Today is a battle for Intermediate Term trend at EMA 63 (1322.8). So far we have not penetrated on upside but its close. Amazing how EMA 63 acts as a magnet for traders to work around and harvest stops.
morning guys. man, being jobless sure adds a ton of pressure to trading, missed a couple of nice ES set ups and one great 6E set up....going to sit on my hands some more, study MP and ad/trin and try to get some confidence.
I'm looking for ES to rock higher here, like a coiled spring, we are at some major short term support and a ton of selling as been absorbed...we drop below 1316 and there will be trouble
SORL just had a major dump and dropped below $5. I sold out of my 1000 shares of SORL at $5.95 last week, and so just now I decided to reload at $4.25 by selling 10 September $5 puts for $0.75. If SORL ends up above $5 in September, then I won't be too upset because I already have December $5 calls on SORL. :)
Man, what an evil spike down in SORL that was! SORL is back to $5.22. :) All those who went long SORL recently and placed a sell stop at $5 were just shaken out.
SLV gapped up today above the upper boundary of its 8-day trading range. That's how the train leaves the station without any passengers. I guess I lucked out with buying SLW yesterday at $34.60. Of course, that was a "nominal" purchase of my habitually small position size, and today's gain gets lost in the usual 5-minute noise in my portfolio. The big story today is that ECU.TO is up 4% now -- THAT does have a noticeable impact on my port. :)
CADC is up 17% now with a bid at $2.56. I am placing a sell stop at $2.54 for the 1000 shares I bought yesterday at $2.18 and will keep moving up my stop as it surges higher.
Dr. Wish of http://wishingwealthblog.com/ says we are in a new QQQ short term downtrend so he has gone to cash or hedges in his trading account. In his university pension account he is still long because the longer term trends have not turned down. His system works well for keeping folks in or out of the overall market.
Well, they immediately saw my stop and jerked down CADC to hit it. Still, I just booked a $360 gain, which nicely covers the two bottles of absinthe I bought last week in anticipation of a strong reversal to the upside this week in the stocks I am holding. THAT's what I call intuition! :))
As for CADC, the previous lot of shares I added was at $2.41, so if CADC keeps surging up toward $3, I'll only be happy. In fact, I have just placed a sell limit order at $2.91 for the 1000 shares I added at $2.41.
Update: it looks like my sale of CADC spooked the buyers and the amazing spike up has stopped. After all, the volume I created with CADC with my 1000 shares at $2.54 was way above their expectations. :)
Today is shaping up as a good day for me. What I like the most is the amazing luck I had to wake up EXACTLY at the time when SORL had its unbelievable spike down below $5 and my quick decision to sell September $5 puts on it for $0.75. Of course, next week SORL can be at $4.50 and I'll be saying how unlucky I was rushing to sell puts on SORL, but that's that nature of the game. :)
Since my purchase of SLW yesterday at $34.62 was a speculative one, I decided to place a sell stop limit for it at $33.98/$33.95, just below yesterday's low. If SLW drops that low, then today's move will look like a fake brake out from a trading range before the real move in the other direction, and so technically there will be no reason to holding SLW at that point.
ECU.TO finishes today up another 5%. I fully expect that the hardest test of my guts and faith in ECU will not be the one that connected to the recent drop in ECUXF below $0.7, but the excruciatingly long one that will be happening daily once ECUXF breaks out to a new high in 2011 and I will be begging 2nd_ave to admit me in his solitary confinement camera, so as not to sell ECUXF too early...
CP, I just checked out GMO's web site for updates on their permitting process and found an interesting note on May 12:
"The Company remains very optimistic that its water applications will be granted. The Company owns approximately 16,000 annual acre-feet of agricultural water rights in Kobeh Valley. All mining companies must acquire or convert agricultural water rights to mining water rights prior to commencement of operations. Applications to transfer the type of use and points of diversion are common and routine in Nevada. The State Engineer's ruling will most likely be issued in the third quarter but could come as early as late June."
That sounds pretty good, right? Maybe I should bump up my stake in GMO, consistent with the increase in my internal probability of them receiving the required permits in 2011...
Folks, I posted this before but check it out once again:
Look at the GMO graph since March 2009 -- a nice and steady series of higher lows, with GMO touching right now the ascending line connecting the lows and based on its action during the past couple of weeks, looks like that support is going to hold. So just based on the technicals, GMO can rocket to $6 in a month simply because the traders will see that yet another test of rising support line was successful.
Interesting... I just tried to log into CC to make a post about GMO, and got the following message: "The username DavidV has not been activated or is blocked."
Is that because the moderator of that site (Bill himself?) carefully read our posts here and figured out that I am the DavidV on that site? And then blocked me in his infinite paranoia?
CADC - I had to step out this afternoon, glad to see CADC has begun to move in the right direction for David!
GMO - All kind of standard stuff but an 25K share insider purchase was transacted a few days ago @ $3.96, hopefully it helps reverse the slide.
Also of potential note, the scheduled investor conference:
"Bruce D. Hansen, Chief Executive Officer of General Moly, will present at the Goldman Sachs Basic Materials Conference on May 26th at 11:10am ET. The Company will also participate in one-on-one investor meetings at the conference. To listen to a webcast of the presentation, please visit the Company's website (www.generalmoly.com) and click on the conference webcast link under the "Upcoming Events" section on the bottom-left of the home page. The presentation will be archived for 180 days."
To say I'm disappointed in the action for BEXP today would be the understatement of the year...However, I kinda expected it. It has out preformed XLE/OIH and the other Bakken players off the bottom.
Still Fing pissed though. Hopefully the Sharks lose tonight to put me out of my misery.
Not much news out today I can find.
ReplyDeleteVsoft deal with MITK and GS crude call about it.
Finally a nice morning to be long...
ReplyDeleteBEXP - I really like how this one held up yesterday although I could sense the caution.
No news is good news apparently. Europe is green even, the default of eurozone is all priced in now.
ReplyDeleteRemind me to buy a short ETF next time we hit the upper trend line b/c curiously enough every time we do, the eurozone goes bankrupt.
Today is a battle for Intermediate Term trend at EMA 63 (1322.8). So far we have not penetrated on upside but its close. Amazing how EMA 63 acts as a magnet for traders to work around and harvest stops.
ReplyDeleteguys - CTCT is a buy right here
ReplyDeletemorning guys. man, being jobless sure adds a ton of pressure to trading, missed a couple of nice ES set ups and one great 6E set up....going to sit on my hands some more, study MP and ad/trin and try to get some confidence.
ReplyDeleteJb > just buy MITK already man...it's going to $20.
ReplyDelete"battle for Intermediate Term trend at EMA 63 (1322.8)."
ReplyDeleteGood observation. I also notice the U$D has moved back to near 76 but has not penetrated to the downside.
Kinda looks like currency fixing is the name of the game.
Illini- Agreed. Man, I hope this is just a shake out right here. Otherwise, we might be in for a world of hurt.
ReplyDeleteNot like the market to pull back here to let more passengers on. Crap, what a fing reversal.
ReplyDeleteTake a look at AA. It REALLY needs a drink man.
"Moody's warns UK banks of potential downgrades"
ReplyDeleteThe UK banks are important mega banks, they will no doubt strengthen their defense shields. How to play it, I haven't a clue.
tof - I'm in MITK buddy!
ReplyDeleteI'm looking for ES to rock higher here, like a coiled spring, we are at some major short term support and a ton of selling as been absorbed...we drop below 1316 and there will be trouble
ReplyDeleteUEC - Looks oversold...
ReplyDeleteIf the FED wants to stimulate the economy, all they have to do is send me a few billion $ to spread around, I'd be happy to assist in this capacity.
ReplyDeletegoing to get out at 1318...no rocking higher
ReplyDeleteJB > Oh I didn't realize that...I thought it was just Mark and I that were the senseless ones in MITK.
ReplyDeleteYNDX - New IPO, internet search...
ReplyDeleteTF - I am in MITK also.
ReplyDeleteoh yeah i knew that illini...well, we're all a bunch of senseless fools.
ReplyDeleteGLEN.L - Glencore gained in London, day one of IPO...
ReplyDeleteSORL just had a major dump and dropped below $5. I sold out of my 1000 shares of SORL at $5.95 last week, and so just now I decided to reload at $4.25 by selling 10 September $5 puts for $0.75. If SORL ends up above $5 in September, then I won't be too upset because I already have December $5 calls on SORL. :)
ReplyDelete1313 Mockingbird Lane?
ReplyDeleteMan, what an evil spike down in SORL that was! SORL is back to $5.22. :) All those who went long SORL recently and placed a sell stop at $5 were just shaken out.
ReplyDeleteBEXP - Couldn't stand leaving a gap open, absolutely had to close it.
ReplyDeleteWe close nicely green is my gut feeling
ReplyDeleteSLV gapped up today above the upper boundary of its 8-day trading range. That's how the train leaves the station without any passengers. I guess I lucked out with buying SLW yesterday at $34.60. Of course, that was a "nominal" purchase of my habitually small position size, and today's gain gets lost in the usual 5-minute noise in my portfolio. The big story today is that ECU.TO is up 4% now -- THAT does have a noticeable impact on my port. :)
ReplyDeleteWay to go, CADC! +10% today! I am glad that I added some yesterday at $2.18, after noticing that it made higher intraday lows for a few days.
ReplyDeleteCADC is up 17% now with a bid at $2.56. I am placing a sell stop at $2.54 for the 1000 shares I bought yesterday at $2.18 and will keep moving up my stop as it surges higher.
ReplyDeleteDr. Wish of http://wishingwealthblog.com/ says we are in a new QQQ short term downtrend so he has gone to cash or hedges in his trading account. In his university pension account he is still long because the longer term trends have not turned down. His system works well for keeping folks in or out of the overall market.
ReplyDeleteWell, they immediately saw my stop and jerked down CADC to hit it. Still, I just booked a $360 gain, which nicely covers the two bottles of absinthe I bought last week in anticipation of a strong reversal to the upside this week in the stocks I am holding. THAT's what I call intuition! :))
ReplyDeleteAs for CADC, the previous lot of shares I added was at $2.41, so if CADC keeps surging up toward $3, I'll only be happy. In fact, I have just placed a sell limit order at $2.91 for the 1000 shares I added at $2.41.
Update: it looks like my sale of CADC spooked the buyers and the amazing spike up has stopped. After all, the volume I created with CADC with my 1000 shares at $2.54 was way above their expectations. :)
Today is shaping up as a good day for me. What I like the most is the amazing luck I had to wake up EXACTLY at the time when SORL had its unbelievable spike down below $5 and my quick decision to sell September $5 puts on it for $0.75. Of course, next week SORL can be at $4.50 and I'll be saying how unlucky I was rushing to sell puts on SORL, but that's that nature of the game. :)
ReplyDeleteSince my purchase of SLW yesterday at $34.62 was a speculative one, I decided to place a sell stop limit for it at $33.98/$33.95, just below yesterday's low. If SLW drops that low, then today's move will look like a fake brake out from a trading range before the real move in the other direction, and so technically there will be no reason to holding SLW at that point.
ReplyDeleteECU.TO finishes today up another 5%. I fully expect that the hardest test of my guts and faith in ECU will not be the one that connected to the recent drop in ECUXF below $0.7, but the excruciatingly long one that will be happening daily once ECUXF breaks out to a new high in 2011 and I will be begging 2nd_ave to admit me in his solitary confinement camera, so as not to sell ECUXF too early...
ReplyDeleteCP, I just checked out GMO's web site for updates on their permitting process and found an interesting note on May 12:
ReplyDelete"The Company remains very optimistic that its water applications will be granted. The Company owns approximately 16,000 annual acre-feet of agricultural water rights in Kobeh Valley. All mining companies must acquire or convert agricultural water rights to mining water rights prior to commencement of operations. Applications to transfer the type of use and points of diversion are common and routine in Nevada. The State Engineer's ruling will most likely be issued in the third quarter but could come as early as late June."
That sounds pretty good, right? Maybe I should bump up my stake in GMO, consistent with the increase in my internal probability of them receiving the required permits in 2011...
Just bought 1000 more shares of GMO at $4.15...
ReplyDeleteFolks, I posted this before but check it out once again:
ReplyDeleteLook at the GMO graph since March 2009 -- a nice and steady series of higher lows, with GMO touching right now the ascending line connecting the lows and based on its action during the past couple of weeks, looks like that support is going to hold. So just based on the technicals, GMO can rocket to $6 in a month simply because the traders will see that yet another test of rising support line was successful.
Interesting... I just tried to log into CC to make a post about GMO, and got the following message: "The username DavidV has not been activated or is blocked."
ReplyDeleteIs that because the moderator of that site (Bill himself?) carefully read our posts here and figured out that I am the DavidV on that site? And then blocked me in his infinite paranoia?
Does anyone know Bill's e-mail? I think it is time I contact him and ask him what's up...
ReplyDeletedavid - i think it's bill at billcara.com?
ReplyDeleteThanks, TOF -- I'll try that.
ReplyDeleteCADC - I had to step out this afternoon, glad to see CADC has begun to move in the right direction for David!
ReplyDeleteGMO - All kind of standard stuff but an 25K share insider purchase was transacted a few days ago @ $3.96, hopefully it helps reverse the slide.
Also of potential note, the scheduled investor conference:
"Bruce D. Hansen, Chief Executive Officer of General Moly, will present at the Goldman Sachs Basic Materials Conference on May 26th at 11:10am ET. The Company will also participate in one-on-one investor meetings at the conference. To listen to a webcast of the presentation, please visit the Company's website (www.generalmoly.com) and click on the conference webcast link under the "Upcoming Events" section on the bottom-left of the home page. The presentation will be archived for 180 days."
To say I'm disappointed in the action for BEXP today would be the understatement of the year...However, I kinda expected it. It has out preformed XLE/OIH and the other Bakken players off the bottom.
ReplyDeleteStill Fing pissed though. Hopefully the Sharks lose tonight to put me out of my misery.
VNM?
ReplyDeleteVNM - Yes, I think they devalued their currency. I guess they're not too worried about inflation in their attempt to attract manufacturing?
ReplyDelete