Small caps are running this morning. I’ll will be putting together a solid list today.
Comments »Stock Setups
We’ll start with the Q’s, however it is worth noting that AAPL is down in after hours due to the Steve Jobs news.
Can NVDA bust through overhead resistance @ $9?
Can SIGM finally break higher?
I’ve noticed heavy call buying the last few days in AKS, looks good above $10.50.
UYM looked good all day, however I couldn’t pull the trigger. I will be looking to trade it on continued strength tomorrow.
As for the market today, I dropped my shorts, which should have been done as I mentioned yesterday. I sold SRS and covered my LM short, both for losses. I actually got away with a gain in FAZ, but tossed it out as well.
I believe this move can last for the remainder of the week– it’s option expiration week, would it surprise you?
As for my longs, they exploded to the upside with nice gains in: C, UYG, URE, FCX, GOOG, WTI & CLNE.
My plan is to ride my longs until weeks end. Then, I will likely cash out, hopefully at the top, and start with a clean slate for 2009.
Note: For more setups check out Stewie @ The Art of Trading. Mac also has a bunch of setups in his nightly video.
Comments »Levels to Watch
SRS ‘The Beast’
Looking at the U.S. Real Estate Index, I’ve noticed many companies bumping up against resistance. I noted earlier that I was looking to dump a portion of my SRS position, but if the market continues it’s slide, I may hold. Take a look at the top 10 companies in the index, they may have hit a brick wall.
Comments »Sector Spotlight: Gold
The PPT has Gold ranked as the strongest sector today, and quickly moving up the list as the strongest sector out there– currently 3rd on the list.
Here are the top 15 movers based on the computer hybrid score.
Comments »Making Moves
On days like today, it feels good to have short exposure. My biggest winner so far today is FAZ. But, I plan on taking a few shorts off the table today.
SRS is acting terrible, and brings back memories of FXP. I’m looking to sell the majority of my position today. I’m also ready to cover my short in LM, if they can’t take the stock down today, when can they? My basis on FAZ is right below $40, i will likely let that one run just in case the market decides to shit itself.
On the long side, I will slowly be building a portfolio with select names. I figure it make sense to hold longs while taking stabs at shorts when the opportunity presents itself. Look, we are down nearly 50% for the year. With a bunch of great names down hard for the year, it only make sense to pick a few and let them blossom.
Note: Be prepared for anything, it’s option expiration week.
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