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Perverts of zee world, unite! All you have to lose are your $1 bills!

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I must say, the prospects for seeing some upside follow through to the reversal in $RICK become more enticing by the hour. To reiterate my strategy with a chart like this, I am starting with a 1/2 position, and will immediately add on further strength. If price breaks down below the hammer from yesterday, then I am gone. The idea is to avoid trapping yourself to the downside by defining your risk with the lower wick of the hammer. At the same time, you are allowing yourself to benefit from the potential explosive move off of a bottom.

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NOTE: A good trashy song to go with your $TNA purchase:

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[youtube:http://www.youtube.com/watch?v=Lh9AdU3Dw4Q&feature=related 450 300]r

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Price still has memory.

When it gets amnesia, it will be an interesting sight to behold, indeed. However, for now, we need to pay attention to the 1100 level on the S&P 500. Ever since last Wednesday’s bloodbath, the bulls found support just below 1070. They have also found resistance right smack at 1100, which happened to be the level precisely where the bears gapped up down and held below last week.

Above 1100, you can be sure many buy-cover stops will be triggered for unhappy shorts, and some fresh buyers will emerge as well. Right now, The PPT is implying….well, wouldn’t you love to know that?

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All you have to lose are you single dollar bills….

I bought a 1/2 position in Rick’s Cabaret, International ($RICK), based on upon its daily chart. My game plan is simple, start with a 1/2 position now, and if there is confirmation of said bullish hammers to the upside, then I will add to it. If not, then I can safely slip out the back door before the bouncer notices I left without paying “Cinnamon” for the lap dance.

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TOTAL PORTFOLIO:

EQUITIES: 62%

• LONG: 62% ($RICK $NOG $LVS $MELI $LCAPA $BZ $HMIN $ISLN $RDWR $CMI)

CASH: 38%

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For the past few days, I have been waking up in the morning in an optimistic, upbeat mood, only to be sucker punched by The Great Santelli and his gang of Chicago fixed income freaks. Thus, my little foray into the bond market is officially over. I sold out of my $TBT position, and will stick to stocks from now on, thank you very much indeed.

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TOTAL PORTFOLIO:

EQUITIES: 58%

• LONG: 58% ($NOG $LVS $MELI $LCAPA $BZ $HMIN $ISLN $RDWR $CMI)

CASH: 42%

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[youtube:http://www.youtube.com/watch?v=JghkG4WydNk&feature=related 450 300] __________

Ok, Ok. So it not a textbook bearish abandoned baby pattern on $TLT. However, I could not resist. Also, any more downside should confirm yesterday’s doji marked an inflection point.

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For those of you following along, I just wanted to update a few of the trades that I have been making. $OVTI fell hard this morning on rumors that it lost its key Apple business to Sony. Of course, I care more about the price action and chart than I do the news. However, the the chart suffered some damage on the right side of what could have been a sound base to propel it higher. The selloff today is also on heavy volume. I was already slightly down on the position before today, so I sold out of the rest. Remember: Winners add winners, losers average losers. With the way the market is showing signs of life today, I have zero patience for positions in the red.

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My two new longs, $HMIN and $NOG, are looking good. I featured $HMIN on Sunday night as one of my top setups for this week. $NOG is a name that I have had my eye on for a while now, but have missed my entries. As the daily chart shows below, the stock made a double bottom and has since formed a fairly tight base, not unlike $BZ before it broke out.

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