Wednesday, August 6, 2008

Position Update - QLGC

Hey, traders. I will be back with the normal posting this weekend, but for now, I did take a starter position in QLGC today at $18.84. I like the flag pattern that is forming, and this recent move was earnings related. My stop loss is also close by so I am not risking a lot. I will look to add if it can clear the $19.25 area on heavier volume.

Charts from Telechart2007, Courtesy of Worden Brothers, Inc.

Right now, I still don't see a whole lot to do on either side of the market and am staying in cash for the mose part. The market is right near resistance but if it can break out here (particularly the Nasdaq) then I will become more bullish. I just wish there were more charts that looked nice.

See you this weekend unless I see some really nice charts pop up between now and then. As always, best of luck.



Anonymous said...

MR came out nicely today. Had almost 10 days to cover shorts July 15th. Too late to get in?

Mac said...

I saw that one today - looks like an inverse head and shoulders pattern (although that is usually a bottoming pattern and I don't know if this would classify as a bottom). My Telechart indicators are not as high on this one as I would like, but I will keep it on the list. Perhaps it rests here a few days before breaking through $45, which is going to be the major resistance.

Anonymous said...

Hey Mac,

Any thoughts on EMIS? Has had a good run of late. Would you like to see it consolidate a bit before dipping in? Thanks.

Mac said...

Nice BOP levels, but too low-priced for me and definitely needs to rest here. Not my type of stock, although I like the max BOP.