Gap Fade: Tuesday 04/11/2006

[eliteG]

Lets see if we have a nice market gap today to setup plays..

"09:00 am : S&P futures vs fair value: +1.8. Nasdaq futures vs fair value: +6.0.  Futures indications continue to improve heading into the opening bell and now remain comfortably above fair value."

Looks like we may have a nice gap up to fade.. which means its a good idea to look for shorts 

The gap list:

[eliteG]

SYNA - triggers short on a break of 25.60

[wrangler]

Good morning elite
PLUG : has been on CNBC ticker all morning showing a nice gap up.

[eliteG]

SYNA - triggered short  .. buy stop @ 25.85-26.03 depending on risk you want to take on.. it looks like a nice short.. gap is over $1..  I'll follow it with 5-min charts as long as I can 

[eliteG]

Rock and roll 

[Adam]

SYNA, where do we cover?

[metro]

PLUG was perfect 15-min rule buy today at $6.13 and it ran to H5 at 6.44..... will post picture of chart later as capture not working now but it broke out on the 4th candle at 6.13 after making a test of the bottom range on first two candles

[eliteG]

SYNA, where do we cover?

25 will be natural support and it seems the 20ema will come into play there as well.. but the gap goes until 24.30.. so we still have another dollar to go.. we'll see what the market wants to give us 

PLUG was perfect 15-min rule buy today at $6.13 and it ran to H5 at 6.44..... will post picture of chart later as capture not working now but it broke out on the 4th candle at 6.13 after making a test of the bottom range on first two candles

yes noticed that metro.. its a neat rule 

[eliteG]

down down down

[eliteG]

So this 25 zone is a natural support.. would probably be a good idea to cover 1/2.. do it with a limit order guys 

[eliteG]

*Also move the buy stop lower  to breakeven at least

[metro]

I cannot copy my Qcharts chart unless I reboot so here is a stockcharts of PLUG showing it. The reason of all the gappers that I picked PLUG is the huge popularity now in alt fuel, their awful chart that had room to run and they had real news.

Actually knowing the details can sometimes hurt... here is that chart.

http://tinyurl.com/m2oqz

[eliteG]

with the market acting so weak.. I think we can get the whole gap on SYNA 

[eliteG]

bear flag on SYNA 

[echo]

G,


This is a day trading strategy if I'm not mistaken but, should we keep it if our buy stop is not triggered?

Tia, Ultra