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ORCL Short Term Trader On The Short Side
Dec 30, 2009

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Jeffrey S Patterson

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ORCL WEEKLY



ORCL DAILY



A quick look at a short term trade I took in ORCL yesterday on the short side. In my experience after gap ups and when you get the formation outlined in the blue lines, its a sucker move that almost always leads to a quick and abrupt correction down to the 30 or 50 day moving average in short order, which is where I will cover and go long. I am just pointing out formations that work well for me a high percentage of the time and it may seem counter intuitive based on recent action. None the less I am willing to stick to my high percentage set ups.

However I think ORCL will make a nice long play after the short term correction I believe is coming. I am posting two charts, daily and weekly. The weekly chart clearly shows a triple top break out, but first they must trap all the weak longs that bought on the daily chart's current formation believing the path is straight up without the subsequent correction that is coming before the sustained up trend truly begins.

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