Vincenzo “The IT Guy” dropped two barrels of his finest vino, while eating meatballs and gravy, all over The PPT servers. Bear with us, as we clean up the mess. We will be back up and running shortly.
On the opening ticks, I sold out of my largest personal position, TNA, and client position, FLS. I did so, in order to book hard fought gains and redirect funds into lesser volatile names.
As the market dips here, I am adding to my DE and CLF positions. I do so with murder in my eyes, and feverish jubilance in my soul.
I don’t care what the market does today. All I know, with absolute conviction, we will trade higher from current levels.
NOTE: If you are curious about my DE thesis, see TSCO.
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fig
fluke
?
Thanks on tna made a profit.
BBY & HD in the red and the lows of the day. Strange, no?
hey fly , is today fuckery bullish enough or not .. I still don’t get the direction of the (midterm ) tape after the first hour O_0
Who cares if we are 40 points off the highs today for The Fly says we trade higher. Never doubt the Space Alien Magician.
Speaking of the ethanol chugging farmers, did you see that new program initiated by the United Farm Workers titled “Take Our Jobs?” It was started to challenge unemployed Americans to take farming jobs where numerous illegal aliens (Mexican, and maybe space) currently work for low wages and no healthcare. It would work if cheeseburgers grew out of the ground.
I blew out of CLF for a profit, might buy again later. The market did just fly up like 4.6% in a little over a day.
Farming? Sheet man, that’s real work. Besides, it’s an election year, so that means unending unemployment bennies for AWL my friends.
____________
Thanks to The PPT, I had my best single day gains ever! TNA + select other PPT Screener-selected stocks netted me a cool 7% single day gain (gains well into the 5 figures). That convinced me to make the move up to Gentleman status from Piker.
Now the real benefit for the ancient one is revealed by PPT headlines – yes! I’m rooting for Netherlands to win the World Cup. Twitter this.
I wish for the Netherland to win it as well but I think Spain will get it!
On the market….It seems like this rally needs a second look here. In the face of drastic earnings cuts for GS and Morta Sigura (MS) I would be very cautious here. Cash is the best choice. Long 60/short 40% might be the next best.
One thing that makes me scratch my head is; Did Europe fix all their problems all of the sudden? Fuck NO they didn’t, and Euro rally should be just about over now. Meaning the $ rallies above .85 and the markets goes down with it. I know everyone seems to think that the Yen is the key…I think the Yen matters very little right now…It’s been going on for good 10 years now…Old news and insignificant. Watch the Euro/USD for cues that the market dances to. A further rally can ensue only after a pullback in conjunction with the $/Euro rally first.
Cheerio
Been riding DD for some incredible winship.
Agreed. One of my new positions yesterday was FSLR. If the trend is higher for at least a few days, FSLR has a big short float and that should help it continue going higher over next few days, if not beyond that.
dont sell the rally?
but…. but….
Check out the MACD versus the price levels on all major indexes. Bullish momentum divergences on all major indexes. Below is a link to the RUT;
http://stockcharts.com/h-sc/ui?s=$RUT&p=D&yr=1&mn=2&dy=0&id=p10734876729
Good risk to reward to put on long positions here with a mental stop below either the July 6th price lows for the more risk-averse or the June momentum lows for the less risk-averse.
fid
good trading = positioning yourself so time is your friend and unknowns play out in your favor.
imo thats it.
so which one is the stronger line – the weekly or the monthly?
how do I make time work for me…
Weekly charts are best. Most traders I have ever met suck at daytrading and make much more money swing trading the weekly charts, because the technical analysis is more reliable. I ignore monthly charts entirely.
I only trade when I watch the setup from the early stages (my trading system in Amibroker has certain custom indicators that give very early signals), and then watch it begin to confirm itself. I never chase a stock price. If I am laying in wait for a trade to unfold and the stock price suddenly explodes, I look for another trade. I prefer to get in when the waters are still calm, rather than deal with a volume blowout situation which then reverses the stock price.
First entry is a small trade, usually 100 or 200 shares, to get the feel of the stock and how it trades. if the entry trade is not profitable by at least 2%, I do not add a second entry. Same goes for the third and final entry. I scale back out in 50% increments.
i never use fundamental data, only technical, and I ignore the news. i use sites like this one to get trade ideas.
imo that’s it.
Bought some AIG for the fuck of it. Let’s see if China Strategic closes the deal quickly to negate Chinatrust. Chinatrust has just been reported as still interested in Nan shan (AIG Taiwan). The deal would return $2.15B to the US of A. Deadline is October but pubilc news leaking of Chinatrust interest should act as a catalyst.
The absolute run for this current market should be no more tham 1,132 S&P and 10,360 Dow.
So let it be written. So let it be done.
Seems about right. That would be a 75% bounce through the “Megaphone bottom” pattern i posted last week. Only thing that could send us screaming back to Dow 11k would be a dollar collapse. Iran and N Korea seem to be getting less stable by the day. So, that doesn’t seem likely now.
when the yuan rises ,and it will, we go to 15000 on the dow
News from Geitner that cap gains and dividends will only be taxed at 20% instead of 40% does bring some comfort and less need to pick a selling point in 2010 for the long term holders. Not sure this means anything to this group from a tax perspective (how many investments +1 year?), but it does mean something for the structure of the market with longer term buy and hold crowd. Less uncertainty.
I feel like another rally into the bell.
FLY – RECOMMENDATION TO RECALCULATE PPT SCORE 5 OR 10 MINUTES BEFORE CLOSING TODAY IN CASE O/B TRIGGERS FOR PPT CREW?
Sorry, tried to edit the all caps shouting but time expired. I guess we all know who is heavily invested in options and watching the market movements every five minutes. How often does PPT recalculate? Perhaps just the last calculation of the day could occur five or ten minutes before close to position for the next day?
The first update is around 10:45, then every hour or so after that. Last update is 5pm. Fly has mentioned he’s working on faster updates. PPT 2.0.
Thanks Kenai, if the hybrid ppt score was time stamped it might help avoid confusion for new joiners. I am just looking at the market PPT and not individual shares, but I am not sure if it is built bottom up or top down – if recalculating all covered share price ppt scores to arrive at the overall market ppt score it could take a while. If there was a shortcut top down calc for the market, it could be refreshed more often (useful for trading indexes or options).
I think the conventional wisdom these days is not to act on overboughts and oversolds until at least the following day anyhow. In my (very limited) experience it is a mistake to turn on a dime as soon as the OB or OS comes up.
Apocalypse: Check out Alvari’s “Hybrid Divergence” post in the PPT Forum. Very interesting stuff (and so far, incredibly accurate).
Excellent observations from Alvari on the divergence between SPX and PPT score- that was the first time I actually entered the forum so thanks for pointing it out Kenai.
All the best.
I am leveraged short BP!
I get the feeling that nobody really has a clue
they are just pretending they do
Welcome to Earth.
That was fun.
Nice pick on DE. Got in at 56.49, after cashing out my MSFT position. Closed at 57.23.
When the market goes up for 3 days in a row and people are falling all over themselves to give each other blow jobs, best be careful.
Do you want cream, or milk, with your coffee?
I don’t drink coffee.
Btw, you’ve got some yogurt on your cheek.
http://www.amazon.com/Triumph-Contrarian-Investing-Beating-Against/dp/007143240X
Decades of studies show that optimism, not pessimism, is what leads to market crashes. Markets can grind higher/sideways for years, whenever the public despises stocks. This isn’t some brand new phenomenon.
That being said, DBA is too crowded long, and UUP is too crowded short into tomorrow. Any spike up is a short scalp candidate, from this point on.
DBA going up for too long is a sure sign of impending doom.
OK…Spot Ore is still going lower, BDI lower….yes we are having a “magical european going to save the banks cuz ECB said they would” risk on rally but omg how long do I have to sit thru this until China just bitch slaps them and says Europe dick heads, we aren’t buying like we did in 2009.
it there a way to join w/o using pay pal?
i think you can send a check ..contact>[email protected]
I just sent Jeremy a check on Tuesday for PPT – now I’m just waiting for those lazy postal fuckers with the huge government pensions to get off their asses and get it there – I can’t imagine why the post office can’t make any money in this day and age! Luckily I caught the PPT signal by listening to Fly and this week alone it will pay for my subscription 200x over!
per cent’anni
on Tuesday 7/6 the PPT recorded the lowest technical scores *ever* for SPY, IWM, and QQQQ. I bought some of the new weekly upside calls in all 3 and tripled my money in 2 days. That $50 a month is worth it!!
I believe it was Harvey Keitel in Pulp Fiction that said…
“Let’s not start sucking each other’s cocks just yet!”
we are rolling..3 more weeks straight up would suit me just fine..
Tony
Get the annual sub it’s 29.99
Pay pal is making me wait until a code apears on my statement…please take my $360! CC in hand.
Hey Arch, good thing those f**ckers didn’t shake you out.
i have to wonder if they are remaining stout with their holdings while we do some shaking im looking to add more..also looking into some stuff THE FLY is into
im not to worried about the fuckers..their eyebrows will grow back
DRILL BABY!! DRILL!!!
The memorandum has ben struck down. Unrestricted drilling has resumed, and our economy will benifit from it, as well as create JOBS!
Fuck obama.
We need jobs here, not bullshit.
More important than stocks…
What’s Lebron gonna do???
Now I’m pissed… Screw Lebron and Miami!