Trading Idea of the Week
- Posted by downtowntrader
- on February 6th, 2012
With many individual stocks already extended, most of my best additions to my watch list this weekend came from some narrow range scans I ran. inContact, Inc . (Public, NASDAQ:SAAS) is in a great sector as enterprises continue to look for ways to save money by optimizing their IT strategy. Real “cloud” offerings and not what you see in a commercial are starting to gain traction and should continue to do well in 2012. $SAAS just tagged all time highs a few weeks ago and has been consolidating just under these levels since then. A higher high above Fridays close could signal a breakout attempt. Longer term traders may consider waiting for the new highs, but my hunch is that if it can clear 5.30 decisively, then it should continue to new all time highs. As always, please carry out your own due diligence and consider your time frame and trading strategy.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Joey Fundora is a private trader who has been trading for over 8 years. Joey specializes in discretionary swing trading of stocks almost exclusively through the use of technical analysis. (More)