Blog review

So, I am curious. Is anyone reading this blog? If so, please do leave a comment as there is always room for improvement. Hope you are having a good long weekend. Ciao.

Two trades today

I made two trades today. DIA (the new franzy caught me and I brought into this large cap ETF. Got stopped out for a small profit- which is what matters) and RIG for a nice 3pt gain. I am done for the day marketwise.

THe last couple of days, I did promise not to trade. But the set up was so good I could not resist the temptation of going in. Will I always give in so easy? No wonder I would rather not be married.

Daily recap

No new trades other than CELG this morning. I am still amazed at how much the market ignores the negative news and keeps going up and up. Resilient!

I watched "the Queen" last night about the week following Princess Diana's death. what a sad tragedy! What an end to a tormented soul! How very soulless a royal family that would need public outrage to show a sense of loss and sadness! I just remember Diana as a princess who though very conscious of her own image did things that other celebrities wouldnt dare do. Who else would take into her arms a child with full blown AIDS at a time when everybody was treating HIV patients as untouchables.

That being said, it still boggles my mind why the death of Diana aroused more public show of affection than the coincidental death of Mother Teresa.

CELG

I took a quick trade on CELG this morning for a 150 gain. I was tempted by BIIB today but was not ready for it.

This market is nuts! It is going to take a couple of weeks to settle down i think. But there is a lot of news driven buying going on out there. Until things settle down, it is all going to be quick trades for me.

NOV

I got out of NOV at 123 and ended the day with a small loss. Only reason was low volume on the break out. In all this month I am up around 1200 dollars.

Tomorrow is going to be an interesting day. The is low volume breakout potential all across the board. It will be interesting to see how international markets behave and how the market opens tomorrow.

Lesson learned today- THE MARKET IS A GREAT LEVELLER!!

NOV

Ok I lied. I brought 100 sh of NOV at 122.1. the chart is compelling. However, the whole market is so volatile that I will exit at the slightest hint of weakness.

FSLR and VMW trades

I had three different trades all small losses $80 in all because of tight stops. But the volatility in the market demands that.

I will not be trading for next couple of days by principle. Good luck!

INTC

Watchlist for 08/29/2007

The Asian markets are pretty edgy to say the least. The yen carry trade seems to be unwinding with the yen climbing and climbing. That must be putting a lot of pressure on funds and individuals that have borrowed the yen to invest in other markets. Things like that and the subprime mess really makes me wonder if the Fed should change policy to save the behinds of the greedy.

My guess for tomorrow morning is that the markets will open with weakness. Shorting would be the call of the day, but you never know. My focus will be on oil stocks and metal/commodity stocks and ofcourse the financial stocks.

Ouch!

The Fed did the right thing today, saying that inflation was the key to any policy change. In other words, it will have to be a big event that would trigger a rate cut in October.

I followed the Fed meeting to scalp a quick short of LEH that made me $130 profit. I will be focusing on Short candidates tonight with a couple of longs. But as is obvious long candidates are going to be difficult in this environment. I will be back with some follow up posts later.

Apple Options-2

AAPL closing price 126.82 08/28/2007

JPM short position

I closed my short position at 44.02 this morning. Such a sucker for tight stops and got stopped out. My entry seems to have timed perfectly with the downgrade from Merill Lynch. I will take that anyday.

I will be keeping a close eye on the market, but doubt i will enter any positions today or this week. Volume across the board may be lower due to the long weekend.

AAPL Options

AAPL Closing price 132.25 08/27

My way of learning about options :)

Watchlist for 08/27/2007

I would also pick DNDN and GERN as long term plays. In particular DNDN seems like a nice set up. GERN was on my radar screen and I saw the nice consolidation last week and move up today, but is so tough to pull the trigger on speculative biotech plays.

Also, note CMED announces earning tomorrow morning.

China stocks

This is nuts!! Why didnt I buy ACH or LFC :(



Good idea to keep an eye of EWH.

As I posted earlier, I started a short position on JPM. It closed at 44.91, below it short term support at 45. Hope everyone realizes how sad the whole mortgage situation is and JPM tanks :).

JPM Short position

I initiated a short position in JPM at 45.10.

Trades today- DRYS, CHL. Missed- BCSI

I took two quick trades on DRYS and CHL. Both were in the green so to say but small ones. Missed the trade on WFMI that would have been another textbook trade.

Low volume continues to plague the indices with continued speculation about retesting the lows from the credit meltdown. The financial are not showing much strength which is a cause of concern. In the meantime, I think I will be on the sidelines of scalping trades till I see signs of direction from this market.

One ETF to keep an eye on is EWH that trends the Hond Kong SE. The gap up on Thursday from news that mainland China inverstors can now invest in the Hong Kong stock exchange is holding up well so far. Will the craziness of the shanghai index infect the hang Seng like bird flu? Hehe

Notes for Aug 27-Aug 31

Earning due this week

CMED,NCTY BOM Tuesday
DLTR,JOYG,ENER Wednesday
CIEN,FRE,NVLS,WIND,TIF BOM Thursday

The major indices broke through the downtrend line Friday afternoon. As I had said in my earlier post, I was tempted to take a short position. However, looking at the strength I am less inclined though i will keep it at the back of my mind.

Low volume across the board

As I mentioned earlier, I am tempted to take a short position today. Looks like the time is ripe. Low volume approaching trendline resistance...

Trades done, missed

Good morning!

I was not feeling great this morning, so I was playing hookey from work and should get going in a few minutes. But as usual I am beginning to get to my desk everyday morning checking the market. Boy am I proud of myself :) !!

That being said, I am also a bit irked this morning. I missed a sitter in BIIB this morning, a nice $1.50 move. I made a quick trade in AAPL giving $1.8 and RIMM for a small loss. I think i am going to be watching from the sidelines the rest of the day and probably the next few days. That being said I am tempted to take a short position in MDY or the Qs.

Keep an eye on BCSI. it is trading a narrow range and should give a quick trade.

INTC trade post mortem

As I stated in a previous post, I got out of my stake in INTC this afternoon at 24.21. I had to go back to look at the chart again. Partly to study the trade again and partly also because I have a deeper relationship with the company.

Looking at the chart again, it looks like it is making a head and shoulder pattern. However the pattern will only be complete if the price break through the neckline ofcourse. But, it is also approaching resistance in terms of the 50 day moving average and the long term trendline. All in all, it seems to be a technically sound trade.

I will be back later with potential trades for tomorrow. Off to a soccer game now. Good luck1

SLB and other trades

I am completely out of SLB. I still like the chart among other oil service providers (RIG, GSF) and refiners (HOC) and I think it will go to 95. I may get in if the shorter term picture clears- I see more downside to the market in the near term.

On that note, I also got out of a position in INTC. Low volume pull back to the 50 day moving average makes believe that there is not enough momentum for more upside.

SLB partial

Took a partial at beginning of trading today.


Looks like everyone is betting on an upday today.....

Watchlist for 08/22/2007

I am still long on SLB. I think it is going to be a snoozy day tomorrow, but who knows. The Asian markets are up. Good luck!

SLB,RIG and RIMM

I took quick trades on RIG (profit) and RIMM (loss). I am holding on to SLB, the chart is compelling. Will it break the converging triangle pattern? Which way will it go, long or short?

Time will tell!

Watchlist for 08/21/2007

It looks like most major stocks are stalled at resistance, so are the indices (DOW,MDY,SPY,Q's). The market is going to need some direction, an external stimulus. A Fed statement, a rate cut or direction from international markets. In this volatility, it may be important to check the international markets from last night to give direction.

Some of the oil services giants have interesting charts. Triple bottoms, retracements to prior resistance levels, etc. Check RIG, GSF. A couple showing converging triangle patterns. Check SLB and OII. Any move will be fast...

One item on my watch list is FL, a fundamentally bad stock... but technically oversold. I just also saw that it was upgraded by one of the financial firms. Lets see how that behaves.

One other stocks to watch is NTAP. Goodluck !

RADS, SLB, WYNN trades. NVDA miss

I got out of all three positions for a combined $300 gain today for lack of any convincing volumes on the upside. I think the markets are neutral to bearish in the next couple of weeks timeframe, unless the Fed comes in with a rate cut announcement (which is very likely given the credit atmosphere).

PS- I missed NVDA that I had in mind last night, but did not want to expose myself more to the market. Bummer!!

SLB and WYNN trades

I took bites into SLB and WYNN (100 sh resp). Both have held pretty well and are on pullbacks or at multi-year highs.

A word of caution on the markets. I still think there may be a bit of upside before we retest last weeks lows. Corrections of this magnitude usually taking a couple of months to bottom out and with the credit crisis looming over the financial markets, it is a tough tell.

RADS

RADS appears to be a nice short squeeze candidate> It behaved very well in the recent "correction/downturn" in the market. I brought 500 at 16.22 today. Lets see how this goes.

Stocks to watch-Aug 19 2007

A bunch of stocks with converging triangles on the 15 min time frame. I think there is some upside this week, but we may retest last weeks lows in the very near future. Happy trading!!

One more thing, I have made a resolution to be more professional about my blogging and keep it independent of my pscyhology. Lets see how this goes....

Stocks to watch