In my last post I mentioned opting not to buy into Grant Prideco Inc (NYSE: GRP) at 42.60. How did that decision turn out? I’d say it was right on. It did make it up 16 cents before reversing. But, 16 cents would not have been anywhere near 1R on that trade, and I’d have broken even if I was lucky. Here’s current 30 minute chart as of 12:48 or so:

I had Harmony Gold Mining Company (NYSE: HMY) trigger by breaking 17. It got all the way to 17.03 before falling back away… 30 minute chart:

Fairchild Semiconductor has been in range of breaking 15.54 for about an hour now, but so far can’t do it, and then it’s got round number 15.50 to deal with, which means I’d wait for 15.49 to do anything. 30-min chart:

AAI and ARNA, which reversed this morning, are still nice and reversed, so no joy there either. That’s all the evidence I need. Breakouts aren’t really sticking, today, and I’m not going to bother looking any longer. I really should get around to trying a completely different strategy for days like this. It would seem like the most natural extension “new” strategy would be to take the opposite side of the breakout trade, since I’m expecting them to fail. I have trouble making myself do that, though. I need to sit down and study it.

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