Thursday, July 7, 2011

7/7/11: $2.82

+0.15 (5.62%)


While CNIT was pretty much pinned at $2.73-$2.75 for most of the day, we saw a fairy tail ending with a rise to $2.82, the HOD, about 15 minutes before the market closed. Ending on the HOD is a particularly strong sign and I am excited to see if the stock can continue tomorrow to end the week on a strong note. There are both positive and negative signs to take a look at however. I don't have time right now so will post the analysis later on.

With regards to activity, I bough an extra 5k shares at $2.75. It could be a very good, or a very bad, move. The reason I made the buy was because I felt that, being pinned up 2-3% at ~$2.75, the stock was showing some strength and positive consolidation. Early on, when the stock dipped to the opening price of $2.67 at 9:52am, it quickly bounced back to $2.75. Initially I had a limit buy at $2.67 (and still do, as well as several at lower levels), but I decided there was some strength in the stock that could propel it higher before it would retest lower levels. The end of the day helped reinforce that strategy, though the real test will be tomorrow.

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