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More Selling

I sold First Solar, Inc. [[FSLR]] @ 139.50. (3 buys in the past few days: 140, 120, 97; cost basis was around $119) I’m declaring victory here.

I sold Google Inc. [[GOOG]] @ 363. (Recent buys were under $350)

I feel like Fly here, I want to get small ahead of next week. I’ve had a tremendous week and was rewarded handsomely for buying cheap assets. I’m not giving back my hard fought gains.

Currently, I’m sitting on a massive pile of cash waiting for my next strike.

Position Update:

  • W&T Offshore, Inc. [[WTI]]
  • National-Oilwell Varco, Inc. [[NOV]]
  • Apple Inc. [[AAPL]]
  • Freeport-McMoRan Copper & Gold Inc. [[FCX]]

As you can see, I reduced my holdings significantly from last week.

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GS Scares Me

I can’t get behind this market like I want to, with Goldman Sachs Group, Inc. [[GS]] looking like it could shit the bed any minute. I also don’t like to buy when Apple Inc. [[AAPL]] is in the red.

With that being said, I sold [[UYG]] @ 9.55 (Cost basis around 7.50).

However, I did add to my position in W&T Offshore, Inc. [[WTI]] on this dip.

Note: GS is one scary Hunted House.

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Oil & Gas

This is a sector I still feel comfortable placing new money. Many of the names have been shot, then, shot again. In my opinion, this will be the first sector we start to see major consolidation.

I think the best opportunity lies within the small & mid cap stocks. The last time we saw oil murdered, we witnessed the same thing, massive consolidation. Fortunes were made here in oil town, as companies with cash were able to snatch cheap cheap assets. I have no doubt we see the same thing again.

Those looking to hold stock longer than a few days, I strongly recommend building a position in your favorite name.

According to “The PPT” W&T Offshore, Inc. [[WTI]] is the top rated stock in the group. The stock has a market cap of less than 2 billion with a pristine balance sheet. Technicals are stating to turn in favor of the stock as it looks like it has formed a solid base. The stock has yet to take that famous “Goose-step” like many in the group just did this week.

If you’re looking for exposure in energy, look no further than W&T Offshore, Inc. [[WTI]] .

A sneak preview of The PPT beta:

Note: Techincial scores update every few minutes to reflect market conditions. At the moment, W&T Offshore, Inc. [[WTI]] is rated #1 in the sector.

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Update:

Bought Sociedad Quimica y Minera (ADR) [[SQM]] @ 22.02 (update just sold for 23.30)

Took Profits in Visa Inc. [[V]] @ 54.10

Took profits in JA Solar Holdings Co., Ltd. (ADR) [[JASO]] @ 4.80, took loss in MEMC Electronic Materials, Inc. [[WFR]] @ 16.60, but still holding First Solar, Inc. [[FSLR]] .

I’ll be back later for a full update.

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Thursday

Earnings:

  • Akamai Technologies, Inc. (AKAM: 13.89 +4.59%)
  • Apache Corporation (APA: 74.81 0.00%)
  • Chesapeake Energy Corporation (CHK: 20.65 0.00%)
  • Dynamic Materials Corporation (BOOM: 14.57 +4.15%)
  • Electronic Arts Inc. (ERTS: 28.04 +5.33%)
  • Exxon Mobil Corporation (XOM: 74.65 -0.28%)
  • Genco Shipping & Trading Limited (GNK: 15.08 +4.36%)
  • IntercontinentalExchange, Inc. (ICE: 61.79 -3.90%)
  • Massey Energy Company (MEE: 21.17 +11.42%)
  • Motorola, Inc. (MOT: 5.46 -6.51%)
  • Sequenom, Inc. (SQNM: 15.64 +4.83%)
  • Southwestern Energy Company (SWN: 30.95 0.00%)

I’ll be out for much of the day today. Be sure to watch for a break in the opening range in solar– I have a good feeling there will be some great trades. (See post below on instructions on trading the opening range.)

The Kirk Report does a great job in listing stocks that gap higher in premarket. Start your search there and play with the strategy.

Don’t forget to check your morning news.

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Cajun Blog #2

Here’s a quick little video on trading the opening range. When The PPT is released I will give a more detailed video (as well as work on picture quality), I will also explain how I look for my exit.

[youtube:http://www.youtube.com/watch?v=k4nt4l5TH6s 450 300]

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