Monday, November 20, 2006

Bottom Feeding with GNSS

Because I'm looking for a market decline I'm on the lookout for stocks that are already near their bottom and also near support. Check out Genesis Microchip (GNSS). I give the daily and weekly charts. The price is very near long term support at just under $10. We also had a climax bottom on Oct 25th, which usually means that all the sellers are gone. If GNSS continues down to the support line on low volume I think I'll pick up some shares.

Finally, I closed my ECIL short a 7.80 today. It wasn't doing what I predicted so I got out with a very small gain. Better than a loss, eh? Especially considering it got up to $8.15 later in the day.

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