T3D- Your take? I didn't like today's action at all. Make that the last 2 days. I had a long meeting with MOG yesterday. He's pretty neutral over all. Gives 1/2 the GDP to restocking 1/2 to demand. Overall, I don't like those odds right now. Having said that, I'd like to re-enter some of my positions on the long side.
Wait- it's 925 pm pst, which means I'll probably be talking to myself for awhile. That's OK. Had a nice afternoon/evening. Participated in a focus group in the evening. I get invited to one of those occasionally- usually fun, and it pays well.
Looking back on the day, I would have to say it's kind of high-risk holding stocks right now. Even if we ultimately go higher, sell-offs similar to the one we had this morning indicate (to me, anyway) more than a few 'weak hands.'
Do we see a -250 to -400 point sell-off in the DJIA Friday? I have no clue. But I wouldn't refer to the scenario as 'unlikely.' Heck, it's more along the lines of 'as likely as not.' That's enough reason for me not to be holding stocks right now.
My Take? Well to start off, I thought your sales today were excellent. Like TOF said we had an outside day today and that type of action led to the last swing down. My preference here is to be flat or short, but the mkt will react as usual to tomorrow's number. Almost went short today, but decided to wait for the GDP number first. There are a lot of cycle people that are saying we have weakness in the mkt here. Being this is the end of month the action is notably weak.
Poi Dog thoughts:
GasLand show on HBO talking about the dangers of NG and fracking with respect to water table contamination. It is sort of a David and Goliath battle. The story comes from the point of view of David. The chemicals involved in the fracking process are very toxic. Gives one great pause to expect the oil business to really protect our environment. Watch it if you get a chance.
WYNN, I try to listen to Steve Wynn's conference call every Q. This man is a pro's pro. The man is so articulate when he speaks and he just projects greatness.
Wow, is that Kendra? What great form, she’s going to be a star.
Finally, I'm reminded of my wife who was not happy that I was in cash Jan-Mar 2000. I told I cannot help if people are foolish and bidding up these stocks. Finally, I just said in March, here is 50K invest in it what you want. Well she put in tech stocks and lost 57% of it in about 45 days. Over the next few months I traded it to get back to -27% and closed it out.
She actually is very smart and picks up on trends very well. I guess my point is it is alright to sit in cash when things get out of whack.
Or Trade-em:
Smaller Nimble And turn on a dime
Unless your Cheapy
Larger Nimble And turn on a dime
One last thought, volume picks up on the downswings and is light on the up takes; this just sits wrong with me.
So many cross currents, so little time to sort them out. Yamada imparts invaluable wisdom to deal with them.
There are two kinds of losses an investor can suffer: a loss of opportunity or the loss of capital. There always will be future opportunities. But if you've lost the capital, you won't be able to take advantage of them.
The answer is obvious in these uncertain times: protect capital.
It occurs to me that the Fed has prepped us for a lousy GDP number...
Is the logic that they argue that things would be much worse if they weren't printing money and credit like confetti, because it sure seems to have failed otherwise, and only seems to be causing lots of MALinvestment from what I can see.
So the prudent move, as with yesterday, may be to 'do nothing.' Holding cash when the market sells off is always easier than holding cash when the market rallies unreasonably- thus psychologically easier as well.
2nd - you may be able to buy for a bounce but i think your inclination of a big down day is coming soon.
glad i'm in cash. i'm taking the day off to relax and look forward to a great weekend. they have a taste of thing going on in my town this weekend. all of the restaurants/bars have free appetizers and reduced drink specials. i'm hoping the weather is nice. i'm glad i don't have to stress about my money.
What a joke...the IMF says we need 70 something billion in capital yet the European stress tests said they only need like $4 Billion. I'm now quite sure this stress test thing was a farce.
I am sitting long in some PAL and frankly, I am in it because palladium seems to want to rise, as does gold and silver. Does the STOCK go up?
Hell no:) It is Friday though...and a more unlikely day for an upswing I cannot imagine.
Set a stop underneath and going to the doc with moms 4 a checkup.
And my PAL is profitable by a penny or two.
Hoping to see my Phillipino honey 2nite, but she's so hott I may not be doing it 4 her, who knows?
Beautiful women=the way to a broken heart.
Ahh, but did you see the moon rising firey red over Long Island Sound two nights ago, as she rested her nest of jet black hair gently on my shoulder and I held her, and then together ventured out onto the fringes of infinity...
TOF- If it weren't Friday, I already would have. Just not so sure here. Like I said earlier, everything I watch held obvious levels and have bounced nicely.
You get the point, it's a volatile one. On the one hand people are probably thinking this GDP report will be revised down almost 1% like last quarter's was revised down. And this plays right into what that Bullard guy was saying yesterday. On the other hand Chicago PMI was stronger than expected and the jobs report next Friday could be solid as well. As such, I'm thinking we won't see a significant pullback until after the Friday jobs report for July, if we do at all.
I suspect I'll be doing a little sit on hands until then.
I am staying long over the weekend come hell or high water, but you gotta almost ask yerself...if PAL can't rise in this palladium environment, when can it?
I am hoping for a bodacious closing day upmove ala RBY yesterday.
Still kicking myself in the ass for not buying RBY yesterday at 3.40
I knew it would be good and it is, and from the looks of it it will continue.
Bob what do you know about RBY drilling results you mentioned yesterday?
Bill creating $30B lending pool for community banks hits impasse in Senate over amendments
By STEPHEN OHLEMACHER , Associated Press
Last update: July 29, 2010 - 6:02 PM
WASHINGTON — President Barack Obama's election-year jobs agenda suffered a new setback Thursday when Senate Republicans blocked a bill creating a $30 billion government fund to help open up lending for credit-starved small businesses.
The fund would be available to community banks with less than $10 billion in assets to help them increase lending to small businesses. The bill would combine the fund with about $12 billion in tax breaks aimed at small businesses.
Democrats say banks should be able to use the lending fund to leverage up to $300 billion in loans, helping to loosen tight credit markets. Some Republicans, however, likened it to the unpopular bailout of the financial industry.
Democrats had wanted to pass the bill before Congress leaves town for summer vacation, but that won't happen with the House scheduled to adjourn Friday. The Senate is in session for another week, but Senate Majority Leader Harry Reid said there would be no more votes until Monday
RBY has 6 or 7 drills running all the time, and the holes usually all have some gold, though not monster bonanza grades like I'd wish for. Seems like drill results typically about 6 weeks apart.
I think the big thing for RBY will be when reserves/resources get announced. I heard they are working on it, and suspect they are shooting for a 7 mm oz number or somewhere near that. Some estimates are 10 mm oz, some as low as 3 mm, so who knows?
My buy stop order on 600 shares of TWM was triggered this morning at $20.10. However, given that both the WLI Growth index and the Consumer Metric Index (http://www.consumerindexes.com/index.html) keep going down, I don't mind having this position. In fact, I just bought 100 more shares of TWM at $19.65.
Just bought 200 more TWM at $19.83 for a day trade and placed a buy stop order for 700 shares at $19.90, just above the recent high, so as to keep riding the newly emerged daily trend.
My buy stop order for 700 shares of TWM was just triggered at $19.91. Let's see what happens next. The recent trend is in my favor, so hopefully that will put some good wind in my sails. Just in case, however, I just placed a sell stop order at $19.85 for these 700 shares.
I had initially placed a stop at $19.90, the level of the previous high, but as soon as I did it, the initial thrust up through $19.90 has subsided and TWM turned around, as if someone wanted to take out my stop. They did bring TWM down to $19.89 at some point, but I had already moved my stop down to $19.85. Maybe GS is really making most of its money by simply watching the stops people place and jacking the market up and down through those levels, forcing the people to re-enter at a higher price and "pay" the difference to GS?
TWM is having some trouble following through on the initial burst. I wouldn't want to be caught here on a sharp market reversal, so I just moved up my stop to $19.88 for all 900 shares purchased with the intent of day trading.
NVDA - Intel's gonna make a new effort at getting the x86 some market share in the smartphone arena, will be interesting to see if that's with RIMM??? x86 in a smartphone will generate revenue for both Intel and AMD I would guess.
Anyway, Intel's been trying to break into the phone-chip business for nearly 15 years now...!!!
Funny story, this was the whisper when I was there over a decade ago when they were worried about their cash-cow DRAM business drying up.
david - i would be paying little attention to the daily swings. as mark mentioned...a lot probably has to do with the EOM crap.
in looking at the nikkei from 1995 to 1999, there were some wild long term swings but after a big run in 95, the market ultimately retraced to the lows and then went down another 50% over 10 years. if we're anything like them then this is going to be a long hard slug going forward, with lots of couple month to several month trade opportunities.
then again, if we get a few solid jobs months then we could still see a test of the 1,200 level. i'm waiting for a definitive break before doing anything, one way or the other.
Now that I have loaded up on TWM, I should focus now on selling my long positions if market shows more strength. I have just placed a sell stop limit order at $10/9.95 for all my 600 shares of UCO.
Kyle - I'm not getting your point, K's up just over $2 today...
I'm trying to comprehend though, what if I changed the wording to: "Struggling to break through resistance levels"?
I'd say the move there is over for the most part but again I'm left wondering what everyone else sees that I don't, just like the GMO volume move comments the other day that I couldn't comprehend...
I'm afraid I must be more dense than I'd imagined concerning these nuances but I'm trying....
Even though I kept doing damage to my OptionsHouse account with my day trading (and a morning purchase of 600 shares of TWM at $20.10), that account ended up slightly positive for the day, thanks to a jump in gold and in UCO. My other two trading accounts ended up by about $1.4K, since they are mostly based on crappy natural resource companies which were up today. Last but not least, ECU.TO had a strange spike into the close, and given my large position in it (20% of my portfolio), that brings my total trading accounts to the highest point since July 2009, when I tilted my portfolio from the long side to the short side AND started heavily scaling into HNU.TO, which has collapsed later on in the fall.
T3D- Your take? I didn't like today's action at all. Make that the last 2 days. I had a long meeting with MOG yesterday. He's pretty neutral over all. Gives 1/2 the GDP to restocking 1/2 to demand. Overall, I don't like those odds right now. Having said that, I'd like to re-enter some of my positions on the long side.
ReplyDeleteAre you back in cash, Mark? I've lost track of your positioning.
ReplyDeleteWait- it's 925 pm pst, which means I'll probably be talking to myself for awhile. That's OK. Had a nice afternoon/evening. Participated in a focus group in the evening. I get invited to one of those occasionally- usually fun, and it pays well.
ReplyDeleteLooking back on the day, I would have to say it's kind of high-risk holding stocks right now. Even if we ultimately go higher, sell-offs similar to the one we had this morning indicate (to me, anyway) more than a few 'weak hands.'
Do we see a -250 to -400 point sell-off in the DJIA Friday? I have no clue. But I wouldn't refer to the scenario as 'unlikely.' Heck, it's more along the lines of 'as likely as not.' That's enough reason for me not to be holding stocks right now.
ReplyDelete2nd- Your not alone...
ReplyDeleteMark- I thought tof made the right move (to 100% cash) at today's close.
ReplyDeleteWe may well advance to 1200, but I would view that as a 'bet,' and not a confident 'investment.'
ReplyDeleteAs we all know, 'bets' can pay off, sometimes quite handsomely.
ReplyDeleteBut I would not 'bet' my retirement account on 1200.
Life expectancy calculator (from the Social Security Administration):
ReplyDeletehttp://www.socialsecurity.gov/OACT/population/longevity.html
Alright, I'm off to bed. Tomorrow, as always, is a new game.
ReplyDeleteWill someone read the closing report on CC and tell me if I'm caught in a time warp? If we hit SPX 1040 today I missed it.
ReplyDeleteMy Take? Well to start off, I thought your sales today were excellent. Like TOF said we had an outside day today and that type of action led to the last swing down. My preference here is to be flat or short, but the mkt will react as usual to tomorrow's number. Almost went short today, but decided to wait for the GDP number first. There are a lot of cycle people that are saying we have weakness in the mkt here. Being this is the end of month the action is notably weak.
ReplyDeletePoi Dog thoughts:
GasLand show on HBO talking about the dangers of NG and fracking with respect to water table contamination. It is sort of a David and Goliath battle. The story comes from the point of view of David. The chemicals involved in the fracking process are very toxic. Gives one great pause to expect the oil business to really protect our environment. Watch it if you get a chance.
WYNN, I try to listen to Steve Wynn's conference call every Q. This man is a pro's pro. The man is so articulate when he speaks and he just projects greatness.
Wow, is that Kendra? What great form, she’s going to be a star.
Finally, I'm reminded of my wife who was not happy that I was in cash Jan-Mar 2000. I told I cannot help if people are foolish and bidding up these stocks. Finally, I just said in March, here is 50K invest in it what you want. Well she put in tech stocks and lost 57% of it in about 45 days. Over the next few months I traded it to get back to -27% and closed it out.
She actually is very smart and picks up on trends very well. I guess my point is it is alright to sit in cash when things get out of whack.
Or Trade-em:
Smaller
Nimble
And turn on a dime
Unless your Cheapy
Larger
Nimble
And turn on a dime
One last thought, volume picks up on the downswings and is light on the up takes; this just sits wrong with me.
http://www.youtube.com/watch?v=ot3cVY1JESQ&feature=related
2nd - i agree that the odds of a 300 to 400 pt selloff are as good as not...and i don't like those odds when messing with my money.
ReplyDeletehttp://www.youtube.com/watch?v=tWdHOm256N4&feature=related
ReplyDeleteSo many cross currents, so little time to sort them out. Yamada imparts invaluable wisdom to deal with them.
ReplyDeleteThere are two kinds of losses an investor can suffer: a loss of opportunity or the loss of capital. There always will be future opportunities. But if you've lost the capital, you won't be able to take advantage of them.
The answer is obvious in these uncertain times: protect capital.
btw, the above is from Louise Yamada.
ReplyDeletehttp://www.screencast.com/users/Telestar3d/folders/Jing/media/631cc6b5-96bd-4c06-9357-df5738aa32a4
ReplyDeleteIt occurs to me that the Fed has prepped us for a lousy GDP number...
ReplyDeleteIs the logic that they argue that things would be much worse if they weren't printing money and credit like confetti, because it sure seems to have failed otherwise, and only seems to be causing lots of MALinvestment from what I can see.
Long bond being bid up. DJIA gap down -100. SPX gap down -11.
ReplyDeleteMark/tof- Congrats for closing longs yesterday.
My inclination would be to buy the opening dip. Keeping in mind, of course, WTFDIK. No money on the table right now.
ReplyDeleteAlso keeping in mind my 'target' of -250 to -400....
ReplyDeleteSo the prudent move, as with yesterday, may be to 'do nothing.' Holding cash when the market sells off is always easier than holding cash when the market rallies unreasonably- thus psychologically easier as well.
ReplyDelete2nd - you may be able to buy for a bounce but i think your inclination of a big down day is coming soon.
ReplyDeleteglad i'm in cash. i'm taking the day off to relax and look forward to a great weekend. they have a taste of thing going on in my town this weekend. all of the restaurants/bars have free appetizers and reduced drink specials. i'm hoping the weather is nice. i'm glad i don't have to stress about my money.
http://www.bloomberg.com/news/2010-07-30/imf-says-u-s-banking-system-might-need-as-much-as-76-billion-in-capital.html
ReplyDeleteWhat a joke...the IMF says we need 70 something billion in capital yet the European stress tests said they only need like $4 Billion. I'm now quite sure this stress test thing was a farce.
Everything I watch is holding right where I would expect....for now.
ReplyDeleteT3D- Thanks for the update. Yes, that's Kendra. She got a kick out of seeing herself here :). Bet that wont last long.
X trying to stay green.
ReplyDeleteHey guys!
ReplyDeleteGreat trading yesterday 2nd and Bob!
Nice photo Mark.
I am sitting long in some PAL and frankly, I am in it because palladium seems to want to rise, as does gold and silver. Does the STOCK go up?
Hell no:) It is Friday though...and a more unlikely day for an upswing I cannot imagine.
Set a stop underneath and going to the doc with moms 4 a checkup.
And my PAL is profitable by a penny or two.
Hoping to see my Phillipino honey 2nite, but she's so hott I may not be doing it 4 her, who knows?
Beautiful women=the way to a broken heart.
Ahh, but did you see the moon rising firey red over Long Island Sound two nights ago, as she rested her nest of jet black hair gently on my shoulder and I held her, and then together ventured out onto the fringes of infinity...
I should at least be able to SPELL Philippino, right?
ReplyDeleteBAC green.
ReplyDeleteX up 1.8%
ReplyDeletethose (BAC, X) are good indicators Mark. Good enough to make one buy?
ReplyDeletebought TBT at 35.80's but sold too early at 36.
ReplyDeletesame with DGP at 29.40 or so, sold at 29.49 on bad click (falling asleep at mouse)
same with /gc overnight, 2 trades bought 1168 or 69 area, but sold too early for small gains.
net up about $600 total, which is better than a sharp stick in the eye, but not what it could have been...
TOF- If it weren't Friday, I already would have. Just not so sure here. Like I said earlier, everything I watch held obvious levels and have bounced nicely.
ReplyDeleteWas trying to watch FCX, but its on the farthest monitor to the left, so didn't notice the trade when it turned this am...
ReplyDeleteWish I had the RBY back... I just get too antsy and too desperate to book gains. Too much fear of them turning to losses.
ReplyDeleteI should add that volume is very light on my stuff. Although I pay less attention to volume than others.
ReplyDeleteMan, speaking of volume...trading has just flat stopped here. That's not good for Pooh.
ReplyDeleteMark - I still think the jobs report for July (due out next Friday) will be solid so I'm waiting before I get too bearish on things...
ReplyDeleteIf it doesn't warm up this weekend, I'm going to be one pissed off cabana boy.
ReplyDeletePAL - I think PAL's gonna close green today, where's sharkie?
ReplyDeletePXP just had a 2000 3min. volume bar. Yikes.
ReplyDeleteCP- Last I saw Sharkie he was memorizing a few poems.
ReplyDeletewow. now i'm pissed i sold!
ReplyDeletelook at RAS fly.
Good luck guys. Got to run. Sitting on my cash.
ReplyDeletewow, more confused than usual re: todays action.
ReplyDeletetza @31.15, faz @13.69, typ (2x normal) @39.60
let 'er ride!
booking profit on typ @40.12, and taz @31.65
ReplyDeleteNow I'm happy I sold.
ReplyDeleteYou get the point, it's a volatile one. On the one hand people are probably thinking this GDP report will be revised down almost 1% like last quarter's was revised down. And this plays right into what that Bullard guy was saying yesterday. On the other hand Chicago PMI was stronger than expected and the jobs report next Friday could be solid as well. As such, I'm thinking we won't see a significant pullback until after the Friday jobs report for July, if we do at all.
I suspect I'll be doing a little sit on hands until then.
Well, it looks like we're back to hurry up and wait mode...
ReplyDeleteBack from the doc.
ReplyDeletePalladium and the other metals running.
Problem is, the gap in the PAL chart is really hurting. Folks are taught to abhor those gaps.
Poetry = the lingering scent of a lovely woman.
Chicken,
ReplyDeleteI am staying long over the weekend come hell or high water, but you gotta almost ask yerself...if PAL can't rise in this palladium environment, when can it?
I am hoping for a bodacious closing day upmove ala RBY yesterday.
Still kicking myself in the ass for not buying RBY yesterday at 3.40
I knew it would be good and it is, and from the looks of it it will continue.
Bob what do you know about RBY drilling results you mentioned yesterday?
Bill creating $30B lending pool for community banks hits impasse in Senate over amendments
ReplyDeleteBy STEPHEN OHLEMACHER , Associated Press
Last update: July 29, 2010 - 6:02 PM
WASHINGTON — President Barack Obama's election-year jobs agenda suffered a new setback Thursday when Senate Republicans blocked a bill creating a $30 billion government fund to help open up lending for credit-starved small businesses.
The fund would be available to community banks with less than $10 billion in assets to help them increase lending to small businesses. The bill would combine the fund with about $12 billion in tax breaks aimed at small businesses.
Democrats say banks should be able to use the lending fund to leverage up to $300 billion in loans, helping to loosen tight credit markets. Some Republicans, however, likened it to the unpopular bailout of the financial industry.
Democrats had wanted to pass the bill before Congress leaves town for summer vacation, but that won't happen with the House scheduled to adjourn Friday. The Senate is in session for another week, but Senate Majority Leader Harry Reid said there would be no more votes until Monday
RBY has 6 or 7 drills running all the time, and the holes usually all have some gold, though not monster bonanza grades like I'd wish for. Seems like drill results typically about 6 weeks apart.
ReplyDeleteI think the big thing for RBY will be when reserves/resources get announced. I heard they are working on it, and suspect they are shooting for a 7 mm oz number or somewhere near that. Some estimates are 10 mm oz, some as low as 3 mm, so who knows?
PS: I am no expert on RBY or miners, but just thought it had gotten stupidly cheap on a bunch of bashing and shorting...
ReplyDeleteMy buy stop order on 600 shares of TWM was triggered this morning at $20.10. However, given that both the WLI Growth index and the Consumer Metric Index (http://www.consumerindexes.com/index.html) keep going down, I don't mind having this position. In fact, I just bought 100 more shares of TWM at $19.65.
ReplyDelete2nd- Yep. Cashola here.
ReplyDeleteNice scalp JP. I'm glued to my chair. This action is crazy.
ReplyDeleteMU, WFR, NVDA - Small probe positions
ReplyDeleteJAG, GRS moving up
ReplyDeleteGMO's second quarter results published today:
ReplyDeletehttp://www.generalmoly.com/index.php?option=com_content&view=article&id=78:073010-general-moly-announces-second-quarter-results&catid=1:news-releases&Itemid=49
Just bought 200 more TWM at $19.83 for a day trade and placed a buy stop order for 700 shares at $19.90, just above the recent high, so as to keep riding the newly emerged daily trend.
ReplyDeleteDBB - Can base metals overtake the 200DMA?
ReplyDeleteKyle - NVDA - Is there some news on the relationship between AMD's new chip-set and NVDA?
ReplyDeleteI've only managed to catch bits and pieces of the story...
My buy stop order for 700 shares of TWM was just triggered at $19.91. Let's see what happens next. The recent trend is in my favor, so hopefully that will put some good wind in my sails. Just in case, however, I just placed a sell stop order at $19.85 for these 700 shares.
ReplyDeleteI had initially placed a stop at $19.90, the level of the previous high, but as soon as I did it, the initial thrust up through $19.90 has subsided and TWM turned around, as if someone wanted to take out my stop. They did bring TWM down to $19.89 at some point, but I had already moved my stop down to $19.85. Maybe GS is really making most of its money by simply watching the stops people place and jacking the market up and down through those levels, forcing the people to re-enter at a higher price and "pay" the difference to GS?
ReplyDeleteTWM is having some trouble following through on the initial burst. I wouldn't want to be caught here on a sharp market reversal, so I just moved up my stop to $19.88 for all 900 shares purchased with the intent of day trading.
ReplyDeleteNVDA - Not sure; Just heard about over-all chip over-supply
ReplyDeleteDBB - $USD heading towards 200DMA @ 80.5 but some say watch for retest of 85 lvl...
http://www.incrediblecharts.com/tradingdiary/trading_diary.php
Unbelievable! I just got stopped out of TWM for a $50 loss even during what seemed to be an intraday downtrend!
ReplyDeleteThinking about it....
ReplyDeleteKyle- I took a look at MU also today.
ReplyDeleteReloaded 100 shares of TWM at $19.79.
ReplyDeleteJAG @ 8
ReplyDeleteReloaded 100 more at $19.75.
ReplyDeleteThis could be just a normal small rebound after several hours of market decline. It doesn't mean yet that the intraday downtrend has been broken...
ReplyDeletePlacing a buy stop order at $19.83 (the price at which my stop order was executed) for 700 shares that I haven't reloaded yet.
ReplyDeleteNVDA - Intel's gonna make a new effort at getting the x86 some market share in the smartphone arena, will be interesting to see if that's with RIMM??? x86 in a smartphone will generate revenue for both Intel and AMD I would guess.
ReplyDeleteAnyway, Intel's been trying to break into the phone-chip business for nearly 15 years now...!!!
Funny story, this was the whisper when I was there over a decade ago when they were worried about their cash-cow DRAM business drying up.
I bet the Chevy Bolt shorts out.
ReplyDeletePretty strong pit close for oil.
ReplyDeleteKyle- What's the play on JAG? 20sma break?
ReplyDeleteJAG - Like the way it launched off of 7.5
ReplyDeleteGRS - Liked the way it recovered 5.5
Both have work wrt fighting overhead resistance
UNG - Very erratic, but 'sort-of-a' C&H Wed-Today wrt 8.20 break.
ReplyDeleteDamn. I wish GMO filled that gap.
ReplyDeleteTBT getting dunked today
ReplyDeleteBond market must really believe economy is going into the dumper...
ReplyDeleteMy buy stop order for 700 shares of TWM was triggered at $19.83. Placing a sell stop for these shares at $19.73.
ReplyDeleteWhat a day for me! Stopped out again for a loss of $70. I tried trading with the multi-hour trend and entered it exactly when the trend has turned.
ReplyDeleteSince it looks like I'm going to sit the close out, I call this spat of buying EOM.
ReplyDeletedavid - i would be paying little attention to the daily swings. as mark mentioned...a lot probably has to do with the EOM crap.
ReplyDeletein looking at the nikkei from 1995 to 1999, there were some wild long term swings but after a big run in 95, the market ultimately retraced to the lows and then went down another 50% over 10 years. if we're anything like them then this is going to be a long hard slug going forward, with lots of couple month to several month trade opportunities.
then again, if we get a few solid jobs months then we could still see a test of the 1,200 level. i'm waiting for a definitive break before doing anything, one way or the other.
ReplyDeleteNow that I have loaded up on TWM, I should focus now on selling my long positions if market shows more strength. I have just placed a sell stop limit order at $10/9.95 for all my 600 shares of UCO.
ReplyDeleteK - Of course it's flying, just look how beat up it was...
ReplyDeleteBidding RAS @ 2.00.
ReplyDeletecp - 'Flying' isn't the word I would use... Struggling to fight against resistance levels is more like it
ReplyDeleteRAS filled @ 2.00. See you guys pool side.
ReplyDeleteKyle - I'm not getting your point, K's up just over $2 today...
ReplyDeleteI'm trying to comprehend though, what if I changed the wording to: "Struggling to break through resistance levels"?
I'd say the move there is over for the most part but again I'm left wondering what everyone else sees that I don't, just like the GMO volume move comments the other day that I couldn't comprehend...
I'm afraid I must be more dense than I'd imagined concerning these nuances but I'm trying....
Even though I kept doing damage to my OptionsHouse account with my day trading (and a morning purchase of 600 shares of TWM at $20.10), that account ended up slightly positive for the day, thanks to a jump in gold and in UCO. My other two trading accounts ended up by about $1.4K, since they are mostly based on crappy natural resource companies which were up today. Last but not least, ECU.TO had a strange spike into the close, and given my large position in it (20% of my portfolio), that brings my total trading accounts to the highest point since July 2009, when I tilted my portfolio from the long side to the short side AND started heavily scaling into HNU.TO, which has collapsed later on in the fall.
ReplyDeletecp - Sorry man ... misinterpretation (and that's a big word for a scotch drinker on a Fri e vening)... need to grill...
ReplyDeleteJuly 2010 summary:
ReplyDeleteBest month in a year.
Dow ended the month up 7.1%.
S&P 500 up 6.9%.
If you bought and held the 3x index Bull, well you know the rest.
That means it's time to go flat or short the market...
ReplyDeletenew post
ReplyDelete