Monday, May 14, 2007

Trade of the Day

TeleTech Holdings, Inc. (TTEC) was a short after the break of the opening range low. The 7th bar might have been a more delayed entry point, but it was a way of letting it pull in closer to the fast EMA. The 13th bar was also a move to close in on the Moving Average, so it was a good time to abandon ship with a $1.00 differential to cover the short.

In summary of today's mild trading day; the Nasdaq and the Russell2000 both finished above their trendlines but below their 10EMA's (the Russell2000 actually closed below it's 20-day EMA as well). The S&P500 closed down from Friday's session but above it's 5 & 10-day EMA's. Meanwhile, the DJIA closed up (above it's 10 & 5-day EMA) after peeking into unseen territory with an all-time high on the open.

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