Monday, November 29, 2010

Whee on CREE

I have been trading CREE long ever since the first bottom of this double bottom, for the most part very profitably.  CREE has shown some textbook TA patterns (Double bottom, Bull Flags, channel trends) all with a rising RSI.  Last week I sold CREE after its run to 64 on Wednesday.  I bought back in this morning at 62.50 and now expect a run to the gap fill.  I own Jan 65 calls, so I have time if it decides to run to the bottom of the channel again.

For you day traders, CREE sells off alot at the open then reverses.

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