It's worth your while to reread Colin Twiggs' Monday morning post-
http://tinyurl.com/54qccl
The support levels/reversal signals that he mentions include-
DJIA 11000
SPX 1180
NDQ100 2050
Personally, I don't think they hold. But that's just a working hypothesis.
RoBear - That is an interesting idea. I have a similar idea but it involves a laundromat, which are also cash cows.
ReplyDeleteDavid - yes, I'm definitely NOT a long term investor. I think the longest I held a stock this year was about 45 days. So I guess my take on valuation doesn't really matter much except for swing trades like back in late August when it seemed crazy to me that the market would be trading at 12 times earnings.
http://seekingalpha.com/article/236890-are-municipal-bond-markets-collapsing
ReplyDeleteI'm keeping these munies at the top of my watch list. MBI and AGO could be great shorts here.
ReplyDeleteGuy's don't hate me for getting all TA, but the market looks real weak. Probablly Ben's fault. We had the gap up after the announcement on high volumn a consolidation at new 52 week highs then weakness that filled the gap. THen yesterdays breakdown through the 20 DMA. Basicly a text book, blow off top. I think we need a reversal quick above the 20 or we will go lower. If the market was a stock would you buy it?
ReplyDeleteFD, I am biased short.
Bob
I'll get back to a few questions last night later today. Kinda busy this morning.
ReplyDeletePretty rangy open in the stuff I follow.
LVS still coming off hard.
ReplyDeleteLVS gap fill would be 41.04.
ReplyDeleteCADC stinker @ 4.14.
ReplyDeleteHEK stinker @ 3.76.
ReplyDeleteNice move in RBY...Good job CB!
ReplyDeleteyup, RBY drills hit more bonanza grades in new area
ReplyDeleteRubicon Minerals Announces Initial Delineation Drill Results From the F2 Core Zone within the F2 Gold System, Red Lake, Ontario
- includes 16.59 oz/ton gold over 8.2 feet in newly identified northeast-trending subzone -
- cross-cuts expose F2 Core Zone and separate northwest hanging wall zone -
FD: Long >100,000 RBY shares
http://finance.yahoo.com/news/Rubicon-Minerals-Announces-prnews-3925715568.html?x=0&.v=3
As I said b4, they had already hit >1900 gr/toin 3 different places/times, and its right next door to Canada's best mine, so I felt the odds were good, they would hit more of those high gold pockets/veins as time goes by. If it was only one, or maybe two, you might argue it could be by chance, but more than that, my bet is you find more in time, especially in Red Lake Ont
ReplyDeleteRobear - I disagree but I'm biased long! Munies are acting well tonight so that fear trade is off for the time being...
ReplyDeleteExcellent action in BSX this morning. This is a classic breakout above the 200 DMA buy in my book...just like the market was back in June/July 2009. It pulled back to the 200 DMA yesterday and bounced right off of it.
ReplyDeleteI'm prepared for lower prices if they come to me, that would be just fine.
ReplyDeletei'm listening to CNBC this morning...why the f do people care about GM? i guess they have to push it hard for the us govt.
ReplyDeleteSure feels like they're sucking in bullish stragglers right now.
ReplyDeleteTOF- GM, I keep thinking the same thing. WTFC's.
ReplyDeleteAAPL has tested 300 3 times now.
ReplyDeletespeaking of which (GM)...there's no way this market goes down today with this IPO going on. the powers that be will see to that.
ReplyDeletePerhaps it's big news b/c GM was the largest company in the world not so long ago (or something like that)?
ReplyDeleteWell the new GM cars must run on uranium.
ReplyDeleteURRE
FF
I think it's a mistake to be bearish here.
ReplyDeleteFD: Long ACI, ACI Calls, BYD, PIR. Just bought some January $9 Calls at $0.75 on BYD.
Sold my NG via HNU.to this morning around 11:00am. Port#, I agree that short-term trading is what is needed. I have decided that NG is going up over time - not a lot, but I am going to be a day-trader in NG for now. And position a swing trade when the technical indicators say hold.
ReplyDeleteJust think what would happen if GM were to announce an uranium powered car!
ReplyDeleteI could have saved myself a lot of work had I just bought SCCO @ $26....
ReplyDeleteURRE...I was just looking at that. BORN might be interesting if it can get back into the 10's.
ReplyDeleteURRE- Yesterday's high was 2.49. If it doesn't get through that, watch out.
ReplyDeleteLet's play "Appraise Mark's House"!...Dude should be here for round 2. Last appraisal came in @ 800K. I think she was drunk. I'm going with 720K.
ReplyDeletePlace your bets!
Team,
ReplyDeleteI am trying not to think, just looking at the squiggly lines from a momentum trading point of view.THe momentum is on hiatus in the short term.
I say in excess of 800, more like 820ish?
ReplyDeleteSo now the state will discover how much to asses for property tax purposes? Ouch!
Solar is getting burned today. Yikes.
ReplyDeleteCP- Prop 13 here man. Doesn't matter.
Gimme more downside, lots more, so I can add then go do something else for a couple weeks!
ReplyDeleteI'll pick up some C if it can get to 4.10.
ReplyDeleteProp 13 - I forgot about that.
ReplyDeleteThank god I'm a major share holder in BAC :).
ReplyDeleteURRE: Depends on if you are a pullback trader or a breakout trader. I have a stop well below 2.49 where I can't lose $, so I can be patient.
ReplyDeleteFF
FF- I hear you. Might take more than one run at it. GL.
ReplyDeleteWatching UCO.
ReplyDeleteMark - What's the hope with the appraisal? Higher or lower? Either way you should get the appraiser drunk.
ReplyDeleteTOF- Don't really care. I have over 50% in equity.
ReplyDeleteThere's 2 of them here now. Never had that before. I think I'll just get drunk instead. They've been outside for an hour already. Last chick that came the whole thing was over in about 20 min. She of course made a note that I didn't have a fridge. Guess she missed the friggin 4' Subzero. :)
WTIC..81 has a lot of support. Better hold that baby.
ReplyDeleteRight now I'm up exactly 1 whole dollar.
ReplyDeleteBidding UCO @ 10.00.
ReplyDeleteNope...Off.
ReplyDeleteOK, lets see if it can get into 9.93. I'll leave that one on.
ReplyDeleteYep, I've been meaning to buy a fridge, might help keep the milk from going sour but I've gotten used to it that way. ;)
ReplyDelete2 bucks!!
ReplyDelete"2 bucks!" - Would make a nice straddle if it were all in nickles, the metal's worth more than 5 cents apiece right now.
ReplyDeleteA little kibbitz on my great t+A I do see strength in some of my holdings. AXL has just broken out. trailing the stop below the 20dma:)?
ReplyDeleteI'm in the wicker wheelhouse once again! PIR = my strongest holding.
ReplyDeleteHey, what's going on in there? Hope that' not smoke I see coming from the wicker Wheelhouse...
ReplyDeleteWell, so Europe is green so obviously they aren't worried and I really think the FED will attempt to do something positive for the economy, so what the heck are we waiting here for?
ReplyDeleteScottrade has finally made available the ADR on HNU.TO for trading after the reverse split in HNU.TO. The new name of the ADR is HNUZD.
ReplyDeleteI have just placed a sell limit order at $6.50 for the 500 shares of HNUZD I purchased at $5.50 and another sell limit at $7 for 500 shares purchased at $5.90 (I did the buying with HNUZF and I have now mentally adjusted the share lot sizes and the price targets to account for the 2:1 reverse split).
ECU.TO is having a nice bounce today, so I placed a sell limit order at $1.10 for the 1750 shares of ECUXF that I was able to purchase yesterday at $0.95 (I had a buy limit order open for 5000 shares but only got a partial fill for it). If this limit gets hit today, it will be a quick and effortless $250 in one day -- why not?
ReplyDeleteJust bought 200 shares of TNA at 53.88 -- the intraday chart of IWM shows a steady series of higher lows and the price was right at the $71 resistance level, so I figured it will be broken and TNA is a good leveraged vehicle to use for that intraday breakout, if it happens. :)
ReplyDeleteAdded 50 more shares of TNA at $53.82, and placed a sell stop order at $53.65 for all my 250 shares.
ReplyDeleteWell, the IWM chart has deceived me: instead of a break out, it actually did a breakdown and stopped me out of TNA at $53.65 for a loss of $60. This trade was just a small game I decided all the sudden I want to try playing, and I kept my position size appropriate for a game. :)
ReplyDeleteJJS keeps edging down, so I decided to remove the buy to cover stop order at the price where I entered my short ($75.30) and instead placed a buy to cover limit order at a reasonable profit target of $500, which corresponds to the price $65.30. Let's see if this limit gets hit this week...
ReplyDeleteThe January NG futures spent some time over the past few days retesting the psychologically important $4 level that was first tested in late October, and today's rally seems to suggest that the double bottom is in place and NG is finally set to take off.
ReplyDeleteSold my ACI at $27.85 that I bought yesterday at $27.55. Sold my ACI Calls at $2.45 that I bought at $2.32. Stepping aside and waiting for a panic.
ReplyDeleteBumping up my CADC bid to 4.17.
ReplyDeleteI see that my TNA trade has actually worked! Its real purpose was to deceive the market gods (who always want to screw me in day trading) and make them move the market against me (i.e., down). But they forgot that I have some November puts on FCX and IWM, and my biggest concern right now is to make sure that I make the most out of those puts! Screw TNA -- let me market collapse until Friday! :)
ReplyDeleteWith the afternoon weakness in the market, I decided to lower my sell limit order in ECUXF to the asking price of $1.09
ReplyDeleteDecided to move my ACI calls into DEC $116 Calls at $3.92. I think this down move could just be a head fake. I still think with the GM IPO tomorrow there should be some positive momentum in stocks and we should see a retracement to the 1,200 level.
ReplyDeleteMy sell limit for ECUXF at $1.09 was partially filled once again, with 1500 shares sold. Since those shares were purchased at $0.95, today's trade gave me a decent $200 profit.
ReplyDeleteSo we're not having schnitzel until after we eat our stress test spinach, is that it?
ReplyDeleteWell, gold outperformed my port today, that's for sure...
ReplyDeleteAfter thinking about this whole GM deal, I guess on the surface it is a bullish thing. This is a company that was bailed out with a ton of money so for the government to get some money back and for them to begin paying the govt back is a good thing in the long run.
ReplyDeleteI'm not so sure about the effect the GM deal might have. I'm more interested in the unemployment figures actually, which I am counting on some improvement, hopefully.
ReplyDeletegood point chicken...me thinks tomorrow could be a gap up day.
ReplyDeleteGap up would be nice, in that case I'm not long enough (only 70%, yikes!) though.
ReplyDelete