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Short Side - Ctrip.com
By: Wall Street Warrior   Tuesday, August 19, 2008 11:31 PM
Sectors: Computer and Technology
Symbols: CTRP
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This short trade in CTRP was a high probability intra-day setup based on a Fibonacci zone from a longer time period. CTRP made a strong move up at the end of last week following an earnings announcement. Today, CTRP violated the Fib 50% retracement of that move and setup a nice low-risk short entry against that 50% level. Often, a stock that can not hold the 38-50% retracement level of an earning move like this will end up giving back the entire move and sometimes more.
LVS was a gap down that setup a bear flag with converging lines. The action was somewhat sluggish (lack of big volume), but was good for a retest of the morning low.

 

 

 
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