Trade: SIRO

Added to longs:  SIRO (35.80)

Buying the dental dip.

Monitoring overall market showing volume thinning on sell side.  Only Nasdaq’s move is significant.  Bottom line is that market does not know where to go this week, and if it cannot sustain is short term rally we could see some hard selling late Thursday.

New long:  SQNM (5.76)

Going for the late day trade long.  Target is 5.90.  Risk is a nickel.  :0  Let’s go!

Currently I’m working on taxes.  I just want to mention two extra schedules that you may want to include in your taxes that many people overlook (sorry, these are non-trading related.  I’ll give you some of those tips later). 

If you file 1040, include Schedule M called the “Make Work Pay” credit.  It’s worth 400 for singles, and up to 800 for joint minus any other Obama economic recovery payments already received.   Good for 2009 and 2010 so far.

If you file 1040, and pay real estate taxes on your house but you do not Itemize (you don’t file Schedule A), then file Schedule L to increase your Standard Deduction.  Good for 2008 and 2009.

If you bought a new car in 2009, you can deduct the state taxes.

And finally, you have until April 30 to buy a new house to take advantage of the $8,000 new home buyers credit.  You can claim on 2009 or 2010 return, up to you.  For more details, check out this site:  http://www.savingtoinvest.com/2009/02/15000-first-home-buyer-tax-credit-in.html 

So basically, thanks to America going wild with the real-estate market a few years ago, spending ourselves into a recession, we have all these new Government tax provisions to help stimulate your back pocket.  Don’t be cheap, hire an accountant and save some money, or get into your private airplane and crash it into your local IRS building.  Up to you.

Day trade long:  RAD (1.58)  

Day trade short:  PCLN (234.20)

Target = 2% move on either.  RAD potential day high.  PCLN fade play.

Wow, after a nice run-up yesterday, SIRO gives it all back.  ALL.  That really pisses me off.  But at the same time, it’s kind of funny.  I’m a little tempted to add here, but the profit-taking could extend so I’ll just sit tight.  Still in the green on this revenue rich company.  Just keep in mind that today’s 2 point decline is all on the news, and it wasn’t all that bad of news anyway, just some extended offering.  So what do you do from here?  Take note of today’s high (35.65), and that’s our 10 trading day goal.  I like these sell on the news type stocks because they usually get back to where the selling started and continue their run from there.  The only problem I see here is the dilution of SIRO.  I was never a great fan of secondary offering because it always seemed a bit cocky or presumptuous and that tends to bit back. 

Other:

–  IRBT is approaching long term short entry point = 17.69

–  GMCR the coffee king continues to make me smile at night

–  AFAM reports on the 24th  … expect fireworks.  Great earnings play.

–  GTIV new on watch list

Ciao!

One of my first picks for 2010 is making a big run today.  Check it out! 

iBC = win.

Okay, I really got to run.  I’m updating my system for 2010.  It really is a time consuming task.   For now just enjoy SIRO as it journeys to a new 52-high.  I’ve got some new longs for you to look over that have great potential.

Initiating a watch on RVBD.   Chart looks great.  I liked how it performed today despite market see-sawing like a moron.

Anyway the State of Hawaii is broke.  But hey, at least Hawaiian Airlines is doing great… remember my last report on them?  Checkmate!  To be continued…