Thursday, March 01, 2007

DayTrading Research In Motion

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I daytraded Research In Motion (RIMM) this morning. It felt good to have this small victory. The thesis (see next post) was that there would be a second wave of selling to test the crash lows, then a vacuum of sellers in which the buyers step in and bring the stock back up.

There were no group of buyers to take RIMM above 142 today, hence the resistance level. What's also intersting is that the 142 level also happens to be very near the HoD from the week of Feb20. RIMM will be re-visiting the 140-ish level soon, but I have no clue what it will do once that happens.

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