Eva Cassidy can sing (the markets down tomorrow). Of course, contrarian psychology would give at least even odds to tof cashing in on his SPX long tomorrow.
I was out at a meeting during today's close, but while I was out, my buy stop limit order for 50 more shares of MON got triggered at $50.50. So, effectively, I picked up 100 shares of MON today at $50.25.
Cash and metal again here tonight. Investing is hopeless if you van't even be assured of that you know the value of the dollars you are measuring the accounts in. Just imagine if your accounts were in Euros.
Our turn comes soon. Moody's sent the shot across the bows the other day.
Had a late meeting with the Architect on one of my jobs today. Very successful guy. Everyone kinda knows I trade and like to talk to me about it. He said he got a call from his broker about 2 weeks after the spill, suggesting he should buy more BP. "These things tend to turn around quickly", the broker said. He already owned it for the divy. So he bought some more. Sold it today.
You know, if you look at the live feed of the well head, today is the first time I can actually SEE they are getting a lot more of the oil into the capping valve.
Calling all blackjack players Submitted by Bill Cara (1551 comments) on Tue, 06/08/2010 - 17:28 #64180 I know that many of you love to play casino games like blackjack. My question is simply, do you think there is a correlation (positive or negative) between success at day trading and success in a casino? If you have an opinion, I'd like to hear it. If you have some personal stories you don't want made public, please send them direct to billcara [at] gmail.com
Trading idea. Take a look at DO. As far back as I can chart, today was the second highest volume over the last 5 years. The highest was at it's Feb.09 low, at 53.40. It closed the day right at it's opening gap. So who was the correct trader? The buyer or the seller? I say the buyer.
Remember, DO has no exposure to gulf litigation. So, if traders/investors want to take a shot at this sector, why not pick a Diamond?
Cara's been drinking again? There's no correlation between a game of chance and the market, time and time again since I've been watching daily, we've witnessed support levels exceeded and then recover.
I expect the best term for tomorrow's rally (assuming there is one) would be a relief rally. No telling how long it might last, or if one started tonight, but I can foresee one coming in the not too distant future.
BP - Oppenheimer analyst said today that he expects BP will have to cut or eliminate their dividend but that in his estimation BK isn't inevitable. He believes BP can recover but that it's going to be a long hard slog. He also stated that BP has the most deepwater drilling experience and has been pushing the envelope.
Based on what I think I know from this event, BP has demonstrated an appalling lack of concern for the environment and level of negligence that borders on the criminal.
Bookies see Europe stocks halting losing streak PARIS Wed Jun 9, 2010 1:07am EDT June 9 (Reuters) - Financial bookmakers expect leading European benchmark indexes to rise slightly on Wednesday, halting a sharp three-day retreat and mirroring a late rally on Wall Street.
Financial spreadbetters expect Britain's FTSE 100 .FTSE to open 20 to 23 points higher, or as much as 0.5 percent, Germany's DAX .GDAXI to open 17 to 20 points higher, or as much as 0.3 percent, and France's CAC-40 .FCHI to open 13 to 14 points higher, or as much as 0.4 percent. (Reporting by Blaise Robinson; Editing by James Regan)
Count me in too, I called my European bookie. I figured it was good to enter near support and use conditional orders for stops. If S&P hits 1045, sell at market kind of thing. Not all in, but big enough to matter and small enough to add if I'm right.
BP - Selling on fear of div cut? Once that's done(div cut) and the selling's done would be time to take shorts off. Relief rally maybe but I doubt it's going anywhere for a long time.
"Right now, shark and tof appear to be positioned for gains."
Don't forget about me, 2nd_ave. :) Oil is outperforming XLF today, so my portfolio is up about 1K today. It is not as much as a fully long portfolio would gain, but considering that my port was up around 1K yesterday as well, I consider this to be pretty good. :)
Let's not count our...er....lobsters until they throw themselves head first into the pot of boiling water. However, for a variety of reasons out PAL longs appear to have legs. Eight hairy ones, but legs nonetheless:)
Besides it is me who owes you, for believing in me and my idea.
UNG has just dropped below $8, as I predicted last week. :)
I have just repurchased at $6.70 the 700 shares of HNU.TO I sold last week at $7.30. So the NGas game is not over for me yet! If UNG drops below $7.85, I'll sell lots of $8 UNG puts.
Good trade on PXP, Mark! Nothing beats taking A LOT of profits. :)
As for me, I'll wait for USO to break out above its recent high at $34 (hopefully tomorrow) and will then sell covered calls against my small position in PXP. The rest of my exposure to PXP is through short puts and it is still too early to cover them, as they have not decayed enough yet.
Thanks David- I'm praying I can get back in. Looking at RIG/BP/APC etc., it looks like PXP has separated from those issues. I hope I didn't make a mistake.
I'll bet the bears are already cranking up their party favors and noisemakers. Let me know if you see one wearing a pointy hat!
I never did get to buy those low prices they were promising... Would think they'd be happy with their BP shorts, that's where I'd have been had my account been a margin account conjuring up heart breaking images of oil soaked pelicans washing ashore.
A wonderful bird is the pelican, His bill will hold more than his belican. He can take in his beak Food enough for a week, But I’m damned if I see how the helican.
Looks like investors have no conviction in the stocks now, regardless of whatever Bernanke says. Maybe the reason for this is that the Fed's Beige Book gave an assessment of what has *already* happened, while investors are worrying about what *will* happen, and as John Mauldin showed in his recent letter (http://www.investorsinsight.com/blogs/thoughts_from_the_frontline/archive/2010/06/04/there-s-a-slow-train-coming.aspx), some *serious* troubles are on the horizon.
As another indicator of how troubled the market is, the spreads of high-yield bonds made a new high today, after putting in a low in mid-April. I remember that a while ago some market observers said that the high-yield spreads started heading up before the stock market started heading down in 2007, and this time around these spreads have led the market collapse once again.
tof- Are you still holding due to the mutual fund restriction about EOD trading only? It's such bullshit, to be locked out of a decent profit earlier in the day, only to see a loss at EOD.
I was out at a meeting during today's close, but while I was out, my buy stop limit order for 50 more shares of MON got triggered at $50.50. So, effectively, I picked up 100 shares of MON today at $50.25.
ReplyDeleteCash and metal again here tonight. Investing is hopeless if you van't even be assured of that you know the value of the dollars you are measuring the accounts in. Just imagine if your accounts were in Euros.
ReplyDeleteOur turn comes soon. Moody's sent the shot across the bows the other day.
Nikkei leading the way down, -1.3%...
ReplyDeleteDJIA futes -0.52%, ES -0.6%...
ReplyDeleteBuy signals flashing everywhere following today's close.
ReplyDeleteGOOD ADVICE....
ReplyDeleteHad a late meeting with the Architect on one of my jobs today. Very successful guy. Everyone kinda knows I trade and like to talk to me about it. He said he got a call from his broker about 2 weeks after the spill, suggesting he should buy more BP. "These things tend to turn around quickly", the broker said. He already owned it for the divy. So he bought some more. Sold it today.
You know, if you look at the live feed of the well head, today is the first time I can actually SEE they are getting a lot more of the oil into the capping valve.
ReplyDeleteCalling all blackjack players
ReplyDeleteSubmitted by Bill Cara (1551 comments) on Tue, 06/08/2010 - 17:28 #64180
I know that many of you love to play casino games like blackjack. My question is simply, do you think there is a correlation (positive or negative) between success at day trading and success in a casino? If you have an opinion, I'd like to hear it. If you have some personal stories you don't want made public, please send them direct to billcara [at] gmail.com
Trading idea. Take a look at DO. As far back as I can chart, today was the second highest volume over the last 5 years. The highest was at it's Feb.09 low, at 53.40. It closed the day right at it's opening gap. So who was the correct trader? The buyer or the seller? I say the buyer.
ReplyDeleteRemember, DO has no exposure to gulf litigation. So, if traders/investors want to take a shot at this sector, why not pick a Diamond?
Cara's been drinking again? There's no correlation between a game of chance and the market, time and time again since I've been watching daily, we've witnessed support levels exceeded and then recover.
ReplyDeleteI expect the best term for tomorrow's rally (assuming there is one) would be a relief rally. No telling how long it might last, or if one started tonight, but I can foresee one coming in the not too distant future.
BP - Oppenheimer analyst said today that he expects BP will have to cut or eliminate their dividend but that in his estimation BK isn't inevitable. He believes BP can recover but that it's going to be a long hard slog. He also stated that BP has the most deepwater drilling experience and has been pushing the envelope.
Based on what I think I know from this event, BP has demonstrated an appalling lack of concern for the environment and level of negligence that borders on the criminal.
Anybody like the IMAX chart here?
I'm drinking :))))
ReplyDeleteGambling, drinking, whatever....
ReplyDeleteBookies see Europe stocks halting losing streak
PARIS
Wed Jun 9, 2010 1:07am EDT
June 9 (Reuters) - Financial bookmakers expect leading European benchmark indexes to rise slightly on Wednesday, halting a sharp three-day retreat and mirroring a late rally on Wall Street.
Financial spreadbetters expect Britain's FTSE 100 .FTSE to open 20 to 23 points higher, or as much as 0.5 percent, Germany's DAX .GDAXI to open 17 to 20 points higher, or as much as 0.3 percent, and France's CAC-40 .FCHI to open 13 to 14 points higher, or as much as 0.4 percent. (Reporting by Blaise Robinson; Editing by James Regan)
Right now, shark and tof appear to be positioned for gains.
ReplyDeleteLandry-
ReplyDeleteRandom Thoughts:
Dave Landry's 10 Best Patterns & Strategies is available at:
www.davelandry.com/books.htm
The indices recovered after an earlier sell off. This action has them finding support near their recent and not so recent lows.
The above suggests they could be in bounce mode. However, that in and of itself isn't reason enough to get excited about the long side.
Honor your stops on existing shorts and wait for entries on new ones.
Futures are firm pre-market.
Count me in too, I called my European bookie.
ReplyDeleteI figured it was good to enter near support and use conditional orders for stops. If S&P hits 1045, sell at market kind of thing.
Not all in, but big enough to matter and small enough to add if I'm right.
$$$ Chicken too:)
ReplyDeleteTook profits on 1/3 of my PXP @ 21.90. It's had trouble with this are, and my position is a little too large.
ReplyDelete2nd,
ReplyDeleteYou and I deserve the stunads of the year award for not shorting BP in the days after the spill.......
I hold us to a higher standard.
That trade could have made your year.
Is uncle Ben gonna sink the market with his nervous nellie talk today or what?
Somethings happening with PXP. The volume is crazy. I can't find any news.
ReplyDeletePXP..another 1/3 off at 22.00. I know, this seems weak of me, but the size of this position, for me, that's real money.
ReplyDelete1/3 off SD @ 6.58. Same reason as above.
ReplyDeletePAL - 1,000 shares yields $50 as of this moment based on my entry. No complaint, at least I bought something.... (tkx to sharkie)
ReplyDeleteDCI - Shoulda bought some yesterday.
ReplyDeleteSTD - Crankin' it again today.
ReplyDeleteOK...Last 1/3 of PXP off @ 22.30. Just too much in one day.
ReplyDeleteUCO - We're probably stupid for not buying, oil's probably going to $90 or better...
ReplyDeleteBP - Selling on fear of div cut? Once that's done(div cut) and the selling's done would be time to take shorts off. Relief rally maybe but I doubt it's going anywhere for a long time.
ReplyDeleteNothing but air under BP now.
ReplyDeletePlacing stink bids back on for SD/PXP. Good luck guys. I'm happy to have locked in some big winners before I leave....for a change :)
ReplyDeleteDRYS - Anybody want some here?
ReplyDelete"China exports blast past market forecast" Wed Jun 9, 2010 4:19am EDT
ReplyDeletehttp://www.reuters.com/article/idUSTOE65805R20100609
Ha, remember not so long ago when the euro was going to be the world's new reserve currency???
ReplyDeleteWell sharkie, looks like I owe you another steak and lobster dinner... Thanks bud!
ReplyDelete"Right now, shark and tof appear to be positioned for gains."
ReplyDeleteDon't forget about me, 2nd_ave. :) Oil is outperforming XLF today, so my portfolio is up about 1K today. It is not as much as a fully long portfolio would gain, but considering that my port was up around 1K yesterday as well, I consider this to be pretty good. :)
Chicken,
ReplyDeleteLet's not count our...er....lobsters until they throw themselves head first into the pot of boiling water. However, for a variety of reasons out PAL longs appear to have legs.
Eight hairy ones, but legs nonetheless:)
Besides it is me who owes you, for believing in me and my idea.
UNG has just dropped below $8, as I predicted last week. :)
ReplyDeleteI have just repurchased at $6.70 the 700 shares of HNU.TO I sold last week at $7.30. So the NGas game is not over for me yet! If UNG drops below $7.85, I'll sell lots of $8 UNG puts.
Anyway when we do finally meet I get the feeling Bill Cara will be paying for dinner:)
ReplyDeleteDon't ask how or why, I don't know.
PAL on the move, babeeeeeeee.......
Trouble over in APC land. Rating drop.
ReplyDeleteGood trade on PXP, Mark! Nothing beats taking A LOT of profits. :)
ReplyDeleteAs for me, I'll wait for USO to break out above its recent high at $34 (hopefully tomorrow) and will then sell covered calls against my small position in PXP. The rest of my exposure to PXP is through short puts and it is still too early to cover them, as they have not decayed enough yet.
Thanks David- I'm praying I can get back in. Looking at RIG/BP/APC etc., it looks like PXP has separated from those issues. I hope I didn't make a mistake.
ReplyDeleteAPC @ 39.90. Right on S2 for a scalp.
ReplyDeleteOff at 40.80 for 400 clams.
ReplyDeleteWatching RIG/BP/APC on 3 screens....
ReplyDeleteRIG target would be 44.11.
ReplyDeleteI'll bet the bears are already cranking up their party favors and noisemakers. Let me know if you see one wearing a pointy hat!
ReplyDeleteI never did get to buy those low prices they were promising... Would think they'd be happy with their BP shorts, that's where I'd have been had my account been a margin account conjuring up heart breaking images of oil soaked pelicans washing ashore.
A wonderful bird is the pelican,
His bill will hold more than his belican.
He can take in his beak
Food enough for a week,
But I’m damned if I see how the helican.
RIG fighting like hell to hold S2.
ReplyDeleteHas anyone been able to solve the UNG inverse crossword puzzle yet? If so, sorry I missed it...
ReplyDeleteBye-Bye RIG.
ReplyDeleteOne last shot for RIG @ 41.73.
ReplyDeleteHow in the hell is PXP still hanging in there? Even CHK is tanking.
ReplyDelete1/2 off FTWR @ 3.72. I can't find any reason it's up 9% today.
ReplyDeletePXP - My guess is it's only a matter of time before it comes back in line with peers unless the rally comes back alive.
ReplyDeleteI interpret the action a positive indicator of sentiment though...
yeesh...today's action was probably worse than Friday's. I'm still holding my SPY but I'm scared.
ReplyDeleteLooks like investors have no conviction in the stocks now, regardless of whatever Bernanke says. Maybe the reason for this is that the Fed's Beige Book gave an assessment of what has *already* happened, while investors are worrying about what *will* happen, and as John Mauldin showed in his recent letter (http://www.investorsinsight.com/blogs/thoughts_from_the_frontline/archive/2010/06/04/there-s-a-slow-train-coming.aspx), some *serious* troubles are on the horizon.
ReplyDeleteAs another indicator of how troubled the market is, the spreads of high-yield bonds made a new high today, after putting in a low in mid-April. I remember that a while ago some market observers said that the high-yield spreads started heading up before the stock market started heading down in 2007, and this time around these spreads have led the market collapse once again.
ReplyDeletetof- Are you still holding due to the mutual fund restriction about EOD trading only? It's such bullshit, to be locked out of a decent profit earlier in the day, only to see a loss at EOD.
ReplyDelete2nd - yes, i am. but i was looking at the correlation between this bottoming out period and that of February and it looks quite similar to me.
ReplyDeleteof course, the market will probably fall out of bed tomorrow and i'll have to eat a several % loss.