Monday, July 23, 2012

BIDU Update

I'm getting a lot of emails on BIDU as they report after the bell, BIDU looks like the market for the most part or the Tech charts I put up on the intraday timeframes, it's the longer timeframes that I like that may have nothing to do with earnings and of course my long term short position.

Since there's not much difference in the shorter timeframes between BIDU and XLK or the market, I'm not positing those short term charts.

 For the long term core position, we went short in the yellow box, I think BIDU has a long downtrend in front of it. I do have the smaller speculative calls for a head fake/ shakeout move or counter trend move up, thi looks like the perfect spot for it.

 The 15 min time frame like XLK/Tech is in leading positive position today, so not too bad overall.

 The 30 min chart went positive at the lows on the 17th and has been in line since.

The same with the 60 min chart, these are the reasons I like BIDU for a move up, maybe it comes in a day, maybe a few, I'm willing to be patient with it for now.

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