RIMM: Research In Motion Limited (USA)

My Focus today will be in Research In Motion Limited (USA) [[RIMM]] .

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Note: With oil down big, I will focus on select names like Buffalo Wild Wings [[BWLD]]. I love it over $35.50.

Note II: I will also watch to see if the refiners pick up speed. I will go with Alpha’s favorite, Valero Energy Corporation [[VLO]].

1. 2x Inverse Financial [[SKF]]
2. Chesapeake Energy Corporation [[CHK]]
3. Research In Motion Limited (USA) [[RIMM]]
4. Celgene Corporation [[CELG]]

Instead of trying to overthink this market, I will focus on four stocks and trade around them. SKF was bought this morning, I loaded up on CHK at this level, I will hold off on buying any more RIMM until I see further strength, and CELG will be bought on dips– always.

I will still scan for breakouts/breakdowns, but my focus will be on these four names.

After a few maneuvers this morning, here are my current postions in my trading account:

• [[SKF]] – Short Financials
• Chesapeake Energy Corporation [[CHK]] – Long Oil & Gas
• Research In Motion Limited (USA) [[RIMM]] – new product cycle rolling out
• Celgene Corporation [[CELG]] – Exposure to Biotech (IMO, Best of Breed)

As for my long term account:

• Google Inc. [[GOOG]]
• Yahoo! Inc. [[YHOO]]
• Apple Inc. [[AAPL]]
• Gushan Environmental Energy Limited [[GU]]
• Visa Inc. [[V]]
• Holly Corporation [[HOC]]
• Dr Pepper Snapple Group Inc. [[DPS]]
• E TRADE Financial Corporation [[ETFC]] – Been buying lately
• NVIDIA Corporation [[NVDA]] – Been building a position since major drop
• Freeport-McMoRan Copper & Gold Inc. [[FCX]]

I made two buys in SKF this morning, one @ 118 & one @ 116. I let some go here as the market seems to be holding up well.

Oil cannot seem to gain traction, and “natural gas is a scam”–says Fly. Chesapeake Energy Corporation [[CHK]] will be the death of me, but I can’t help but think it’s cheap here.

I just added to my position in Research In Motion Limited (USA) [[RIMM]] @ 127.20. Also, take a look at the strength in Apple Inc. [[AAPL]] . Is money really rolling into tech?

The Bears have control until 11,700 .

Long Oil, short banks! That’s where the money will be made today.

We’re up against major overhear resistance in the indices. I sold out most of my longs at the open and will re-enter should we clear resistance.