Just what I hoped to see today, namely strength. We've now added 500 DOW points in the last two sessions. Based on after hours though tomorrow could be unfortunately weak.
More interesting was the performance of my picks from this morning (despite my purposeful lack of participation). Coal stocks got crushed. My picks were winners to the tune of about 9% each. Not bad for a day's work.
Apparently I'm morphing into some sort of stock picking mutant-wizard-demigod. Imagine that. Perhaps I'm becoming a space alien magician.
I am going to put on a clinic in the second half. You still don't think so? Just watch me.
Thursday, July 17, 2008
Just for Fun
Don't think that I'll be trading today. Much more likely that I'll be laying on the couch watching the Tour de France but since I made my watchlist for today anyway here is one idea.
Short the coal stocks. All three of these coal names are sporting rather pretty head and shoulders tops. All three sitting right at the neckline.
Short the coal stocks. All three of these coal names are sporting rather pretty head and shoulders tops. All three sitting right at the neckline.
Trying to Resist
OK. I admit it.
I set my alarm this morning and rolled my ass out of bed with the intention of doing my homework before the open. Can't help myself. What if I want to get long some DNA or short some ORCL? My fear, I suppose, is that the rally will fail and I need to be ready...or something like that. Maybe it's that I'm excited to finally see all those green candles.
Looking at the futures up big confirms that I don't need to do much of anything. Couldn't be happier. Run baby run.
I set my alarm this morning and rolled my ass out of bed with the intention of doing my homework before the open. Can't help myself. What if I want to get long some DNA or short some ORCL? My fear, I suppose, is that the rally will fail and I need to be ready...or something like that. Maybe it's that I'm excited to finally see all those green candles.
Looking at the futures up big confirms that I don't need to do much of anything. Couldn't be happier. Run baby run.
Wednesday, July 16, 2008
Cold Hard Cash
Trading account is flat.
Vacation has officially begun.
I'm lovin' this action. Stocks are spiking all around and the shorts are getting buried. I can just imagine if I was still short I would be getting ground up into dust and returned to the earth today. Yeah fuck that. I'll keep my profits (most of them anyway), thank you very much.
Meanwhile this little bull orgy, should it continue, will set up copious opportunities upon my return. Just makes me feel all warm and fuzzy inside. Going away without my laptop will even be a good thing insofar as it will keep me from shorting into a rally that still has room to run. My best case scenario may just play out yet.
So unless I buy a small island in the Florida Keys and never return I'll be back on Wednesday, tanned a deep a shade of bronze, rested, recovered and relaxed. See you then.
Vacation has officially begun.
I'm lovin' this action. Stocks are spiking all around and the shorts are getting buried. I can just imagine if I was still short I would be getting ground up into dust and returned to the earth today. Yeah fuck that. I'll keep my profits (most of them anyway), thank you very much.
Meanwhile this little bull orgy, should it continue, will set up copious opportunities upon my return. Just makes me feel all warm and fuzzy inside. Going away without my laptop will even be a good thing insofar as it will keep me from shorting into a rally that still has room to run. My best case scenario may just play out yet.
So unless I buy a small island in the Florida Keys and never return I'll be back on Wednesday, tanned a deep a shade of bronze, rested, recovered and relaxed. See you then.
Flat As a Pancake and Unofficially on Vacation
That's it. I'm sitting on one small long and one small short. Will likely be completely flat very very soon. Dow up 122 just now. To that I say: fucking awesome. Run baby run. At least for a few more days (like Thursday, Friday, Monday and Tuesday- I should be back and caught up by Wednesday).
As long as the financials continue to rally this move up is to be respected. Hopefully the inevitable great selling opportunity will wait until I'm back to work.
So, guess that's it. As much as I want to call it a day and start my vacation, it's very difficult to walk away from the market. As long as the market doesn't straight up crash in the next four sessions I'll be cool. Odds are decidedly in my favor on that one but still, it makes me nervous to walk away. I watch so many situations waiting for just the right set-up. Wonder how many set-ups I will be missing. Could be some name I've been watching for two years waiting for just this one chance and once it happens it's gone.
Poor me. I have to go on vacation. And I need it. The last couple weeks have been tough for me. Haven't felt motivated or hungry but uninspired and distracted. Yet the trading account is up almost five percent this month after smashing the cover off the ball last month. So why be greedy?
Upon my return there will be a new account for me to grow and profit from. The opportunities will still exist. Better yet I'll be fresh and refocused.
As long as the financials continue to rally this move up is to be respected. Hopefully the inevitable great selling opportunity will wait until I'm back to work.
So, guess that's it. As much as I want to call it a day and start my vacation, it's very difficult to walk away from the market. As long as the market doesn't straight up crash in the next four sessions I'll be cool. Odds are decidedly in my favor on that one but still, it makes me nervous to walk away. I watch so many situations waiting for just the right set-up. Wonder how many set-ups I will be missing. Could be some name I've been watching for two years waiting for just this one chance and once it happens it's gone.
Poor me. I have to go on vacation. And I need it. The last couple weeks have been tough for me. Haven't felt motivated or hungry but uninspired and distracted. Yet the trading account is up almost five percent this month after smashing the cover off the ball last month. So why be greedy?
Upon my return there will be a new account for me to grow and profit from. The opportunities will still exist. Better yet I'll be fresh and refocused.
Tuesday, July 15, 2008
Yet Hope Springs Eternal
Big reversal today. We opened with death and destruction and now everything is just peachy.
My fat gains of this morning have thus melted away. I have taken down risk again in hopes that this bounce can last. Regardless of how much I'm in love with my latest round of short sales I will cover that shit on the drop of a hat and profits will be protected. Period. My gains have been made for this month; targets have been hit. Vacation is near. Why fuck it up?
A handful of shorts remain on my book, all profitable positions. Wort case: they get covered for modest gains. Winners will not be allowed to turn into losers. Besides we may not be done with the downside. If we start knifing lower once again I'll be back on offense. Until then I sit (rooting for these weak ass bulls).
My fat gains of this morning have thus melted away. I have taken down risk again in hopes that this bounce can last. Regardless of how much I'm in love with my latest round of short sales I will cover that shit on the drop of a hat and profits will be protected. Period. My gains have been made for this month; targets have been hit. Vacation is near. Why fuck it up?
A handful of shorts remain on my book, all profitable positions. Wort case: they get covered for modest gains. Winners will not be allowed to turn into losers. Besides we may not be done with the downside. If we start knifing lower once again I'll be back on offense. Until then I sit (rooting for these weak ass bulls).
Monday, July 14, 2008
So Much For Wishful Thinking
Poof! There goes your bullshit bailout rally.
Rally got sold. So much for my wishful thinking/best case scenario. As long as stocks keep falling I'll keep shorting them. Line in the sand is 1425 on the S&P, we've bounced off it twice now.
Hmmm. I wonder if all of these bailouts are starting to lose their shine. Ominous indeed. Paulson and Bernanke are trapped and the market is starting to sense it. Gold will continue to work here.
I'd keep your crash helmet on just in case. And how far are we really from a series of bank runs? Interesting times we live in.
Rally got sold. So much for my wishful thinking/best case scenario. As long as stocks keep falling I'll keep shorting them. Line in the sand is 1425 on the S&P, we've bounced off it twice now.
Hmmm. I wonder if all of these bailouts are starting to lose their shine. Ominous indeed. Paulson and Bernanke are trapped and the market is starting to sense it. Gold will continue to work here.
I'd keep your crash helmet on just in case. And how far are we really from a series of bank runs? Interesting times we live in.
Best Case Scenario
Well here comes another "Bernanke/Paulson Bailout Rally". Futures up big this Monday morning.
Clearly this Fannie/Freddie bailout is an unmitigated disaster and throwing billions of dollars into these black holes is a great way to make the billions disappear.
Here is what I'm hoping for: a big frickin' rally, all this week and into next. See, I leave for vacation later this week and won't be back until Tuesday of next week. My intention was to get small and not have to worry about the market gyrations while I'm sitting in the Florida Keys drinking fruity cocktails. Besides looking at literally hundreds of charts this weekend it's obvious to me that we need a good rally to create opportunity.
I won't be buying stocks. Not looking to play this thing from the long side, aside from my gold position and maybe adding some energy names. With any luck I can get even smaller (having already done so thanks to Friday's afternoon rumors) this week without much damage and just put it on cruise control until the middle of next week. With any luck I'll be in vacation mode by this afternoon, provided this rally has some legs. Let's hope...
Clearly this Fannie/Freddie bailout is an unmitigated disaster and throwing billions of dollars into these black holes is a great way to make the billions disappear.
Here is what I'm hoping for: a big frickin' rally, all this week and into next. See, I leave for vacation later this week and won't be back until Tuesday of next week. My intention was to get small and not have to worry about the market gyrations while I'm sitting in the Florida Keys drinking fruity cocktails. Besides looking at literally hundreds of charts this weekend it's obvious to me that we need a good rally to create opportunity.
I won't be buying stocks. Not looking to play this thing from the long side, aside from my gold position and maybe adding some energy names. With any luck I can get even smaller (having already done so thanks to Friday's afternoon rumors) this week without much damage and just put it on cruise control until the middle of next week. With any luck I'll be in vacation mode by this afternoon, provided this rally has some legs. Let's hope...
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