7 congressional elections.

"It's been over 10 years in the making. The enforcement provisions provided by this bill will go a long way to stop these illegal online operations," said Sen. Jon Kyl, an Arizona Republican and a chief sponsor of the measure.

Negotiators from the Republican-led House and Senate reached a deal on the legislation Friday and attached it to unrelated legislation to bolster port security, which the Congress approved.

The final bill dropped earlier provisions opposed by some gaming interests that would have clarified that a 1961 federal law banning interstate telephone betting also covers an array of online gambling.

Investors in British-based gaming companies such as BETonSPORTS Plc, Partygaming Plc and 888 Holdings Plc have tracked the legislation.

Senate Majority Leader Bill Frist, a Tennessee Republican and potential 2008 presidential candidate, recently appeared at a hearing in Iowa - the state that holds the first presidential nominating contest for the 2008 election - to listen to concerns about internet gambling.

[jorgegr]

As far as I know GIGM activity does not include the US