Friday, May 7, 2010

Short HTCH...

I couldn't resist a mouth watering earnings disappointment flag breakdown plus break of the neckline of an 8-month head shoulders pattern after a massive run up from the March 2009 lows.

So I shorted 400 shares of HTCH this morning (off the 30-min chart) @ $5.50 with a stop loss @ $5.75. With all the weakness in the markets dropping to my target of $4.75 should be a cinch for HTCH.

I am waiting for a pull back that does not trigger my stop loss then continuation break down to move my stop loss to break even.

Lots of volatility has suddenly returned to this market. So I believe the expectancy of trades off of intra-day charts is now much better than daily/weekly chart set ups. As a result I will be taking lots of quick 1 - 3 day trades.

Good luck navigating this volatile market!

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