I have told you in the past that I don't care for analyst upgrades, I don't believe that this is a good catalyst. The fact that AVID jumped today in good volume is not as important as last week's jump after they initiated a stock buyback program. This is only great for a company that has shown momentum in the recent past, and in that sence AVID certainly qualifies. The news here is that there is a lot of negativity already built into the price of the stock and that the Elliott wave analysis is very promissing, short term.
I have entered a position today, and as usually, I accompany it with a contingency stop loss order at a price that would retrace more than 50% of the recent rally:
The chart below shows today's fill. I followed immediately with my contingency order.
The account's growth has been limited lately. BUT good still. The trades I have entered have had large spreads.
I am keeping an eye on AMLN, to look for a safe pullback for reentry. I have not entered into SGR yet, but will look for a good entry point as well.
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