T gapped down at the open: Credit Suisse lowered the telecom sector, Robert W. Baird downgraded T, and T is among a few companies that are putting buyout offers to employees to reduce their workforce.
There was a lot of selling with high volume throughout the morning, but I was mostly curious to see how T would react to the $33.00 PP, which was in play from November, December, and January 2007. As soon as T touched the PP, it printed a nice hammer (first sign of reversal) and price started to climb back up. I was tempted to enter right away on the long side, but I decided to wait for further confirmation. At 12:10 T printed a very nice hammer right at the intersection of the 5EMA cross with the 20EMA (bullish), so that is where I entered. The buying continued steadily throughout the afternoon and I was hoping for the price to reach S1. Unfortunately, I was stopped out of the position after tightening up my stop below a bearish candle at 14.25pm.
8 comments:
nice trade and way to ride the trend - T was just itching to bounce back today
Yes. I sensed that too.
Cheers,
anarco
Very nice. I like reading the news as your last 2 trades reflect, esp sector downgrades/upgrades. I also look at other phones: s vz usm sbac pcs vod. As with the coals.
Thanks bl!
Is there a place public site that you can recommend for sector upgrade/downgrade? So far I catch this info on marketwatch.com, but it does not seem to have that info in an organized way.
Let me know.
Cheers,
Anarco, briefing.com's live-in-play feature is great for that. They have a lot of other features too. I think its either $30 / month or $300 / year. It's one of the services I can't live with out.
BTW where in the Bay Area are you?
Thanks Dave!
I am in the North Bay and you?
Jamie has the premkt Briefing on his site which I use. Both those downgrades were mentioned.
I'm out in the East Bay.
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