I sold out of PLCM, raising my cash position to 20%. Like I said earlier, I am a seller into the Fed meeting. Depending on the amount of carnage or gains absorbed ahead of the Fed will determine my level of selling. I was tempted to sell more, but opted for a methodical approach instead.
Also, I am eying to buy FSLR, due to strength in the solar sector–an Obama (go Solyndra!) 2nd term play, if you will.
Members of The PPT know we were flagged OVERBOUGHT on thursday and friday. Thus far, those signals have proven accurate. Generally speaking, OB signals preempt a 1-3% sell-off in the SPY, over the next 10 days. With today’s 0.6% drop, I am looking for another 2% down to reallocate funds.
Trust me, I know this sounds chaotic, bullish one minute and bearish the next. Right now I’m sort of neutral. I embody the stock market, in all of its forms. The reason why I am able to crush my peers and indices, year after year, is due to my malleability with regards to opinion. My recent forays into the market have proven to be profitable, yet not pretty and more of a grind than anything else. One percent here, two percent there, and I’m +27% for the year.
Early going I had some macro-thesis plays in WNR, ALJ, YELP and others. But I’ve moved past them, as prices have appreciated beyond reason, in exchange for oversold momentum plays. Cognizant of the nature of double edged swords, I remain steadfast in nothing but preservation of my gains and will literally kill a roomful of humans to make sure that I accomplish stated goals.
24 Responses to How Lucky Are You?
Gun stocks still working
My guess is a lot of ‘tough talk’ from theBenBernanke this week, but no actual QE3, and if that happens, I believe it will disappoint the give me the QE-heroin-crowd which seems to be who’s run the show of late. That could just derail the ‘cocaine train’.
QE will probably happen even though it’s disgusting. Some of our collective wealth being directed into the coffers of already wealthy people.
You mean like when we bailed out AIG and only the govt gets profit but not the tax payers?
Sorry, Dude, but that just doesn’t make fucking sense.
Partridge, you asked me on Friday why I sold many of my materials positions. Today’s market action is why! If I’m up near or more than 10% in any stock in one day, I think it is prudent to book profits.
I sold MCP today at 12.50, no where near today’s high but it closed at 11.93, so all in all a good call!
I was going to add that everything I sold on Friday was down today.
Oh, it’s YOUR fault!
OEW Daily Recap:
“The market opened mixed today. Notched a marginal new high at SPX 1439, the 1440 pivot range, and then pulled back. Initially the pullback was quite small, until it got some help from the negative Consumer credit report at 3:00. Then it turned into a normal 10+ point pullback. We have labeled today’s SPX 1439 high as the end of Minute wave iii. Minute iv should be underway now.”
“Short term support is at SPX 1422/27 and then 1413/16, with resistance at the 1440 pivot then SPX 1463/64. Short term momentum declined from friday’s extremely overbought condition to quite oversold today. The short term OEW charts remain positive with the swing point now around SPX 1421.”
Looking for a friendly pullback to 1420ish for iv and then back up.
Thanks Tea !
LMAO, thanks for covering for me and thanks Tea!
Steve Wynn picks up 20m of Girls Gone Wild Joe Francis’ money as the Mob …………… DOES NOT EXIST !
The belly of the beast spoke in Chicago today. What a fucking monster.
Rather the beast with a belly.
That was Belly of a Beast !
Is ggw a public company?
Fly, congratulations on being up 27% YTD. Superb!
The teachers strike in Chicago is so fucking pathetic it is almost sad. But not really. Just a ghetto being what it is. Four more years, what could go wrong?
What difference does it make?
Other than exposing the intellectual bankruptcy of the Chicago political machine? Nothing. All is well.
“Malleable”? Don’t you need a (no jakegint) when You post a word we have to Google
MCP-I sold my position in MCP yesterday. It had a low of 11.82, a high of 12.78 and closed at 11.93, one penny below the day before. At its high for the day it was up 7.0% only to end up flat!
I picked up some more near the close.
MCP is up 2% in premarket with pretty good volume. Watch this one today.
Just how scared are the $FB shorts this morning? No sympathy. If anyone is still short after a stock has been cut in half then they deserve to give some back just for being greedy.