AMSC - American Superconductor - Failed Base & Break
Didn't get a chance to put together a post yesterday.
It's been fairly frustrating around here over the last few days and will be for the rest of the week.
Although I moved up my furniture into my apartment a week and a half ago, I didn't actually move in until this last weekend.
During that week in between, I requested that the A/C be fixed and well... it still hasn't. Its about 85-86 deg F inside at any given time. Even leaving the windows open at night only drops the temp by a few degrees. So it hasn't really been easy to sleep.
Cable/Satellite, which was supposed to be installed on Monday, will now be installed Saturday. They didn't have the reciever in stock, wth? Overall, not a big deal, but it would have been nice to have.
And most importantly, my internet, which should have been installed weeks ago, won't be installed until Friday. I swear AT&T is filled with some of the most incompetent people ever. I called up originally about a month ago, trying to setup dry-loop DSL (no phone line). They said DSL wasn't available at the address, as the address didn't exist. wth?!
Then I was told by the apartment manager, and others that DSL was indeed available, so I put in an order through a secondary company. The secondary company tells me the order goes through and that it will be setup very soon.
I give it a few days and call up AT&T again to find out that they have received no such order, and that I have to put in the order all over again.
Blah....
I have to say I have a ton more respect for those that are able to trade on their laptops and laptops alone, or just off of 1 screen. It's not easy.
I most likely won't be trading much for the rest of the week due to work obligations and lack of an internet connection.
I'll try to put together some setups or other useful information during that time if I'm able to.
As far as AMSC goes, I probably should have known better.
I took it it long as it based around 46.00 and broke through that level at ~11:45. My initial target was the recent morning highs of ~47.40. My stop was just below the base at ~45.50
Initially it broke out and looked promising but it began to gradually reverse and I was stopped out.
Here's AMSC:
Day Traders are at the mercy of their service providers. And the SPs are too big to care. I feel your pain. The laptop works for me when I'm really desperate to trade.
TJ said... June 25, 2008 at 2:31 PM
Yea. It's really frustrating on this end :)
I never thought I'd say this, but over the last few days, using the internet just hasn't been fun.
Having to leave your apartment and go somewhere else just to use a wifi connection sucks.
I'm normally someone who loves staying connected and can spend *hours* in front of my screens, even after hours.
Now, I feel like I'm probably just better off waiting until Friday evening.
Trader M.D. said... June 25, 2008 at 8:35 PM
amsc had a big run from the mid 30s to the mid 40s and needs to correct atleast some. the stickiness to 45 you saw for 10 days was probably excessive short covering. while the story is favorable and intact, the shares are just not ready to make a serious move through 45. maybe another earnings beat in early august or another wind turbine contract will do it! until then be patient and nibble on the dip.
Anonymous said... June 26, 2008 at 10:32 AM
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