Yesterday’s action was amazing, however it was dull and slow. Many names that I play regularly were illiquid. Look at my trading yesterday and you will see how cautious I was. The first instance where I see a failed pattern for the day is a sign of caution. The second or third time it happens is when I make a decision to go read a book for the rest of the day vs. trade.
I was digging up some charts last night. The one that caught my eye was from 2003-2004:
Here is the SPX today:
Let’s add some blank days in there. We are forming this broadening wedge and it fanning out.
Here’s the DJIA – same thing.
We are in a huge intermediate-term consolidation. That is all.
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thanks……AIG looking liquid and active…have fun
Thanks for sharing your charts CA. I like the way you look at things.
Bought $AIG 39.16/17
JAZZ break out
wrong stock. out $AIG 38.84
MTL
Bought $HMIN 35.13/14
mnkd
HGSI
Bought $HGSI 28.67
Bought $STEC 13.98
Bought more $HGSI 28.74
Out both $STEC and $HMIN 13.83, 35.44
Sold half $HGSI 28.81
Sold other half $HGSI 28.74.
can’t see my charts. they’re all messed up. no trading until it’s fixed
Anyone using Trategy Desk? Their server run slow lately
I am back
CA , what are you saying with your year to year comparison? That this is just a weigh station before further gains ala 2003?
short GG 43.26
cover 43.23 ..gold having trouble breaking lower …even with oil tanking
IO BTFO, too bad I missed it…
bought $BCRX 11.76
was bought 11.72 not 76. out all $bcrx 11.68 13:45:43
follow-through problems persist
Bought $AIG 38.16/17
bought more $AIG 38.27
lol out all $AIG 38.22
doji on most indices, for now
maybe time to get my book, lol
BCRX
GRMN at 29.06
out at 29.01, 00
TCK
MBI – buy in dip
SBUX 21.26
sold 21.23
THC
Bought $PCLN 208.04
Out $PCLN 208.09 b/e
Today is one of those “read a book” days.
Btw, don’t forget to watch my show at 10PM EST!
VVUS
Asc triangle breakout intraday. Volume. Its competitor ARNA is up 6%, so VVUS stil has some room to go higher
preditcing above 1100 SPX tomorrow
but I’m sick so don’t take my word for it – everything’s all cloudy
There goes INO
I brought CVVZ to the board at the beginning of October @ 8.15….
i’ve reentered the trade @ 8.51 today, plan on adding more before earnings.
Earnings are on Friday morning, and it’s the first Conference Call the company is having along side the earnings release.
Also, expect at some point between now and year end to have the company listed on Nasdaq, Investor Relations told me that they filed in August and expect listing before yr end…. wouldnt be suprised to see it come with earnings release this week.
This is a chinese valves company that trades at 7x next years EPS… super cheap due to illiquidity, should gain steam when listed on Nasdaq. Two analyst already cover it, so it does have some exposure.
Playing oil inventory reports:
Was talking to another trader today about how to deal with oil inventory reports and the sometimes mixed signals you will get on the numbers. He’s good trading oil but he gets killed on reports.
Crude oil will, for example, sell fast on an inventory build only to whip back up and run because gasoline inventories had a drawdown and are ripping. Traders will get stuck in the short for crude not understanding what is going on (because they are not watching gas).
Simple solution to this is to watch 3 contracts for complimentary moves.
/CL – oil
/RB – gas
/HO – heating oil
If ALL 3 move in the same direction, you have a great signal, if 2 move in the same direction, you might have a good signal. If gas is moving against you and you are in crude, you should consider getting out fast.
The 4:30 inventory report today is a good example – all 3 sold the report. This should be near-term bearish for oil – just remember that there is no report tomorrow due to the holiday. The 2nd report hits the tape 11am Thusday.
I’m short from above looking for low 78’s overnight.
Awesome, thanks Retox.
Seriously. You should have your own blog.
Thx retox. This is very interesting. /CL forming nice bear flag now.
cvr 1 @ 78.80
+ 16 ticks
cvr 2nd @ 78.61
+36