Let’s check in on QLGC again. Here’s the plan. (January 17, 2013)

by DAN QLGC 
Good evening Dan Fitzpatrick here on January 17th. It’s Thursday and I want to just go back and look at QLogic ( $QLGC QLogic Corporation ), a stock I featured yesterday. This is actually, we’re still doing this intraday, the market closes in about twenty-minutes, but this is really, really bullish; I mean the stocks basically flat on the day but it hasn’t even traded within the Bollinger Bands. The entire trading range has been outside the upper band. That’s really pretty strong three days in a row. The other day we had the same type of thing; yesterday most of the trading action was above the upper Bollinger Band, so this is something that really strong stocks do. Now, because we’re seeing a little bit of what looks like maybe a short term peak, I would suggest waiting for a bit of a pullback. I like this, I think this is a solid trend reversal, it’s a power signal, it’s a power move that really reveals this to be a bottom. But timing is everything, particularly in a stock that’s gone up as much as QLogic ( $QLGC QLogic Corporation ) has over the past few days. So I think you want to be building a position, kind of in scales, and what I mean by that is don’t be piling in or buying all at once, because you never know if that’s the exact bottom or if the stocks just going to keep falling lower, so you don’t want to do that. Instead, take a little bit of stock, then if the stock falls down and pulls back to a better entry point then you can take more; but I wouldn’t take any right now, I would still just wait, see if we get a little bit of a pullback and that’s when you add. Okay, that’s it for this video. Members over to the Strategy Session.

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