I am not sure what to expect today. We may continue trading in the approx. 884-898 range on the SPX, also within a secondary range between 880-905. I am currently 20% Short/15% Long/65% cash. Long positions are in ABCW, MRGE, and AHD and short positions are in QID, FAZ, SRS, and TZA.
As for the dollar stocks, some stocks still look good, so I may add them. Everything depends on today’s action, primarily the close as I continue to rebalance the portfolio.
OK; thanks for ur thoughts on the range.
Bought PWAV $1.40 daytrade
I like CDNS here
watching MCF…just broke through 100 day MA that has been providing a very firm ceiling, would like to see it close above $43 but not too far above and pop monday.
Not quite in the over a dollar range yet but…
GSAT might work.
CA,
What do you think of HEB in the short and medium term?
FEED in the move
Sold PWAV $1.35.
HEB and GSAT both have potential, HEB looks like it can go parabolic, maybe.
Sold ABCW $1.63
SPX is still within 884-989 neutral range. No clearance yet.
I drew out the long term fib chart of this plungerooni — from 10/11/07 top in the SPY to the 3/06/ most recent bottom, and 88.53 is what I get for the 23.6% retrace, which we busted through on May 4th (on a gap up, interestingly enough)*.
The last three days we’e been banging off that line, but I’m not seeing a whole lot of momentum to crash through it to the downside. So til then, that’s my support.
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*(even more interesting is that it gapped THROUGH– almost to the penny — the line that demarcates the Short term fib line of 61.8% {using November 4th, ’08 as the starting high and the same low as the longer term chart}. Sometimes the fibs just freak me out.)
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test?
Just had a post swallowed CA… if you can retrieve it great… too long to rewrite.
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Short summary: 88.53 is my long term fib retrace (from 10/11/07 to March lows) line of 23.6% and we hit it on the 13th and 14th, and it looks like today may be third time.
That’s my support for now.
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S&P going toward secondary support
CA,
OPWV…..consolidation flagy thing on the daily but volume is kind of on the weak side. Watcha think?
Lookee there? 88.51, and….
BOIINNNGGG!
(hope I didn’t just jinx m’self)
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CA, do you think it’ll be safe to hold FAZ over the weekend?
Jake, got it out of the “Free Viagra Offer!” spam pile.
OPWV is just a weird stock. It may need help from the 50-day MA again.
I ain’t selling my shorts.
Justin- That probably depends on your position in FAZ. I think CA is holding out for more definitive signals to change(add to?) his 20% short position. If FAZ is just a small % in your portfolio, putting a stop sounds wise for holding until Monday. All the stock gods at iBC prefer a large cash position instead of hedging into shorts, a clear sign that the smoke hasn’t cleared.
Nice find Jake, didn’t see that Fib level there. I have my support around there with the 20 SMA. We go thru there next week and I think 84 is likely.
I would not hold FAZ overnight
Sold AHD $2.32
Bought another 5% QID $39.02
Hey CA,
That’s it right? We’re broken the uptrend on the SP500, no?
I am thinking we will not bounce on 875, but on the 50EMA; Too much selling momentum as of late. We are less than 5 points away from 875
CA
Are you going to put a stop on QID?
TIA
nice timing CA….i got some QID….95% cash now…
taking a shot on some SVNT over the weekend
No stops
SVNT looks great
Interesting. That SPY long term 23.6 fib level was broken, briefly, but we went down and filled the May 1st gap, and finished back above it.
I’m befuddled.
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Jake -technical bounce off of the 20-day SMA.
Everyone have a great one.