Weekend musings

Go Sox! They win their second World series. Yankees suck, Sox rules. I lived in Massachusetts from 1998 to 2005 and the two WS wins make up for all those disastrous years in the shadow of the Yankees. I watched every minute of the 2004 ALCS and those games were the most thrilling I have ever seen.

Next up- The Cubs. I hope they win so a friend of mine who is a big fan feels good abt them. L :)

The Patriots creamed the Redskins. This team is simply amazing, I have seen all the Patriot teams since 1998 and the transformation of the team under Brady is unbelievable. Boy, doesn't every Pat fan thank Mo Williams for laying that hit on Drew Bledsoe. Sad thing to say, isn't it? Next weeks game between the Patriots and Colts will be a great one, but I do think both teams will hold back their best plays. However, since home-field advantage is in play, it will be a delicate balance. I do think this year belongs to the Pats, finally Brady has the weapons to match what Manning always had and he is just blowing everyone away. If anyone thinks this is not a revenge year after last year's AFC Champ game meltdown, they have no idea. My guess is it will be a close game with patriots by 7.

Ok, back to business now. I am holding RIMM from over the weekend. I will be out once it hits my target of 123. An interesting chart is MBLX that was featured in marketwatch. The stock seems due for a breakout.

AAPL trade today

I offloaded my AAPL stake this morning for a 2% gain.

AAPL trade

I offloaded my AAPL stake this morning for a nice gain. I watched a couple of nice gains go by in CROX and WYNN. I didnt go for them as I saw some weakness in the overall market, plus I was also celebrating a 10% gain over the last 3 weeks in my trading portfolio.

I will not be trading tomorrow, but I may make a watchlist in case anyone reads this blog.

Ciao!

GRMn trades

I made two GRMN trades for losses. This is not good. I hate that I volate the basic principles of trading.

BIDU trades

I made a couple of trades on breakouts in BIDU for a small loss. I am dissappointed in myself in that I did not set up a good stop and a good target on these trades. i will be watching the markets from the sideline. BIDU and GRMN are both leaders in this market and breakout have not been very convincing. The bad housing report this morning is plaguing this market and I think we need more direction before I can feel safe to enter long. I will ofcourse be looking for shorts and I was tempted by weakness in the financials today. Till then I will be on the sidelines eating popcorn.

GRMN trade

I got out of GRMN and did another quick trade for a $200 gain. The chart still appeals to me.

Trades today, NOV, AMZN and GRMN

I made two quick trades on NOV and AMZN today for nice profits totaling ~$450. I am still hold 100sh of GRMN that I brought at 104.50. I am not really fond of the inverted hammer today, but I think it has a potention of going to atleast 106-107. Again, I have low threshold of pain for this market currently and I will be out with the slightest pinch.

Missed- SLB, AAPL

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.

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!!

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!

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.

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.

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

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.