CNXT - Sector: Technology --- Industry: Semiconductors

[Terliso]

Big Movers in the Stock Market
Monday November 28, 12:50 pm ET


NEW YORK (AP) -- Stocks that were moving substantially or trading heavily Monday on the New York Stock Exchange and Nasdaq Stock Market.
NYSE

First Data Corp., up $2.19 at $43.83

The parent of Western Union said Chairman and Chief Executive Charles T. Fote will retire this year.

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Medical Staffing Network Holdings Inc., up 67 cents at $5.47

Suntrust Robinson Humphrey upgraded the healthcare staffing firm to "buy" at because of low expectations and revenue potential from a major government contract.

Thor Industries Inc., up $2.21 at $37.90

The maker of motor homes and recreational vehicles posted a 24 percent jump in first-quarter profit and beat Wall Street estimates.

NASDAQ

Delcath Systems Inc., down 35 cents at $3.20

The medical technology company said it sold 753,000 common shares and warrants to buy 188,000 shares for $2.5 million.

Ceragon Networks Ltd., down 51 cents at $3.46

The network equipment maker said it could log up to $7.5 million in costs from phasing out its FibeAir 1500 line of products.

Conexant Systems Inc., up 15 cents at $2.51

The chip maker said its broadband technology is being used in LG Eletronics' newest television set-top box.

[ScottishTrader]

Personally I thought it was a real shame David sold CNXT, without a clear break of the ascending trend, though I understand the desire to protect a 30% gain.  However, I am still sure it will break into that huge gap, and that is when the real profits will start coming in.

The last few days action has been very encouraging, constantly pushing against strong resistance at 2.55, and a break of this would surely mean a move into the gap... well, right now CNXT is sitting at 2.59AH, and looks set to gap over this resistance level.  As ShawFund noted elsewhere, December is the time to be in the Semi's, and the Semi index was up substantially today, so I would expect a gap up and run tomorrow on CNXT, hopefully into the BIG gap upstairs.  Will see tomorrow.

Edit:  After having just posted this, I looked at the price - CNXT is at 2.65 right now!!!  Tomorrow could be VERY good

[setravis]

Still looking strong. 
Volume back up today. Over 1 Million shares traded in the afterhours
After Hours (RT-ECN): @ $2.67 Up 0.14 (+5.53%)

Volume: 18,532,043................
Avg Vol (3m): 10,820,700


Support @ $2.34...2.29...2.25
Resistance @ $2.53...2.61
MACD is Bullish
Stochastic is Bullish

Technicals
Most Actives

Last Price Quote is:
7.84%above 13-day EMA
21.36%above 50-day EMA
RS Rating: 96 

Fundamentals
Key Data:
Market Cap (M): $1,117.25 
P/E Ratio: NA 
PEG Ratio: 1.43333 
Next Earnings: 01/25/2006
Last Analyst Rating: Buy

[calven]

My take on CNXT....

The 20 day MA serves as momentum support but the longer term channel shows a possible top in the 2.70's

cal

[setravis]

CNXT made new highs on nice volume today.
Volume: 24,940,813
Avg Volume (3m): 10,820,700
Looking to break out to new highs as the company returns to profitability ahead of schedule. Earnings estimated to more than double next year as demand for each of its businesses
reamins strong.

Support @ $2.63...2.54...2.34
Resistance @ $3.72...3.94...4.64
MACD is Bullish
Stochastic is Bullish

Technicals
Record Price High
Most Actives
Gap Up

Last Price Quote is:
12.97%above 13-day EMA
27.49%above 50-day EMA
RS Rating: 98 

Fundamentals
Key Data:
Market Cap (M): $1,117.25 
P/E Ratio: NA 
PEG Ratio: 1.46667 
Next Earnings: 01/25/2006
Last Analyst Rating: Buy

Very nice breakout and follow through of this charted ,
Ascending Triangle (Continuation) Pattern.

[setravis]

I still holding this baby. 
Comments located here.No need for a rewrite.No time to do so.
This place keeps me to busy as is, trying to read everything.

http://www.3stocksonfire.org/trading/index.php?topic=1207.45

[metro]

Yes with SOX breaking out last week it looks like we will see the gap near $4 fill as shown on chart from Terlisa

The market in general has 4 year cycle highs and they  usually happen in the first quarter so sometime from Jan - March we likely to see a high.

[ScottishTrader]

Well CNXT filled the open gap this morning and bounced off 2.55 nicely, was also where I saw the trendline come in today (though others may disagree slightly with this line).  Hopefully this was all the retracement CNXT needed.  However, has been selling off this afternoon, it seems that breaking firmly into the big gap is proving quite difficult.  Perhaps that is to be expected though.

I still want to hold CNXT long term, but do not want to lose my profits, so I consider a close below 2.55 support as a bearish move that may indicate the start of a bigger retracement.

Recent news, e.g.,
http://biz.yahoo.com/bw/051207/20051207005188.html?.v=1 today
http://biz.yahoo.com/bw/051206/20051206005127.html?.v=1 yesterday
and http://biz.yahoo.com/bw/051205/20051205005233.html?.v=1 on Monday

is very positive, and I am surprised that the pps has not reacted more positively to it - however, today's strong close at the HOD may provide support to push towards new highs in the coming days, we'll see.

For now, here's the chart as I see it:

[ScottishTrader]

Conexant could be a buy again tomorrow - consolidation is complete, star today, reversing off the trendline, I like it

Also check the stochRSI(9) on this chart - seems like it is a pretty good indicator for reversals.  A couple of false sells when CNXT was overbought recently, but other than that, nails em pretty good.  have checked a few other charts and it appears to work for short term swings.  i may add it to my arsenal.

Anyway, no posts on CNXT in a few days, and no action either - I think that is all about to change, and expect to see another attempt at the gap shortly

[Amarens]

I got out yesterday at $ 2,51. It broke the TL the day before but I was not around and my bank does not allow me to put in stop loss. I'm happy I continued holding and got a nice profit.

Good luck to those still holding 
Amarens

[Terliso]

Thanks for your update defenderyou, nice moves 

Yes shawFund, I should have given more room to ATML. ANAD is really incredible setravis, I had it on my filter everyday, will take another look at it today.

Considering CNXT, the stock opened with a pretty high gap up and people took profits. Even the CEO took profits, he sold some shares at $2.43 (the ones he bought a few days ago at $2.11). He looks like one of us, traders. But he still has most of his position, although it is a small one, just about 410,000 shares (I wouldn't mind having that, though  )

I don't know guys, maybe the stock will pullback now, the candlestick was really ugly (this often happens when a lot of people buy at the open, then who's left to buy?)

I wonder if I should take profits or continue with the trading plan ... this CEO thing was already known on Wednesday, yet people bought at a gap up. This is a tough call. I may lose my position if I take profits, but also I'm not so bullish on the general market as I was before.

Well, I'll take those profits and will be positioned to buy back at the short term ascending trendline.

So, sell CNXT at today's open and try to buyback at $2.22.

Lucky i took my profit @ 2.60ish, Now i'll wait for David's comeback as he promised

[ScottishTrader]

yea, I took mine around 2.60 as well last week.  Personally thought it would maintain the trading range and make another attempt at the gap, but I was feeling a little nervous about the action and decided to sell and buy back higher once it had made a confirmed breakout.  Now I'm glad I did!  I agree though, I think this retracement will only be temporary and I may look to get back in again.  David's previous target of 2.22 might be a good position.  Lets see how it plays out.  Glad you guys gott out with some nice profits too - CNNXT really did make a good (if not slow) run - man I've never seen a stock labour over every penny so much!!

[Terliso]

David, you still watching CNXT?  support almost hit

[Melf Elf]

David, you still watching CNXT?  support almost hit

Terlisa,

Short-term, the Bearish Island Reversal and yesterday's close below the neckline (2.31) of a "Mini" H&S Top concern me.  Today's high so far is 2.30, just below the broken neckline.

[usedcasting]

Hi David, just wondering if any comments for cnxt at $2.21.

Thanks

Have a great New Year All!

uc.