Surf Report: Commodities… bleed or bounce

Hi all.  I will be playing commodity related stocks today.  It’s either “bleed” or “bounce.”  Right now they are sitting still, but I see potential for quick day trades in the final 2 hours. 

Surf spots:

GMX Resources Inc. [[gmxr]] …long on bounce

Petrohawk Energy Corporation [[hk]] …short on breakdown

Continental Resources, Inc. [[clr]]

Energy Conversion Devices, Inc. [[ener]]   … if Bounce, then long ENER

Patriot Coal Corporation [[pcx]] , James River Coal Company [[jrcc]] , International Coal Group, Inc. [[ico]] … short coal stocks on bleed-down

Goldcorp Inc. (USA) [[gg]]

Intrepid Potash, Inc. [[ipi]] , Sociedad Quimica y Minera (ADR) [[sqm]] , Potash Corp./Saskatchewan (USA) [[pot]] …get long on bounce

Patriot Coal Corporation [[pcx]] …long on bounce

Freeport-McMoRan Copper & Gold Inc. [[fcx]] …long on bounce

I would recommend you pull out a 2-week chart and find the nearest low compared to today, use that as your support/resistance level or entry/exit points.

See you in the comments!…

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A meli a meli a meli…

Ok, now that I got Lil Wayne back in your head…

[[meli]] crossed below a key psychological support at 30 today.  It held above 30 for most of the day, but failed to rally when Dow was up 170 = weakness.  Short now or next up day.  Keep stop at 31 strong volume.

I will rap “A Milli” to this stock down to the teens.

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Market driving you nuts?  Relax brah….

… If you ever come to Hawaii and you want to sound local, don’t call the ukulele an “ukulele”… call it a “uke”, pronounced “yook.”

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New longs:  QSII (43.31), KNDL (49.32), FSYS (51.08), CNQR (43.30), JRJC (16.82)

– The Big Wave index trades.  Here’s my weighting score for how to position these trades (PPT scores are not factored in.  I only used price/volume/sector performance.  Add up the points it should equal 10, in this case 11 since I threw in JRJC as a spec play):

• QSII 3
• KNDL 2
• FSYS 2
• CNQR 3
• JRJC1

You could have also went with:  GEOY or DXPE (scores of 2), but DXPE is up for the last 10 days or something like that.  GEOY is a news play.  So be careful with that… satellite to launch September 4, so look out for profit taking TOMORROW.

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Completely covered shorts:
RIMM ( +6.60% at 117.47, short at 125.60)
IPI ( -2.87% at 43.32, short at 42.11)

Completely sold longs:  MEA ( -17.49% at 12.71, bought at 15.41)

Trader notes:
– [[MEL]] I just crossed the short sale point.  Missed it.  Will wait for tomorrow.

– GeoEye Inc. [[GEOY]] stays green

– Calgon Carbon Corporation [[CCC]] stays green

–  DXP Enterprises, Inc. [[DXPE]] stays green

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It’s definite energy’s blood.  Fading this rally on oil reversal.  Wait for dip buying on energy stocks… that will give you a sign to start shorting.  Get this guys, the Vix is actually UP.  Scanning for day trades…

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