Today marked the final day that RaginCajun and I will post real-time trades here on iBankCoin. On a going forward basis, all of our holdings and trades will only be found inside 12631, our premium service in The PPT launching tomorrow morning.
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MARKET WRAP UP 11/11/10
In a case of deep irony on this Veterans Day holiday that is as American as apple pie and reality television shows, the price action today helped to form what could be seen as a set of bull flags across the leading indices, sectors, as well in many key individual issues. Sticking with the theme that I have been discussing since last Friday, Mr. Market continues to digest the glorious feast that he enjoyed last week. At the same time, he has resisted the idea of becoming ill from gluttony. Instead, he has downed some sambuca and taken a long walk. With the S&P 500 holding an intraday low of 1204 for the second day in a row, the bulls were able to close the session down a respectable 0.42% to 1213.
Once again, the bears were unable to puncture through some key support levels that were tested, whether it be the transportation or financial stocks. Moreover, the industrial/energy/material complex shrugged off a stronger U.S. Dollar to move higher. As I have been discussing, the idea of a stronger Dollar automatically leading equities and commodities lower may be a little too obvious to work this time around. Beyond that, countless technology names refused to let the CSCO sell-off rub off on them. Finally, leading stocks, such as AAPL AMZN BIDU CRM GOOG NFLX RIG, all had orderly, constructive days.
After nearly a full week of sideways action, all potential bull flags should be monitored closely for any upside breakouts, presumably leading the next charge higher.
NOTE: See you guys at iBankCoin’s Three Year Anniversary tomorrow, as well as at the 12631 launch inside The PPT.
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I took a 3% win in my WEN position, as they report earnings tomorrow.
I also bought a full position in COST (see chart below)
Trades time-stamped in The PPT.
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TOTAL PORTFOLIO:
EQUITIES/ETF’s: 46%
CASH: 54%
Comments »BIDU is acting magnificently today. As you know, I bought a full position in the name yesterday. What is most impressive is that the stock is not only breaking out on strong volume from a multi-week consolidation pattern, but it is doing so on a day when the broad market is soundly in the red.
I believe that BIDU could easily be one of, if not the, market leader into the end of the year. Keep it on your watchlists.
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Thanks to the great many of you who have provided encouraging feedback regarding the 12631 service set to launch this Friday, November 12.
To reiterate the key points:
Beyond that, RaginCajun and I will continue to post on iBankCoin. However, and I want to emphasize this point, we will only be posting broad, macro commentary. We will never take our subscribers for granted, and will thus make sure they come before everyone else. If we post any individual trading ideas on iBC, it will be well after the fact. We will also rarely post inside The PPT “User Notes” section on a going forward basis, save occasional macro commentary and keeping in touch with some of the great people with whom we have enjoyed working.
Finally, we are extremely proud of the reasonable price point that we are offering, especially when viewed in comparison to other premium services. For the first 100 subscribers, there will be a 10% discount off of the yearly fee. While these other premium services listed are fine sites led by talented traders, the fact remains that none of them offer the comprehensive algorithm PLUS trading room service that RaginCajun and I will provide.
On the chart below, you will see the combined pricing for The PPT + 12631 membership. So you know, 12631 individually works out to $29.95/month, 167.95/semi-anually, and $299.95/annually, not including the 10% discount.
We look forward to seeing you there.
(Double-click on image for larger version of pricing comparison)
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MARKET WRAP UP 11/10/10
After the rich meal and flowing wine enjoyed by the bulls last week, there were two main scenarios that I thought would play out coming into this week. The first scenario was a situation where Mr. Market’s digestive system rejected the food, causing him to suffer from nausea and become ill (a violent reversal, negating all of last week’s rally). The other possibility was that Mr. Market would have a glass or two of a fine digestif, such as sambuca, and then take a stroll for a while before coming back to the table to eat more. Based on the price action that we have seen since Friday, the latter scenario appears to be taking hold.
That is, we have now seen several days of benign consolidation by the broad market, albeit with some bouts of sharp profit-taking here and there. Nonetheless, the high momentum market leading names are sitting with uptrends firmly intact, with bears unable to use their claws to make much of a puncture wound. With the S&P 500 closing up 0.44% to 1218, stocks bounced impressively off of an intraday low of 1204. The fact that the S&P closed on the highs has got to give a good boost of confidence to bulls who had stepped in to buy the dip. In fact, one of the hallmarks of a sustained uptrend is the high level of confidence that the dip-buyers have. Of course, dip-buying will eventually fail, but trends also continue much longer than most market players deem possible.
In the after-hours trading, I see that CSCO is taking a beating on the back of lowering their guidance. Whether or not this serves as a catalyst/excuse for more selling in the broad market remains to be seen. For the past several years, I have viewed CSCO as a stodgy, old tech firm that was never a market leader in terms of price action, although many macroeconomic investors key off of them. We also have the Veteran’s Day holiday tomorrow, so I would expect trading to be a bit slow. However, that would fit neatly into the theme of this week, which is basically a healthy digestion of last week’s breakout to 52 week highs.
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