One New Speculative Long Position For Thursday’s Market Session

December 26, 2007

This is not a stock that I would recommend to my mother and father, let’s just say. It is very volatile and very risky. If this beautiful chart pattern showed up in late 99-early 00 or in mid 2003 maybe I would be interesting in bagging a lot of this stock. But this is not that environment so I recommend taking a Christmas vacation from loading up on this one.

one new speculative long position: HOKU

HOKU is breaking out of a deep double bottom with handle base, on very strong volume. This stock may be wild, volatile, and choppy but there is no denying that the stock has excellent price, volume, and BOP action on the chart. The price has a ton of accumulation and absolutely no distribution from July to now and BOP has been max green most of the way and continues to be on today’s bounce/breakout. To me this chart is extremely hot. Too bad it is so volatile and has a history of failing breakouts. That makes it impossible to load up on that one. Newbies shouldn’t even play it. If you are bored in this environment and want a hot chart with a nice round pattern, this is it. But it more than likely will fail so keep it tiny. Cut your first loss with a close below the 10.75 level and your final loss with a close below the 50 day moving average, if the stock does not move higher immediately.

hoku1226__Large_.PNG

Last 5 posts in Free Archives Longs

Posted by Joshua Hayes | Filed Under Free Archives Longs 

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