Meaning the last hour of trading.
If you were lucky enough to get in a few inverse ETFs yesterday, good. But, to buy them right here, seems a little risky. I think the better trade will be to wait and catch the move in the last few minutes of trading, rather than second guessing yourself the whole day.
it’s incredible to see how these ETFs trade in the last few minutes. Yesterday [[FXP]] ran 8 points in a matter of minutes. My day was made in the last half hour of trading, and I plan to do the same again today.
As for Yahoo! Inc. [[YHOO]] , I sold half my position yesterday, and will wait to sell the other half. I could be wrong, but I believe a deal gets done in the near future– they have no choice.
Off to eat a sandwich.
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RC-
You were right a few posts ago about shorting GOOG if it didn’t break the 372.50 (?) mark. But now what do you think about going long at these levels?
At this point, I won’t look at GOOG until 300.
GS getting Merc’d.
I like V in the 51ish range for an entry.
The last 12 minutes is the new last hour.
Picked up some RIMM at the close (47.80)
Hey RC -you nailed it as usual – waited til the EOD – got stinkies filled..
WHy rimm instead of aapl ?
RIMM b/c it’s down over 20% in 2 days, looking for a quick bounce.
NVDA beat AH.
As expected after a counter trend rally, there’s lots of flags and triangles.
From what I see, it looks like the triangles I mentioned
(JNJ, GOOG, MSFT)
have confirmed..
email alerts:
IEP double bottom, but looking at the 5 year chart it looks like it will face some heavy resistance, I’d prefer to wait on this one to clear 40, which I don’t think will happen.
PML “bull flag”
VKI – “Bull Flag”
I don’t typically trade bull flags that look like these. Normally I look for flags that actually have some long term strength, but it’s a dif market.
Bear Flags
ABA, ABD, ABX, ADTN, AFCE, ARCC, ARG, AZ, CMCSK,EEA,FAM,HIT, HSVLY, IGC, IHG, ING, JSM, MAA, MIL, NCR, RBCAA, RDY, SMSC, WCG, WF
these are much better looking from my perspective, then what I usually see. Normally I get a bunch of penny stocks, thinly traded stocks, volitilte noise, mixed in with stocks that don’t even look like flags. That’s the entire list.
With 2 400+ days in a row, I’m taking profits overall on my inverse ETFs, but I’d love to speculate on some OTM puts on these.
Most of them, seem to only have a small amount of support at or near their lows. So you have not only a good opportunity on betting on it retesting the lows, but breaking through the lows, and offering a good spot to add on puts or shorts.
They hit there 52 wk, or for even multiyear lows, then there’s some shorts covering a bit of a squeeze, maybe some asshole dip buyers, and then the down trend resumes.
And now what you may also see during a breif counter trend rally followed by this decline, is some volitility, bulls fighting bears, until one side gives up, in this case, the downside, and the bulls panic and sell.
Here’s the triangle breakdown email alerts, starting with those classified as “short term bearish”:
ALCO, AYE, CSR, DKC, TTO, WPZ, WTI,
and intermediate term bearish:
ACXM, CAF, HCP, MSFT, NHP, PWR, TC, TWIN, ZIGO
Much more names than I usually see. I think I took out all of the triangles under $4, unless I missed.
I’m not crazy about shorting after 2 400+ point days, but I’ll gladly take profits on my inverse ETFs, and use some of the profits to speculate on some short term OTM puts on some nice looking patterns.
Anyone nibbling on anything like AAPL or FXP?
Sold Rimm @ 48.50
Anyone buy on my V reco yesterday? I moved my stops up to $52.25, I am in at $51.50. Oddly I don’t mind posting my buys and sell stops however DEVILDOG went on and on about posting this stuff yesterday.