Registered User
Joined: 7/24/2005
Posts: 30
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Can any of the platinum players give me their opinion on the last few minutes of trading for ONNN today (1/17/07)
Was there a huge trade at he close?
Thanks in advance.
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Registered User
Joined: 3/25/2005
Posts: 864
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This is possibly a sell off 2 minutes before
the close at S1 support of 8.18. Close to
1 million shares were sold (904.34K shares)
Maybe the transaction took place on a limit order
because surely the price would have dropped more
than it did if this were a market order (the market
makers, IMO, would be all over it)
Disclaimer: Not a Platinum User
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Registered User
Joined: 7/24/2005
Posts: 30
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Memorableproducts
Thanks for your response….. but what makes you believe that this trade(s)are sells? I don't have platinum service anymore and it's times like these that I really miss it. I’ve looked at 1-minute chart at BigCharts and it looks like a 900k trade immediately followed by a 500k trade just minutes before the close...and both trades appear to be on an up-tick. Maybe Specialists just settling a trade imbalance?
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Registered User
Joined: 1/28/2005
Posts: 6,049
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There doesn't seem to be anything abnormal in the
price action. Only volume.
If you told me a tech stock had a large volume
spike. (and I did not see the chart)
I would think it was related to the end of day
AAPL earnings announcement or INTC
yesterday.
Thanks
diceman
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Registered User
Joined: 3/25/2005
Posts: 864
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I guess BigCharts is more refined than the
Etrade software I am using.
Last trade indicated in my 1 minute chart
was posted at 15:58 on a downtick of 8.17.
The volume bar was red on 904K shares
(instead of green).
I attempted to confirm this on the Scottrade
platform and discovered that, in fact, one
last trade was made at 15:59 on 29K volume
at an uptick of 8.18. So, apparently, you
are partially correct (A downtick at 15:58
followed by an uptick on much smaller volume
at 15:59)
The 2 price points in both of these minutes
were 8.18/8.17.
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Registered User
Joined: 7/24/2005
Posts: 30
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FWIW- I sold ONNN this morning due to earnings release on Thursday and because of the several large block sells yesterday. One sell looked to be 1.5 million shares.
MM
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Registered User
Joined: 1/23/2007
Posts: 13
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Hi mills, I shorted some from yesterday's high. Should I hold it through the earning to realize a larger gain, or should I cover some to avoid the risk?
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Registered User
Joined: 4/3/2005
Posts: 91
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Well, I am sure that many will question my actions, but I have read through the EDGAR SEC reports for ONNN for the last half, and I can not see much that would cause great concern, except what appears as a very high rate of "insider sales" and the the very largest portion of that was sales by a "benefitial owner" ( probably from an earlier financing) and most of that went to institutional holders. Now the "Beneficial holder" is -0- and institutional ownership is 68% total ( 95% of float). It appears to be a solid company and ( Yes, surprises can happen) I suspect a fair to good earnings report, but maybe with a qualifier about the next quarter or year.
I purchased shares on Monday and added today at levels deeply down from Friday's. I do have some concerns because of the 2 day downtrend, knowing that most of the shares are in deep hands, but I will watch tomorrow and then act according to the action. The last two days actions are almost an anticipation for a bad report, so in my estimation, if it is, the downside risk is much smaller than an upside reward at this level for a good one,in my humble opinion.
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Registered User
Joined: 7/24/2005
Posts: 30
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QUOTE (nyquil) Hi mills, I shorted some from yesterday's high. Should I hold it through the earning to realize a larger gain, or should I cover some to avoid the risk?
The stock is still strong, I liquidated my position because I don't like to hold through earnings. Holding through earnings is a big gamble. Either way keep us posted. Good luck.
MM
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Registered User
Joined: 1/23/2007
Posts: 13
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Hi Mills, this may sound boring but I decided not to hold through. The trading today was choppy as hell, up and down, up and down. I thought if it can close below the 8.30 support then I will risk it, but seems unlikely so...
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Registered User
Joined: 1/23/2007
Posts: 13
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Running almost to 9.00 in the premarket, congrats to jpendley 
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Registered User
Joined: 7/24/2005
Posts: 30
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QUOTE (nyquil) Running almost to 9.00 in the premarket, congrats to jpendley
Ditto from me.....it took  to hold through earnings
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Registered User
Joined: 4/3/2005
Posts: 91
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Thanks to both of you, I am glad that Nyquil covered and didn't stay short. Best trading to both of you. Jim
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Registered User
Joined: 4/3/2005
Posts: 91
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To complete the story, sold 3/4 of position over several orders for nice gain, I will keep the remainder for the next few days since the tech sector seems weak except for a very few. Thanks for all of the advice along the thread.
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Registered User
Joined: 4/3/2005
Posts: 91
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Saw some weakness in the price bids near noon, so sold the remainder at 9.82, so the whole amount gain was about $1.10 per share. I would like to buy back in ONNN for a longer term once this quarter shakes out, if the price is attractive.
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Registered User
Joined: 1/23/2007
Posts: 13
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QUOTE (jpendley) .
Saw some weakness in the price bids near noon, so sold the remainder at 9.82, so the whole amount gain was about $1.10 per share. I would like to buy back in ONNN for a longer term once this quarter shakes out, if the price is attractive.
That's nice gain jpendley, almost 20%. A hell lot better than my 3% short play lol. Dammit. I needed it too. Gonna find something else to short.
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Registered User
Joined: 4/3/2005
Posts: 91
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I wish you luck, as I certainly was lucky. Always look at risk/rewards. But if you don't mind some friendly advice, I would save shorting until the current bull market starts to correct some, and it will. It is very difficult to short when the indexes are at record levels. However as some have said, plan for a turn upward with a decision time stock and if it turns aginst you, then short, ONCE it confirms a downtrend. I think a correction is getting close, as my scans are finding fewer and fewer good candidates each week,and finding more "3 black crows" a bearish candlestick pattern.
I have come to like ONNN's future, as they have gone on record as predicting a "lesser" next quarter, but a better year overall. I personally think they are cheap here, but also that they will get cheaper a little down the road.
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