Winners
FXP ( +0.82% @ 88.45, bought at 87.67)
ACH ( +1.45% @ 21.63)
Losers
NCTY ( -1.40% @ 18.97, bought at 19.24)
ICE ( -3.12% @ 85.40, bought at 88.15)
IPI ( -14.50% at 47.70, short at 42.24) -partial
WIRE ( -1.57% at 18.79, short at 19.09)
Current holdings:
APWR +10.02%
CLR +4.29%
GMXR +8.49%
IEO -1.35%
IPI (short) -12.68%
MEA -15.81%
NFLX (short) -2.42%
RIMM (short) +3.56%
Trader Notes:
Aw, hey! This is my first week that I had more losers than winners in about 19 weeks! 🙁 This is good though, because it illustrates how “Wave-Trading” needs volume + trends in order to work. I’ve been saying all August about how thin trading would be, and have traded accordingly… make LESS trades, with SMALLER positions. I know a lot of people trading this tape have been working REAL HARD… those that did good, probably squeezed out the toughest gains they ever had, while I am confident the majority of those dipping into the market probably lost money in August so far. This market is trendless, and you should not make big bets on either side. Rather, formulate an opinion for September, which usually gives you an idea of how the rest of the year will trade.
My opinion is that we will start another leg down after a little more melting up. Right now, the Vix is holding the 19-20 spot, so I expect it to form a base here and move up… which is why I have begun shorting some stocks. Also, there are a number of UGLY stocks that are making runs… an ominous sign for bulls. I’ve watched junk like OSTK squeeze up. There are also a number of tech stocks rallying back to resistance points. Take a look at the leaders that have done so… GOOG, RIMM, AAPL. I get the feeling tech is what will end this nonsense low volume rally, since it was tech/Nasdaq that IBD notched a follow-through day. Give me a follow-through on a follow-through of the follow-through day, then I’ll get long.
I think volume should start picking up by the end of the next week. Then we can get some really nice waves to surf in this market!
I have a grad party to attend tomorrow, and I’m performing a duet to Jason Mraz’s “Lucky”, except we changed the words. Hopefully my guitar strings don’t break. AloHa!
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I went long QQQQ going into Tuesday. Imo, $46 is probably the short sell price from here on out. But I thought I’d go long just in case QQQQ can bounce higher off $46 one more time.
Nice pic.
Gio … right-on! What a cool photo!
You could really do some magic with images like that one using this software: http://www.niksoftware.com/colorefexpro/usa/entry.php?
That’s Diamond Head by the way. Sometimes, just before the sun is completely down, and we have a full moon, the moon will be HUGE, like a big ball sitting on the top of Diamond Head.
Here’s my latest apple twister. RISK free trade: It turns out going long the Q’s on FRI, was virtually risk free. lol..
If the Q’s are down on Tuesday, the Naud will be at it’s super LOW (-1500’s) , which means Q will be up on WED.—
Last FRI, was probably the last time I go long on very many positions, for the next 6 weeks.
Gio, if you can figure out how to leave a comment at this site, you get a patty cake.
http://www.hitthebid.net/index.php
I can’t find where to leave a freak -an-ized comment.
He so, messed up the DRYS day entry, I Wanted to show him his mistake.
We’ll I left him my contact info, so maybe he’ll reply.
PS, check you gmail account__
YOU wanted to show Krull HIS mistake? lmao.