Shake off any morning damage and start making necessary decisions.

In TWTR @ 46.02

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For the second time in as many days there was an aggressive seller at the open in the NASDAQ Composite futures who simply vanished at the first sign of rotation higher.

This is a strange occurrence as the opening swing had seller control written all over it.  Then before you even have time to make lunch plans, the sell flow dries up, dippers lurch back in, and boom, we’re off the lows.

We’re back in yesterday’s value and buyers are in the driver’s seat until further notice.

Trade accordingly.

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I am calling it like I see it.  I reduced my long exposure by scaling profits in many names:

 

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We are coming into the first of the month, a Friday, the day after Halloween, with the long-term picture of an auction controlled by the buyers.  The sellers have recently stepped up and have been absorbing aggressive buying more successful then we have seen in a while and they made an aggressive push into the bell yesterday.

The sellers have an opportunity to sustain their foothold today.  The overnight action stayed below the low volume node at 1756 signaling little has changed to the level of conviction the sellers possess.

Early on the 1756 level is in play and is my early tell of sentiment.

The overall picture of the S&P looks fragile both on the upside and lower therefore I am keeping an open mind.  I have presented a few scenarios to guide my vision on how today may print and also highlighted key price zones on the following market profile charts:

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I love days like this.  A general observer of the markets may pull up a chart of the $COMPQ and surmise the day was a nonevent.  But inside the matrix, there was money flowing all over the place and often with strong currents.  Another month in the books October is, and everyone wants needs to be right into year-end.

It was an exciting day for me because the market offered many opportunities to exhibit my swagger during the iBankCoin open house.  If you tuned in to the 12631 chat room today I have to be honest and tell you I don’t always make so many moves and today was certainly an exception to the norm.

The day started off on the wrong foot because the pitter patter of rain kept me sleeping too long.  I arrived at my office and jogged to my desk only minutes before the opening bell.  My morning work had me wanting a short and I had my offer in the market right as the bell rang.  I caught a quick move lower in the /NQ, then a long, then another short.   All were winners.  I may have said this before gents but last night I had a massive epiphany in futures trading.  Suffice to say, it is a post for another day.

I sold my SLW very early.  I should have followed @chessNwine’s cues I suppose, but I march to my own drum and thought it had upside potential still.  The morning gap lower made it clear I was wrong.  I cut the loss early, and I am glad I did because it continued to slide all day long.

I scaled off some GOGO on the morning rip too but it is still my largest position.  I WAS huge long (15%) yesterday because I knew I wanted to be full size into the weekend, but that I should be scaling some profits at this logical level.  This adding then trimming is a new process I have been refining.  I did the same to ONVO last week.

The dynamic surge in buying activity around 11am piqued my interest and I wanted to get my cash position to work as early as possible to take advantage of potential new money flows entering the market tomorrow aka mutual fund Friday as Option Addict calls it.  Last night I created a metaphorical drug reference which explained why I sold SCTY and would be buying TSLA.  Did you catch it?  I bought TSLA first.

Then I bought all of my PPC shares back, lol.  I could not ride into earnings and I fully accept missing 2% of the upside because this stock is going to run all the way to the New Year.   Top pick #timestamp that.

I bought BALT.  Many a good trader have strong conviction in this name so I consider these discounted prices a gift to ride their coattails with reduced risk.  Also it came into my favorite ema, the 99, and made the turn.  That’s my honey hole.  This took my cash down to 5 percent.

I would have stayed put, but I saw the indices developing a bit of excess supply.  Before too long the sellers were pushing very hard on the tape and I had to respect the action so I scaled my ONVO position down to half size.  I gave my entire book a hard look and wasn’t able to sell anything else.  I need charts to prove me wrong or hit targets otherwise action is futile.

Net-net, I made a few bucks so far this week but nothing to write home about.

This brought my cash up to 10 percent into the bell and now it is time to celebrate Halloween by consuming exorbitant amounts of cider and Appleton’s rum while watching scary movies and passing out eCigarettes to the neighborhood bastards who toilet papered my trees last night.

Happy Halloween folks!

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The old market of stocks is becoming ever more selective while the indices teeter like humpty dumpty atop a gigantic wall of worry.  The markets are rewarding patience…lots of patience.  I continue to profile a large short who is hard at work in the S&P and I am beginning to feel her palms sweating.

Two earnest attempts were made by aggressive sellers today to press price lower.  I see there footprints all over my undersized 24-inch Samsung screens.  First came the huge order absorption Friday afternoon and then today two aggressive, menacing attempts at driving price lower by hitting the bids HARD.

Both times the damn dip buyers presented themselves.

Now Monday is over and Apple is trading modestly lower as are the /NQs yet the stodgy S&P is lingering.  It is lingering like your friend’s friend at the end of the night.  It is lingering like the drunken buffoon after last call.  The S&P is lingering like a stubborn snail on your porch. The longer the S&P persists at lingering, the warmer the room becomes where the big short resides.  The walls get heavy.  The sounds of colleagues chatting and printers printing erupt into a confusing noise.  Suddenly there’s no air in the room but in reality their breathing has stopped.  Their brain is failing.  In short, anxiety is building for the massive short.

Or it isn’t.  This is all a subjective analysis of a hypothetical seller being profiled by an odd stranger on the internet, yes?

I sold that USO long, taking a 5 percent loss.  It looks decent but it was stupid of me to tie up so much money in oil when there is crack to smoke and chocolate to eat.  I thought parking 10% of my assets in the name would be like a voluntary break from the action to keep me honest.

Well, it kept me honest and lost me money.  That is honestly dumb.

I resisted the strong urge to buy SCTY today although I should have.  After hesitating briefly, it appreciated by a dollar and I was no longer interested.  At least that is what I tell myself today.

More GOGO had to be purchased.  This stock has comported itself with the utmost decency even while other momentum stocks flung solid body waste at one another.  It was already a 10% position last week, now it’s nearly 15 my friends.

I still have this PPC chicken stock and corn, soybeans, grains, and any other GMO puke they input into these foul beasts is cheaper than ever. This is without question the overplay for the underlay with the salmonella news as a backdrop.

Anyone who follows the LED industry knows our available and investable companies have been tossed into The Fly’s fag box.  RVLT continued being a cerebral pain by trading down.  It went down, okay?  It is down for no reason in particular aside from having a loose corporate structure and managing to eke out 500% plus gains on the year.  You may continue seeing profit taking in this wild stock.

In short, my cash is up and I am concentrating my risk where the momo is chasing.

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When you feel like selling, buy MOAR

I bought more $GOGO shares making it my largest position.

If you buy GOGO beacause of this post you will spend your next holiday stuck on the tarmac next the the big guy and a crying/sick baby.  And you may lose money.

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Just in time at 1754 our seller showed up.  Put them on there heels and here they are.  Either they hold on or get rolled on.

Keep an eye on this 10 am swing high:

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I wound up only lopping one point five percent off my portfolio today despite being off by as much as three percent.  My portfolio oscillates quite aggressively even though I have 15% of my assets in cash and another small chunk in FXY.  That’s because I hold large positions in wiry names like RVLT, ADHD, ONVO, LEDS, and PPC.

PPC is not supposed to trade like a greased pig but there is a big salmonella scale at Costco and while the FDA sorts out the origin of these tainted meats.  I just so happened to be fortunate enough to put a full size position on a mere 14 hours before this announcement.  We did not get a solid response from PPC’s leadership like Elon doing a full analytical of his car fire.  Instead we just sit here, in limbo, hoping support holds.

So far it is.

I have this GOGO too.  This is my go-to tech story for the next year.  I love the private jet class as they are good people in need of constant internet.  And every time I fly, I buy internet because it is my crack rock.  If I went to church, it seems no stretch of the imagination to envision me perusing charts on my ToS app during the Sermon.  GOGO stopped going down today and that is important if you want your stock to go up.

The market is teetering at the highs and we haven’t had our day of sheer terror yet.  I want my day of sheer terror so my FXY trade earns a few bucks.  Hopefully said day of terror propels oil prices highs for some random reason.

It has been a week in the losing camp for Raul, but what the hell do you expect when I exhibit complacency.  Perhaps Ford(s) will get things going tomorrow.

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Nothing CREE is doing has me frustrated with the company.  I think their team is making solid decisions and I think their decisions are driving market adoption of LED lighting technology.  They truly are the ambassador of LED technology and I think that theme will become more evident over the next few quarters.

They are doing all the legwork to bolster the entire industry higher.  Are they doing it because they are nice guys?  No, they want to make money and the business has a solid margin on their rapidly growing lighting segment.

I still consider the retrofitting of traditional fixtures and bulbs to LED lighting as the greatest business opportunity of my lifetime.  And I have LOTS of lifetime left.  I have nothing but lifetime old chaps, and I intend to make a fortune during it on the backs of industrious men like the leaders of CREE.

I have loosely defined my plan for accumulating CREE.  I really do hope to buy the 99 week exponential moving average.  I intend to buy back in slowly.  See that double top?  That is people like me, but of course with much less conviction, getting high on hopium then Mike Tyson knocked the hell out twice in one year.  They’re on the mat and may not get back up.

Let them die, then feast on their carcasses.

Below my current plan is a throwback to last quarter’s plan of attack.  I succeeded then.  I look forward to doing so again.

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