10:17am
I’m placing a hedged trade right now. I’m buying GOOG at 635, and going short AAPL at 333.3, with the same amount of money on each trade. Basically saying that over the next few weeks and maybe months, google will outperform aapl.
9:24am
It looks like the SPY is set to open much higher… i won’t look to short this market until we fall back down. Keep playing the trend. Here are some stocks that could see a nice gap up:
1. BAC on a failure of the H&S formation with neckline at 14. Put a stop below 14.
2. I like CRM if it can hold the 130 area and not break down.. I’d put a stop right below that area.
6:05am
I got stopped out yesterday at 128 with the reversal we got on the SPY… but i’ll be back short when we cross back the 127.60 level to the downside. I’m not sure if this is the correction we’ve been waiting for, but my guess is that if we get another push lower below the 127.60 level and hold that level till the end of the day we will see a 4-10% correction.
Google to me is a great long term buy with the news from Larry Page. Larry Page must have a lot of great ideas up his sleeve that he wants to operate on, that’s why he took his old post back. He wants to bring back the old google and not the google that’s trying to spread to every industry.
Remember to check out http://www.spoofee.com to get your deals for the day
Today’s News
- None
Current Positions
- Short AA
- Long GOOG
- Long INTC
- Long JNPR
- Long KO
- Long VZ
Plans for the day for now
- Long TMV on any pullback
- Long GLD @ 124.3
- Long K @ 49.38
- Long USO @ 36.78
- Sell GOOG @ 645.8
Annoying snow again in NYC and another real storm due for mid next week. Ug. Many bulls are still ultra bullish and I suspect the investors have now been conditioned to hold through these monster 1% corrections. That feels like a nice set up for a correction.
Most financial shows / blogs speak of a correction in a bull market. I’m more of the camp that we are completing a great run up in a huge bear market – and the carnage will continue for some time. Most likely slow bleeding (IMO) with many bumps and headfakes. I’d love to see one or two more up seasons to open a longer term short.
Today is opex so I would think choppy trading.
My only position in trading a/c is 500 uup (long) which I was planning on holding. I don’t believe ben can keep the dollar down if there is a global rush to safety. Some sectors and even world markets are all showing breaks in this bull-mania. Many have probably forgotten what a real down day feels like; and we may end up with 9 straight weeks of gains.
IMO we’ll continue to break down one support level at a time with plenty of fakes along the way.
Time will tell; I suggest caution; but Im sure there will continue to be plenty of opportunities to make some decent money trading
I just saved 15% on my auto insurance; thank’s spoofie.com
http://kennystechnicalanalysisblog.blogspot.com/2011/01/s-500-stock-market-update-for-january_20.html
Kenny’s blog w support levels if s&p drops.
Good morning. Dont let this rally fool you, we are still on wave 2 down.
Some key levels to watch.
NAZ needs to hold 2735
SP needs to hold 1287
Dow needs to hold 11745
If SP reaches 1290.6 we could get a little more upside, but i doubt that will happen.
still holding my 10 K of TZA bought for $14.25
We are trading much higher than my resistance level of 11790. I am still short but I do not believe in the strength of today’s tape. TZA is not falling as much and to my surprise I am making money on it. VXX is what VXX is so it is sucking sucking big time but I will maintain my rebel child for a while. Now TZA follows the russell therefore this is a sign that at list in the small caps the rally is done. I am making some popcorn and will wait the end of today. EEE is making money. We could see 12000 today since the market is excited about it…
This presence of a cluster (5 min) tells me that high possibility this UP leg will be retraced by quite a bit (ie WAVE 2?). Expecting a quick sell-off if this is indeed part of Wave 2 leg (time wise).
This is the “B” of ABC
I see a lot of weakness in the tape today regardless of what you hear… TZA is basically flat….Therefore the russel is sitting down this party….
Take a look at EDZ is green
Since I am growing increasingly bearish in the overall market. I am moving my stop on EEE to profitable territory. Note: I am not bearish on EEE (I am exteremelly bull on this one). However a smart trading stretegy is to move stops into profitability. My stop has been strategically placed in the junction of the 20 & 50 SMA 0n the 60 minute chart, that is 2.38. If my stop hits I would exit with profits on all my EEE trades. If EEE trades lowers I will rebuy it later since I still believe it is a 3+ dollar stock. I currently own 3000 shares at an average price of 2.32.
I have about 75% cash that has been waiting for an all in point. I am very close of calling that point today. However I might just wait until the end of January to unload all my reserves into shorts….My short list includes names like:
OPEN, AAPL, CREE, CRM, BIDU, GM, F, BIDU, BBY, to name a few.
EEE taking off so my prediction of 3 dollars is getting closer and closer…..
It seems to run up mid day to then fall back but still be plus. This one ebbs up then comes back and then ebbs higher the next day. I do believe this will be over 3 bucks within the week. I hold 3k shares @2.05 for long to 4-6 bucks.
I think the stock could go higher and your prediction is within my initial estimates 4-6. However it is not my trading style to sit on one stock with my capital for that long. I was willing to do it in the event of my position going to red since I had faith in it to come back. What I have basically done with EEE so far is to leave all the profits I made on the table to work for me. I have taken the capital out. So my risk has been reduced to zero and I am feeling very comfortable on this one.
VXX has somewhat held its ground…My rebel child seems to be finally coming to its senses. This has been an indication of reversal days = VXX not sucking much and Market UP 50+ points. I am encouraged in the bear story
I ringed the register on 50% of my position of EEE at 2.65. I now own 1500 shares I have maintained my stop at 2.38 for the remaining shares.
I have done another round of shorts:
I have added another 500 shares of VXX to my portfolio
I have also added another 1000 shares of TZA
I have added 500 shares of EDZ.
I have brought down my cash position to ~50%
I currently hold:
2000 shares TZA@15.20
1000 shares SCO@10.64
1000 shares VXX@31.53
500 shares EDZ@21.04
1500 shares of EEE@2.32
2000 shares of BGP@0.92
I have about 80K left in the tank (i might use this to hedge if need be)
I’m liking the bearish action i’m seeing right now.. this is very indicative.. let’s hope we see 127.70 broken today.
the Russell 2000 IWO first level of support is 86.50 if we can break below that next stop at 86.26 That would be a nice bump up for TZA party.
.
Can you say “distribution”.
We need to bring back the popular 70′s show “Happy Days”. Only this time the star will be Ponzi instead of Fonzi!
If the market holds it’s +50.00 points longer I look to see it close higher EOD. The train to paradise just keeps a chuggin away!
God am I sick of this happy horse s@%t.
Ok I must admit I am capitulating as a bear today… I was expecting the market to end close to the resistance line instead we are putting a strong bull candle above it. It would be reckless for me to maintain 50% short investments into monday given the clear signal for more gains….SO i find my self in a unique position where I am making money on some of my shorts plays but the market is telling me that we are going higher. However this reminds me of Aug31st when the market had several bear signals below the 10000s and immediately after the close the market rally 270+ points to end a 8% up month of sept. If you remember I was extremelly bullish that day but the evidence dictated me to close my longs and I missed the part of the action. I bring this up because the I feel this could be the case today. I am extremely bearish but the action is bullish. I will be consistent and play it the same way as in september. I am closing all my short positions today
Buy the dips, buy the dips…God forbid that doesnt work out one time – run for the exits.
yep..we may get some more downside monday am if we sell off the close, but pomo is back next week and gdp on friday…I am bearish on the overall outlook and think we have a long way to go, but I just can’t see how or why they would let this market drop any lower than 50 day…not if their goal is to pump money into the market until june…if unemployment and housing does not gain strength by then, I could see things fall apart…until then..I tink we go up with the 50 day as the floor…I guess china or europe having a meltdown might throw things off, but sounds like europe has a bigger bandaide they are working on and increase rates in china after their new year might push us down for a day or so..and I guess there is always a chance of a disaster of a gdp #…I say the train is on the tracks through the spring as long as pomo is in the tank
2000 shares TZA@15.20 Sold at 15.88 for a $1400 gain
1000 shares SCO@10.64 Sold at 10.77 for a $130 gain
1000 shares VXX@31.53 Sold at 32.07 for a $500 gain
500 shares EDZ@21.04 Sold at 21.50 for a $250 gain
With all this gains I am up about 4% for the month!!! (about $6000). Not bad given that I have not been able to get a trend….
I am still long:
1500 shares of EEE@2.32
2000 shares of BGP@0.92
But most importantly I am about 95% in cash and coiled up for a better bear signal into next week….
You guys have a great weekend…
Same to JROD!