Took some profits in $SPXU looking for the gap fill on the $SPY this morning - exact same situation as Monday, even though jobless claims weren't absolutely terrible.
If I was you - I would hold my cash. Like the teddy bear you used to have 30 years ago (or may still have). Clutch the life out of it, because it isn't going to leave when it's not in the market.
On a side note, I can't stop having technical difficulties. Right now on my thinkorswim intraday chart, it says that $HALO is only 10 minutes into the day. It's 11 a.m. EST.
Thursday, July 29, 2010
Wednesday, July 28, 2010
Just Do What You Do
...and I'll do what I do.
So this week I'll be looking at last week's breakouts for pullbacks, because that's what I love to pick, and if you learned anything by reading my last post - these strategies tend to work very well.
Also, if you put 1+1 together, I'm actually expecting a pullback on the $SPX/$SPY - I don't think it will be a serious one, although, who knows. But anyone with a McClellalallalalallaan Oscillator will tell you we are severely overbought. Hopefully we just get some sideways action for the rest of the week and then another hard rally. Check out this $XLF chart: HERE
If you enjoy these setups and don't follow me on Twitter - you're wasting your time here. You can probably tell I don't care too much to post on this blog unless I'm blabbing on about something pointless or life related. I am going to attempt to break this tendency, but, nothing is promised.
Until then, here's a couple charts, I like all of these on a pullback to their breakout trend.
Biggest recent win - PTRY
LATEST Original Post, July 24th
Win.
So this week I'll be looking at last week's breakouts for pullbacks, because that's what I love to pick, and if you learned anything by reading my last post - these strategies tend to work very well.
Also, if you put 1+1 together, I'm actually expecting a pullback on the $SPX/$SPY - I don't think it will be a serious one, although, who knows. But anyone with a McClellalallalalallaan Oscillator will tell you we are severely overbought. Hopefully we just get some sideways action for the rest of the week and then another hard rally. Check out this $XLF chart: HERE
If you enjoy these setups and don't follow me on Twitter - you're wasting your time here. You can probably tell I don't care too much to post on this blog unless I'm blabbing on about something pointless or life related. I am going to attempt to break this tendency, but, nothing is promised.
Until then, here's a couple charts, I like all of these on a pullback to their breakout trend.
Biggest recent win - PTRY
LATEST Original Post, July 24th
Win.
Thursday, July 22, 2010
Trade Reviews
Some that read this that know me personally may know that this month has been EXTREMELY busy for me - finishing up my real estate classes (finished today, actually), moving into my new house (which I still haven't fully moved into), transferring to a new school, etc etc etc.
This doesn't mean I didn't have time to post some HIGH QUALITY setups the last couple of weeks. It does mean, however, that I wasn't in front of my desk trading. I'm not a big fan of having buy stops, etc. I need to FEEL the market, and if I can't be at my desk at the time a big trade is executed, I don't want any part of it.
I took a few trades today and yesterday during a couple of my classes just due to the fact that I knew we were ripping. Both were small profits to book, nothing extreme, mainly how this entire month has been.
What I want to do in this post is show exactly how these setups I use work, and what the results are when you follow your trade to the T.
Normally, I would've taken full advantage of these rips like I have been doing all year - but, like I said on Twitter, I never fret about missed opportunities because there are ALWAYS others: which I will be posting later tonight.
To start, let me also post where I think we're at on the S&P 500:
SPY
This push against upper resistance looks weaker than I expected - with the selloff late in the day today it killed any potential rip in the last half hour. Thus far, we've had a great earnings season - based on technicals, I believe we CAN break through this resistance, however, I honestly hope that we don't.
What would be the perfect scenario for me would be to see us come back down to the 104 area on the $SPY, and then bounce. This would create a lower high, and also form an inverted head and shoulders pattern, one of my favorite patterns, as shown below.
For myself and for you - these are some of the best trade records I've posted the last few weeks, in no particular order, and as always, follow me on Twitter to get these setups when I find them:
SVR: Original Post
FCFS: Original Post
BHI: Original Post
AIV: Original Post
SO: Original Post
Monday, July 12, 2010
Wallstreet Pokemon Cards
I was speaking with @SellPuts on twitter earlier today and he said, basically, what is going on right now intraday on the $SPY -
"its like "hey buddy im at 107.48, nice ill take 100k.. then you hid my bid at 107.50 then ill take your offer at 107.51!""
Sadly, annoyingly, seemingly true statement.
Price action intraday is about as slow and boring as it gets
One great post, however, which I highly recommend you follow and read is @ChessNWine's post on his blog @ibankcoin - Violent Rejection
He brings up the best possible situation for the conservative and safe trader at this point in this indecisive market - look for a higher low from a pullback on the $SPY. I agree with it being the best possible scenario for the bulls.
Good luck.
Sunday, July 11, 2010
Wednesday, July 7, 2010
Good Read
"Sell Short" by Michael Shulman is a great way to get into shorting the markets. With all this fear running around it's important to understand that you don't want to get caught overexposing yourself to the long side, and this book explains in great detail to either the newer trader or the experienced a different approach of selling short.
Shulman is convinced that options are a much better way to make income in the "dark side" of trading, as he calls it. His strategy is basic fundamentals accompanied by technicals and other non-complicated, common knowledge, and in some cases some very light quantitative analysis (which he uses through surveys of businesses).
Shulman uses options as a way to bank coin from overvalued or in danger stocks. As everyone pretty knows, stock prices (many times) drop MUCH more rapidly on bad news than they go up on good news, simply because of human fear. His explanations of things steer away from complicated jargon that may confuse new investors and works great if this is your first look into trying to get short. He also has a chapter on selling short without buying puts, etc. for the investor not looking to use options.
Whether or not you choose to profit from getting short, or if for some reason you ACTUALLY still "buy and hold", this book can be a great read as a way to diversify your ways of hedging your bets long.
Check it out, definitely worth a read. Recommend buying, but for you cheap pikers, here is a free copy: Sell Short by Michael Shulman
Shulman is convinced that options are a much better way to make income in the "dark side" of trading, as he calls it. His strategy is basic fundamentals accompanied by technicals and other non-complicated, common knowledge, and in some cases some very light quantitative analysis (which he uses through surveys of businesses).
Shulman uses options as a way to bank coin from overvalued or in danger stocks. As everyone pretty knows, stock prices (many times) drop MUCH more rapidly on bad news than they go up on good news, simply because of human fear. His explanations of things steer away from complicated jargon that may confuse new investors and works great if this is your first look into trying to get short. He also has a chapter on selling short without buying puts, etc. for the investor not looking to use options.
Whether or not you choose to profit from getting short, or if for some reason you ACTUALLY still "buy and hold", this book can be a great read as a way to diversify your ways of hedging your bets long.
Check it out, definitely worth a read. Recommend buying, but for you cheap pikers, here is a free copy: Sell Short by Michael Shulman
Friday, July 2, 2010
June Recap
Yeah - seriously barely any trades this month. The choppiness got to me and I avoided it like the plague. I'm still managing to get chopped up, though, this month (July) and am simply waiting for this "Death Cross" bs to pass.
You have to keep in mind that when something is so popularly announced, you must take it with a CARTON of salt.
Waiting for a bounce - then going long several names which I'll post later.
Realtime buys on Twitter
22/
Out $SPY 111.30 (+.13)
11/
Out $LII 44.03 (+.72)
Out $SPY 108.77 (-.24)
10/
Covered $SPY 108.71 (-.05)
Out $SPY 108.85 (+.26)
Out $SPY 108.42 (+.21)
07/
Out $TOL 19.40 (-.60)
03/
Out $SPY 110.01 (+.26)
You have to keep in mind that when something is so popularly announced, you must take it with a CARTON of salt.
Waiting for a bounce - then going long several names which I'll post later.
Realtime buys on Twitter
22/
Out $SPY 111.30 (+.13)
11/
Out $LII 44.03 (+.72)
Out $SPY 108.77 (-.24)
10/
Covered $SPY 108.71 (-.05)
Out $SPY 108.85 (+.26)
Out $SPY 108.42 (+.21)
07/
Out $TOL 19.40 (-.60)
03/
Out $SPY 110.01 (+.26)
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