Wednesday, January 21, 2009

Pretty chart of the day: RIMM Long

With the big sell off yesterday, I'm looking to go long on RIMM today for a day-trade.  I actually opened the position yesterday at $49.60 before the close.  On the daily, I see a nice upsloping curve that has broken through resistance.  

On the 10-minute graph (below), RIMM had a nice close versus the QQQQ which closed on a down-tick.  New money (if there is any) will gravitate toward quality issues like RIMM, but I'm going to be very careful with this one and watch the stops closely.

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