Friday, January 20, 2012
1/20/12 Tustoned
You say it's your birthday
It's my birthday too, yeah
They say it's your birthday
We're gonna have a good time
I'm glad it's your birthday
Happy birthday to you
All the best to David and Mark! Damn, the Market delivered what you both asked for!
As for me, I closed out all positions (AMAT and BAC) for a total one-day gain of $91.26. No doubt both stocks will gap up big in European trading on Monday.
I'm going to follow rb and get Tustoned: http://www.youtube.com/watch?v=rYkKtt3kYBk
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And, exhale.
ReplyDeleteThey're forecasting rain on Sunday. I also have no positions on. I may have to settle for watching a bunch of guys move a ball up and down the field.
ReplyDeleteI need to spend some serious time with a good analyst, man. DANG. IRE. SKUL. jesse and tof handed all three and more to me on a plate, and I dumped 'em for SJT? It's a good thing we have a licensed shrink on the blog. Mark- what's my ----ing problem?
ReplyDeleteNice day for SORL. I wouldn't sel SORL here and play to hold it until at least $6.
ReplyDeleteAs fear comes out of the market, people will recognize the cheapness in this and bid it up. Still the risk that there is some funny accounting here, but less than a year ago as people are looking a lot harder for this, so risk is down.
Wouldn't personally make it a large position, but like what is happening.
How many of you can come up with MUTUAL FUNDS that would allow me to play the equivalent of (a) small-cap Chinese stocks, or (b) the equivalent of XLF?
ReplyDeleteI'll say it again, and I'll be wrong again: We have to go down.
ReplyDeleteNaturally, SHLD- a stock no one would touch with a ten-foot pole- is up +50% this week. It's just a back-asswards market, bro.
ReplyDelete2nd id say my confidence is growing toward highs again so u may be right.
ReplyDeletebb - i kinda agree abt sorl. i personally only have a smallish position (abt 7% or so of port) so it is allowing me the chance to just let er ride. given such a huge drop $6 aint out of the question over time
2nd- Let me have a couple beers and I'll get back to you.
ReplyDeleteSORL- Just couldn't hang with such a thin issue..So far my bad.
Let's assume for a moment that I'm NOT in need of psychotherapy. Instead, I'm patiently playing the waiting game. The market sells off, hard, over the next few weeks. Then I pile into XLF, SPY, EZU, CAF. And see 10% gains in a month. That's my take. It may be incorrect. But I'd say time is on my side?
ReplyDeleteINVN...That's a 50% move I missed.
ReplyDelete2nd- Well, fine, but I'm still drink those beers.
ReplyDelete"Instead, I'm patiently playing the waiting game."
ReplyDeletePerfectly healthy, perfectly normal.
As Landry is saying, "we will see more set ups as soon as we get a pullback". It's a stock pickers market.
"Take a stab here or there, but don't bet the farm".
I'm sticking to my trade. BAC at 6.90, pt of 8.30, stop at 5.50. Set it and forget it.
Made some good cash on DANG today.
Still holding everything listed last night.
Everyone else will say, "yeah, but the market may not pullback and let you in."
Pfffft. It always pulls back. That's how we got into BAC.
My advice would be....stop micromanaging. Livermore would say, "the hard part is sitting".
Tom Petty would say, "The waiting is the hardest part."
I say take a decent position and if you must micromanage, trade around the core you hold.
I also say Happy Birthday Mark and David. Mine is coming up in about ten days. I hate that, except not having birthdays is wayyyyy worse.
Well said CC and happy birthday to you too!
ReplyDeleteLivermore - Wasn't he the guy who shot himself and died penniless? Must have forgot his stops. Hmm, I do that now sometimes. Good thing I am all cash now in my major account.
ReplyDeleteCSTR special: Moneyball....watching it tonight.
ReplyDeleteAny of you fellas know of a good camcorder? I've done my research on CNET but would love your take. Ideally if it could take still pictures with at least a 6 megapixel camera that would be great but I doubt that is happening. Budget is about $500.
One of the things I like to see when a stock is down on its luck and trying to turn things around is finishing at the highs of the day. It sounds stupid but if the stock can do that and maybe do it a couple more times over the next couple of weeks then it's a good indication that it has turned the corner. Here's to hopefully the first of many with SKUL. DANG did that on 1/4 after two days before that of finishing right about at the high of the day. That was the signal to me but I ignored it...well, actually I was too pre-occupied with MITK at the time.
ReplyDeleteSORL is another one that has essentially done that 3 days in a row. My suspicion is we will see a parabolic move in it soon. Possibly to $4.
ReplyDeleteCamcorder....Yeah, sure. Once you have 3 kids you'll realize it's a full time job to watch real time, let alone past time. Stick with stills. It's enough.
ReplyDeleteLike mark said. I have not watched any of the kindergarten graduations yet. Of coarse my kids are so old it is on super 8 film :). Digital was not invented.
ReplyDeleteWOW everyone's favorite silver stock is setting up real nice. Much like dang. Sure I missed the bottom, but I can see a breach of 9.00 going to 11.00 ++ in a very short period of time, maybe one day. Need 8.00 to hold and probably the second breach of nine and it will go. Buy stop at 9.26 looks like the ticket.
ReplyDeletei didn't quit the day job. I am trying to figure a way to see the blog at work though.
ReplyDeletehere's a good update on the ECRI, i just read the headline and the first three sentences but i'm sure one of you guys will read it and post ur thoughts.
http://www.businessinsider.com/ecris-recession-weaker-2012-1
Livermore, Yeah, I think he did kill himself but I don't remember his financial position when he did himself in. He did buy his wife and kids a large annuity though.
ReplyDeleteHow many people have some serious issues, mental illness, depression, etc. but otherwise are perhaps genius? To make it and lose it so many times is really both sides, isn't it?
I think we've seen our share of this kind of problems recently. Traders offing themselves, taking huge risks, etc. It's the dark side of some trading personalities.
I just want to make it once and then enjoy life more. For Livermore there was obviously more going on.
There are many examples throughout history of very talented people, revered by society, that outside of their obviously gifted life's work were troubled humans with any number of serious problems.
That Livermore was one of the greatest, if not the greatest trader in modern memory, isn't in doubt.
The goal for me would be to learn from his gift and not emulate his problems or his risky behaviors.
There are some traders (like Peter Brandt) who don't use stops per se. Brandt says they are 10th grade risk control. I say they are part of a method that keeps traders from self destruction.
Brandt obviously has more $$$$ than I do.
2nd_ave, now that I cashed in my SLV calls, I would welcome a market pullback. I just placed a buy limit order for 1000 shares of PNPFF at $1.50 and I would really like for this order to get hit.
ReplyDeleteThe time you really want a camcorder is when your kids are young. You'll forget that time soon enough and the videos are great.
ReplyDeleteHaving said that, we bough a Canon Rebel camera and it does a great job with movies without having to carry around a camera and a camcorder.
Regarding the pullback, it would no surprise me at all if we are in a period similar to Sept. 2010 where the market moves up relentlessly. he chart at the bottom this year is reasonably similar to the May - Sep, 2010 bottom, but more importantly, it has been a long volatile period which I think scared out a lot of investors and we now have a lot of money on the sidelines waiting to get in andlimiting pullbacks.
ReplyDeleteBAC at $7 should be a great purchase in a couple of years regardless if it gets cheaper in the interim.
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