…that’s what I thought.
I made two trades:
- I bought a 1/2 starter in $GS.
- I bought a 1/2 starter in $MS.
Both charts formed hammers or hammer-like candles yesterday, and inverted hammers today. That combination of candles, after a downtrend, is usually a sign of a tradable bottom at least.
May the best bankster win.
All trades timestamped inside The PPT.
__________
TOTAL PORTFOLIO:
EQUITIES: 70%
- LONG: 62% ($ATPG $CRZO $CSTR $GNK $GS $HMIN $MS $PAY $TIE)
- SHORT: 8% ($QID)
CASH: 30%
I hope you win short term. Long term, I’m cutting off all raised hands with a rusty chainsaw. (and my me, I mean the poor judgement of the banks over the past decade)
These are not long term bets my friend.
Positive RSI divergences for GS and MS on your side.
Better learn balance. Balance is key. Balance good, karate good. Everything good. Balance bad, better pack up, go home. Understand?
(hands decidedly down)
With Fly with my hand chopped off and puts
This will go down as ChessnWines ultimately undoing…..of a great blogger
a touch dramatic, no?
Technically GS is at the bottom of a symmetrical triangle and could run a few percent should it break to the upside. However wall street banks are talking about layoffs in Q4. I guess you pick your setups and use stops.
Ho hum. Another day, another bailout of a TBTF European bank.
In this era of bankrupt banks and bankrupt nations, what’s amazing is not that a trader like Chessnwine would find financials to be a good buy, it’s that he might actually be right.
I’ve been thinking the same thing about financials, even though Scott and everyone else on this blog hates them, probably for good reason. However, the street is expecting them to stink up the joint this earnings season, so ANY positive surprises might juice the sector. I’ve been buying a little GNW as it seems to have a nice base and is under 50% of it’s book value (I know, book value is dubious). A rally in the financials would sure add strength to the overall market; would like to see some of the hot money move out of the few overpriced tech stocks Fly disdains to other sectors. Maybe new month will be good for going after lower priced stocks instead of chasing the hotties. Fly’s mention the other day of MTW was a good one.
Why buy US fins when my Can fins are highly profitable and not bogged down with bullshit?
On a tech level, well that’s another story
CDN banks are not really for trading though. They’re more for consistent (read: boring) long-term growth and dividends.
Do you think Coinstar will make it back to the low $50’s or are you planning to cash out at the 50 dma which is around $45? I follow you and made some coin with coinstar. Just wondering your exit strategy. Thanks.
First target is $45. After that, I will evaluate the volume pattern. As of right now, I am impressed with the buy volume coming in. Decent chance we have seen a yearly low for CSTR.
I guess it depends;
-in la-la land financials are great
-in reality they are zombies with hidden losses
As we are closer to la-la land, trade at will but I will never buy a stock of a sector that deserves nothing but shame.
Your trade in {financial} will not work because the {government, fed, economy} will be {bankrupt, corrupt, broken}. Check out why you’re wrong at this link: {financial blog that hasn’t made money this year}.
I hope you come to your senses.
Like one of those “Choose Your Own Adventure” books for traders! You could start a cottage industry.
This is a George Costnanza market – just do the opposite of what your gut instinct tells you. Financials bad? Hate their guts? Can’t possibly go up ever again? BUY BUY BUY. The fact that AIG is still trading, much less in the $30s/share, is ample evidence that any pig can fly.
Charts aside, I like this move. IF the markets are going to move higher, the financials will probably have to wake up. Tech beginning to look gassed. There will be some phony baloney excuse for da Banksters to rocket out of the hole. If not, stop out and move on.
I think that was jab at my post when I was trying to keep it light. We could get bogged down in mark to (blank) trickery and I could ask for a real look at financials, but whay waste the time? Make money its fun and I have no issue with that, but doing what you are told to/led to is a philosophical thing and some won’t make that jump due to principal. The world takes all kinds to go round after all.