Nov 24, 2004

Bad trade

Watching the action in QTWW which is down sharply on merger news. It is basing on lows and I am considering a stop. I think I will let it make one more low and see how it does from there. Typically stocks that show up on my momentum scans show up for a lot of others too causing stops to exaggerate the action in the early going quite a bit. If it can get back into the morning gap, I would set a stop at the open price. Otherwise I will probably just dump it around 11:00 AM.

Action is positive but a bit hesitant in the market over all. Lots of people looking at the positive calendar bias around Thanksgiving. WMT (Walmart) is breaking down a bit after a strong open. The retail stocks are probably on pins and needles with the holiday season upon us so that name demands some attention.

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