Sunday, August 12, 2007

MGA - Possible long term play

TEL AVIV (MarketWatch) -- Magna International Inc. said late on Saturday that it would buy back as many as 20 million of its Class A shares for a maximum US$1.54 billion. story

Strong breakout in the monthly chart and its now at a pull back.

MGA monthly chart

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About Me

I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.