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Ketayun and Dan asked me what was my reason to
short JNPR.
As you know NASDAQ composite index pattern is
similar to many NASDAQ stocks so you can generally replace the word"NASDAQ" with
many NASDAQ stocks so the same analysis apply to both exactly:
1.The general rule: "YOU CAN USUALLY BREAK THE
IMMEDIATE PRECEDING LOW,BUT YOU WILL NOT BREAK THE SECOND PRECEDING LOW BACK IF
THE TREND IS LEGITIMATELY UP"(not meant as shouting but for
emphasis).
5/23: please see attached gif for some
comments.
2. Watch for head and shoulder pattern if reversal
occur to define your entry for your short position or closing the
long.
5/23: please also see attached gif for Head and
Shoulder pattern.
3. Remember 5/23/2001 still falls within 1 trading
day of 5/22/2001.
5/23: if you read the first message I posted for 5/18
and 5/22 turning point (message#5704 dated Sunday 5/13/2001) I stated as
some of the evidence for 5/22/2001 +/- 1 trading day"
Follow this
link for attachments <A
href="http://www.haytham.eboard.com/";>http://www.haytham.eboard.com/";
<SPAN
style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">
I don't want to comment on above and repost the charts
because I already post them and you can recheck them by following the above
link.
But I want to comment on some of the evidence calculated
mathematically and was original posted on 4/18/2001 message # 4457. I will
repost the gif for convenience and some comments.
4. I still favor continuation of the trend up and
tomorrow will be another trading range day based on last NASDAQ behavior on
5/17/2001 and 5/18/2001.
5/23: There is the"throwback" of the cup with the
handle pattern I talked before about which occur in 75% of cases, this turn down
could be the "throwback" will see, that is why I am not sure of how significant
the turn down until more evidence shows up.
Happy trading,
Haytham
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Attachment:
Description: "JNPR Head and Shoulder.gif"
Attachment:
Description: "JNPR.GIF"
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