Monday, August 6, 2007

ELOS at 24.27

I bought shares for Mom at 24.27. The stop loss is at 23.22 -- which would mean the gap up would be completely filled and ELOS would be trading lower than before the ER.

Indexes are mixed and ELOS might run enough for a short trade. In a strong market the shorts would have been blasted into outer space but it appears few traders are committed to entering the market. So this is a tough one to pull off.

I am buying into strength however, and it's really the shorts who are now fighting the tape today.

Volume is already over 800K shares. So someone is buying even if it's only short covering.

I think the end of the day will be more revealing which side has more strength.

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