Wednesday, August 09, 2006

Collective2: WXH and SNX out

Two relatively illiquid plays were knocked out by intraday volatility. Synnex Corp. (SNX) was entered on the premise of support at the 20-day MA and increased volume interest. Unfortunately, the stock failed to push off this average in line with volume accumulation. The stock trades in a sideways pattern. An adjusted pivot buy price for the stock would be at $21.10. Winston Hotels (WXH) made a rare, one-day intraday excursion, outside of $12 support and down to the 50-day MA. This trip was enough to hit the original stop price set in July. As with the previous pick, volume interest favors the bulls, although there would be some concern for a potential double top.

The 800 share WXH lot closed for a loss of -$696. The 500 share SNX lot closed for a loss of -$388.