[youtube:http://www.youtube.com/watch?v=6SjOqsAcfbQ&feature=fvst 450 300]r
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…and step up your vocab.

The bulls are acting like it is already Friday night on the town, going all Big Pimpin on this market. The bears completely blew a golden opportunity that they had after yesterday’s final hour selloff. Breadth is as strong as I have seen in quite some time, helping to conquer the 1131 level on the S&P 500, once again.

The next key level is 1150, which has actually been a significant price level for over a decade. Recently, you will recall that 1150 was a brick wall back in January of this year, as failure at that level marked the start of an 8% correction. This past Tuesday we failed at 1148, and now that we are back up here again I expect us to at least see some churning.

As far as my positions, I am letting my longs run and resisting the urge to quickly sell into strength. The main reason why I can afford to do so is because of my hedge, going ultrashort the Q’s. I am also stalking a variety of longs, in the even this momentum has much more gas left in the tank than anyone thinks is possible.

Stay tuned.

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[youtube:http://www.youtube.com/watch?v=LG_f1GzmwHo&feature=related 450 300]r

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The sublime harmony of mathematical precision (S.H.O.M.P) in The PPT is telling me to take a look at the ultrashort $QQQQ ETF, $QID. A good chunk of the “Q'”s centers around $AAPL“s performance, and based on the daily chart below, I am going to go long the $QID to position for an $AAPL pullback, as well as a broad selloff in technology.

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Please note that I am not calling a major top to Apple here, nor to this rally. I am simply making a multi-day bet that this steep angle, seen above, is more likely to fail in the short term than continue higher. I may very well look to go aggressively long Apple into Christmas. For now, though, I am on the other side of the trade.

All trades are timestamped inside The PPT.

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TOTAL PORTFOLIO:

EQUITIES: 52%

• LONG: 44% ($ATPG $CSTR $HMIN $NANO $TIE $VMW)
• SHORT: 8% ($QID)

CASH: 48%

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For all of you intraday scalpers out there, the pussified bots are coming for you, and your bullshit buy and sell stops…

Just sit tight for now and let the market come to you.

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[youtube:http://www.youtube.com/watch?v=a3HkTX-0xHY 450 300]r

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In case you missed it, a few nights ago I wrote a post devoted entirely to the emerging long setup in $CSTR. Today, the stock impressively bounced off of the 200 day moving average, and also filled the gap dating back to last April. About an hour ago, I bought a 1/2 starter (noted in The PPT). I just added 1/4 more, as the Redbox parent company looks ready to, at the very least, attack the upper end of its multi-month falling channel.

My original buy was at $40.06, and I just added ad $40.84 (again, timestamped in The PPT). I see that the stock is exploding as we speak, so keep that in mind if you are trying to swing trade it.

I also sold out of my $BTU position, as I did not like the candles the stock has been printing over the past few days.

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TOTAL PORTFOLIO:

EQUITIES: 44%

• LONG: 44% ($ATPG $CSTR $HMIN $NANO $TIE $VMW)

CASH: 56%

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I bought a 1/2 starter in $NANO, as per the chart below. I also took on 1/4 more of $TIE, and now have a full position in the name as it breaks out of it downtrend line.

All trades are timestamped inside The PPT.

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TOTAL PORTFOLIO:

EQUITIES: 46%

• LONG: 46% ($ATPG $BTU $HMIN $NANO $TIE $VMW)

CASH: 54%

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I sold out of trashy $RDN (was looking for the quick pop, didn’t get it. So, I am gone), and I bought a 3/4 position in $TIE.

All trades are timestamped inside The PPT.

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TOTAL PORTFOLIO:

EQUITIES: 40%

• LONG: 40% ($ATPG $BTU $HMIN $TIE $VMW)

CASH: 60%

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