Well, looks like I actually called today's tape on the button yesterday. So why didn't I trade it? Simple. I still think we go higher and I closed the day with a +.89% return. I suspect a little more downside tomorrow and then up into years end. The new tax deal is just far too bullish short term and my holdings are no where near over bought.
LONG:
BAC/MMR/UNG/TBT/SSO/BYD/TIE/CADC/WATG
Now back to your regularly scheduled blog...
mark, i agree we go higher with the new tax deal.
ReplyDeletebut it is long term a bubble and we all know it.
slw
vb- Agreed. Please be careful trying to pick a spot for more SLW. There are a lot of players in that trade right now with a TON of profits to protect. Sadly, I'm not one of them :(
ReplyDeleteWhere are you hanging your hat these days?
I saw 3D tv today for the first time in a demo. I had a splitting headache in about 5 minutes.
ReplyDeleteDOWN GOES FRAZIER...DOWN GOES FRAZIER...
ReplyDeletehttp://www.youtube.com/watch?v=W9q7mvc6bsY
I have no idea why that popped into my mind tonight. I remember it like it was yesterday.
Is Frazier the market?
ReplyDeleteI hope not.
Is anyone else noticing the double toppy look to the SPX, or is it just me?
FF
Hey NFLX CFO resigned??? Going further down...Don't play CRM (dreamforce is on in Moscone) / OPEN ....play NFLX...
ReplyDeleteNot hard to see it as triple toppy my friend. I just don't think so. I got a call today to interview, again, for a 3.5M project that has been on hold for 3 years. They want to start yesterday. The people I deal with just want clarity so they can make decisions.
ReplyDelete3D TV gives me a headache just thinking about it. It's not really 3D, the human brain isn't that easily fooled.
ReplyDeleteANON- NFLX CFO, never good. I'll stay away from all of them though. Did you see the recent COT data? Institutional longs 3-1. We'll see.
ReplyDeleteHow 'bout Hagler V. Hearns 1985? Best 3 rounds EVER!!
Very interesting times indeed. MSBC is bashing Obama.
ReplyDeleteTOF - great call on NFLX. If you got out of the puts I missed it.
ReplyDeleteOn natty, all I'm getting is a range of -75 to -97 withdrawal.
I'll be offline for a couple of days. Watch TBT.
I never scale in the 1st day of a correction.
ReplyDeleteI noticed day before that all the channels were pushing gold/gold stocks when it hit 1430. At that point, with Ben having announced QE3 and Congress providing a reason to with yet more free "bread and circus" that comes from nowhere, it would seem that EVERYONE would be all-in gold/silver, thus nobody left to buy.
Just my 2 cents. Watch the daily MA supports, and yes, I'll scale in as they hit, I think.
Actually, I'm not opposed to the deal Obama struck as opposed to not having any deal at all.
ReplyDeleteWe'll see how it works out, but raising anyone's taxes at this point, especially the middle class, doesn't seem like a prudent move.
I don't think it was "bad" as compared to doing nothing, but its just more of the same, "ship going completely wrong direction" policy.
ReplyDeleteWe need to correct the trade imbalance, produce as much as we consume, and in the process, we will have to go back to working, making those things to consume, instead of just moving digits with mouse clicks and borrowing to import everything we consume.
The short term fixes aren't doing anything but delaying the pain, and increasing the amount of delayed pain to be inflicted, IMO.
reloaded a small amount of DGP at 41.07
ReplyDeletebought some RBY on a panic dive
ReplyDeletesold the RBY for $570 profit
ReplyDeletestarting a new position, again, in PIP @3.61
ReplyDeleteSold my BYD calls this morning but unfortunately held on to the stock; added to my OPEN put position (Dec and Jan $75 Puts).
ReplyDeletebuy limit in at 3.55 for some more PIP.
ReplyDeletegl w/open tof, i agree that when that sucker cracks it's going to drop a ton.
jb - yeah i agree with everyone saying you should wait for the break but i have a feeling when that happens no one will be there to act quick enough. i'd rather try to anticipate it and lose than wait and sit it out.
ReplyDeleteexactly tof, once it starts it will happen fast.
ReplyDeleteRainy, late start to the day. Amazing how quickly traders are leaving the PM/rare earth, etc. sector.
ReplyDelete3 upgrades today for CRM avg. $175.
JB- What drug is PIP trying?
hey Mark - PIP is a "bio defense" play, could really pop next time there is any whisper of anthrax
ReplyDeleteOh yeah, we get a lot of anthrax calls.
ReplyDeleteOh wait...do you mean the BAND Anthrax?
Yeah, they're playing at the local casino....
FF
Seems there is some confusion. SO PIP makes a deodorant that covers the stench of the band members from Anthrax? :)
ReplyDeleteyou got it Mark!
ReplyDeleteJB- Seriously, what caused all the interest lately? Seems like an interesting/limited space.
ReplyDeleteTook my profits on my OPEN $75 Puts that expire next month (about 10% profit) and will let the others ride in case it breaks down. It refuses to go below $72 now.
ReplyDeleteI also added 2 x more GOOG $570 Dec calls at $19.4. Now have 4 of these.
I'm sure my port will blow up, but I seem to be in a sweet spot. +.55% today so far/YTD highs. Now that I've jinxed myself...at the close:)
ReplyDeletenibble slw 37.61
ReplyDeletehey, bac is getting a break
rebought RBY again. Bought DGP big near $40
ReplyDeleteAnthrax - Hope I never get that again!
ReplyDeleteclosed out ALL positions up $2100 on the day, total
ReplyDeleteSold too early again.
ReplyDeleteDGP broke out above my sale...
Oh well...
nice job cb
ReplyDeleteok, off to work. mark, I will email you separate on my whereabouts. getting a little paranoid about being wiki leaked - (not that my life is that exciting.lol)
ReplyDeleteSo silver bounced off $30 and is now consolidating?
ReplyDeleteI'll tell ya, it's been cold as hell here this week, the heat pump runs all night.
ReplyDeleteThey say we're going to have a warmer than normal jan/feb though, due to El-Nino.
Out of all of my longs...i'm too fickle right now. Bonds across the board are crashing so I think we can pull back a bit more. added to my OPEN $75 Dec puts at $3.7.
ReplyDeleteThe jump in TBT from $34.50 to $39 over the past 7 trading days is a bit extreme and makes TBT very overbought short term. So I decided not to wait for it to hit my sell limit order at $40.30 and just sold at $39.10 the 150 shares I purchased on the recent pullback at $35.30, which completes my 3rd successful round trip on TBT (I still have one January $34 put that I sold at $160, which will most likely expire).
ReplyDeleteLooks like I caught the top of the day for TBT. :) It will probably be over $40 tomorrow, but that's going to be another day. :)
ReplyDeleteAlright...banks are clearly in favor now. So I decided to add to my IBKC at $54.66 that I started at $50.03. I still believe this is a great long term buy, one that will go up multi-fold over the next 10 years. Now the question is if I can actually hold on to the stock.
ReplyDeleteLooks like OPEN may FINALLY be losing some steam here.
ReplyDeleteCADC - Needs to close better than $4.07
ReplyDeleteGMO - Pretty weak today, needs investigation.
ATNI - Seems to be basing, still too early to tell for sure but this might mark the bottom.
Baby Got BAC...
ReplyDeletehttp://www.youtube.com/watch?v=k4he79krseU
BAC was rejected right at the 50. I bet it get's through it on the 2nd attempt.
ReplyDeleteGot gas? (UNG)
I am back from the beach, and I see that HNUZD hit my sell limit order at $7.25 for 250 shares. At this point, I sold 250 shares at $6.50, $6.75, $7, and $7.25, which is equivalent to selling 1000 shares at $6.825. I purchased these shares as HNUZF at the average cost (accounted for the reverse split) of $5.7, giving me a profit of $1125 on my latest purchases of HNUZF made at the bottom of its long downdraft.
ReplyDeleteMy next sell limit is at $7.50 for 250 shares purchased at $6.50, and then I'll start selling HNUZD at larger intervals of $0.5 with sell limits at $8, $8.50 and $9.
One more DGP in/out got me to $2200 for the day.
ReplyDeleteWent long DGP again smallish position at 40.58 near the close.
closed DGP for $50 profit. Better than a loss...
ReplyDeleteATNI - This one's been running above average volume, I may have to add soon although I'd hoped to add to CADC following a panic instead.
ReplyDeletePMI - About to bust through the 20SMA?
ReplyDeleteIRE - Closed with a nice gain.