Jeff - Any thoughts on what the heck happened with BIDU today? Just profit taking??????

John M.

I entered BUCY on Monday with a support bounce and good volume. My target was around 51-52. I got out of the trade today for a few reasons...
1. The stock is not showing any volume support. My thought was the stock was weakening.
2. Also, my rules tell me that if a stock lags for 5 days without a significant move...I exit the position.
I wrote my trading goals for 2007, and the first goal is
"to consistently follow my trading plan and protect my assets."
Since I wrote in my trading plan to exit in 5 days without any significant move, the trade was automatic. I lost only my commission today and was proud that Jeff confirmed my analysis of the low volume. Thanks for your comments on the stock.

Have a great extended weekend!
Amy

Jeff,

First of all, congratulations on your new postion. Cream rises to the top! I wanted to say that your posted evaluations of a specific trade such as ADBE or BUCY is invaluable. I would love to see this become a weekly or daily topic. The art if trading is hard to teach but going through an analysis with you is a valuable insight into the nuances of trading that can make the difference between success and failure. Again, thank you for all your efforts. As I gain confidence, I hope to contribute more to the group. Until then, thank you everyone for your input.

Sean M.

Jeff-

Thanks for looking at BUCY. I'm still in it since the breakout and I appreciate your insights. I've learned that if you're going to take a trade you've thoroughly analyzed, you don't exit unless something in your original analysis has changed. For me, this is just a retest. Same with RIMM's triangle retest, but I think you could argue something fundamentally has changed there(anyone who's seen the iPhone knows what I'm talking about).

I also would like to know what happened on BIDU, but my rule of 2 says that I see what happens Tuesday before deciding that the breakout failed.

Have a great weekend everyone!

Hi Jeff-wonder what your thoughts are on COO(cooper companies) Looks like a bull flag on a short term uptrend. the company likes to make big jerky moves, so once the b/o happens it maybe to late.

thanks Greg

Brett - I'm a little late with this comment, but BIDU did trade .80 higher after hours Friday, so there is hope for a recovery tomorrow. If it heads down again, though, I'm out.

John M.

John-

Looks like we're back above support in the premarket. Hopefully we can get the rally back underway.