Taking It Slow

In the words of Brian Shannon, from Alphatrends, “I’m taking it slow today.” I already mucked up two trades this morning, and am getting mixed signals throughout.

The rest of the week may be tricky to trade with [[JPM]] & [[GOOG]] earnings right around the corner, not to mention options expiration on Friday. So I may take it light for the remainder of the week.

[[INTC]] continues to be a good tell on today’s action, so keep that one on your radar. Mr. JakeGint wants to see it ovah 15.65 (23.3%) fib level.

Airlines are ripping this morning, as crude sold off after the inventory report. However, crude is making a comeback, showing amazing strength, even with the terrible inventory number. My favorite name in the oil patch continues to be [[WTI]].

Note: [[ASIA]] is the number one stock in The PPT and has been on fire the past few days, keep a watch on that one.

Note II: [[JASO]] is my larget postion at the moment.

Note III: [[RFMD]], a Fly Fav, busted through it’s 200 day this morning.

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There goes the green trendline again, only this time it’s job is support. If we do not bounce here, it looks like we’re headed back to 825-800.

I welcome this pullback with open arms of FAZ.

Note: This pullback is healthy for the market, I’m still bullish near term.

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The last few weeks have been incredible, almost fantasy like. Today, I decided to take profits in a number of positions inculding GNK, LDK, & GU.

I’m still ready for one more push higher after GOOG’s earnings, and then I’m back to cash.

If you could only fathom the kind of profits I made in the last few weeks, you would quit everything you’re doing and try to trade full time. But, you see, it’s not always roses, but this is why we play the game.

Whether it was FEED from yesterday, LDK & GNK today, C from a buck, GOOG from 300, or UA from the low teens,  the Ragin’ Cajun just merc’d this market.

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This was posted in The PPT Thursday afternoon:

Post Updated later that day when asked what my target was:

Larger view of chart

The PPT board room:

This is just one example of what goes on in The PPT everyday.

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I bought RUTH @ 1.80

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I would like to take this time to endorse a candidate from this here trials & executions.

Mr. JakeGint nailed the market on the way down last year, and has been banking coin off this recent bottom. His timing is impeccable, and he certainly has the wit that is needed here at iBC.

Jake is a money making machine, and I fully endorse him for the job.

As an aside, The shippers look ready to go. One that can get moving in a hurry is GNK. If I did not own it, I would take a hard look at it right here.

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