iBankCoin
I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
3,504 Blog Posts

Trading Bananas

Might as well be trading bananas. It’s just letters attached to numbers at this point, yes?

I doubled down on ZNGA this morning.  The plan is to lean on $4.50 after my entry at $5.20 last week.  If price can’t recover the $4.50 price level I will be closing out the entire position for a loss.  Otherwise, if the stock regains the level, my plan dictates holding with a target to scale off my original purchase at $5.20, thus lowering my cost basis and allowing me to continue participating in the bottoming process of the lamest company on earth.

Pandora is weak again today and floating around my entry level.  I may drop this stock again before the day is through if it breaks down.  However, I want to see it through this range and am more inclined to hold.

Yelp is coming online and looks like it may make a leg higher.  I may ratchet this position as high as 20% should we see a strong afternoon develop.

DTE and AWK are participating in the utility/dividend bubble.  That is some bona fide costanza buffoonery.  Not sure what to think of the “rapid” appreciation of these stocks.  I’ll likely stick around.

I caught a nice entry on AAPL and that has me patiently eying a $620.00 target.  Still a hold.

I bought POT today.  I’m interested to see how these intelligent farmers who “report dead crops on purpose” and their bullshit crops affect hype and hot money in a fertilizer.  It’s business like this that makes me love being a speculator.

Essentially Zynga is tip toeing my GTFO line, Yelp wants more of my allocation, farmers are political bribers, Apple is Rick Ross, Pandora is often a box of bees, and utility stocks are experiencing a bubble.  Got it?  Now trade accordingly.

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Getting Grimy

Perhaps many of you begrudging the rally for not including your positions in the pump don’t understand the message sent today.  It came from the sharp tongue of a bankster.  Staring out the window, his eyes gazing at the simple populous thousands of feet below, he said clearly into the phone, “Ga’head.”  And what is now history was the markets’ resounding roar of acceptance.  The markets traded today with elegance.  Instead of a gap-up-leave-you-at-the-station mess, we opened on our hammers, let all the good traders position, then ripped.

Sure I wanted YELP to appreciate at alarming rates today like the rest of the market.  Indeed a 10% appreciation in ZNGA would have been welcomed (such a homo stock).  Instead those fuckers traded like a wet bologna sandwich at a picnic.  The same could be said about several sectors and stocks, but know this: financials are the largest god damned rocket you can strap to the market.  Put on your fucking space helmets and believe me when I tell you a sustained move in financials means bulls can advance with pomp.  Otherwise continue to lament your super soaked panini.

If we are truly seeing the beginning of a sustained move higher there is no better liaison than USA #1 banks.  They have the guns, germs, and steel.  They win, we all win.  Capice?

Banks…God I hate’em.

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Morning Jitters Lead to Afternoon Winners but China’s GDP Is Really for Dinner(s)

After getting off to a rough start this morning, the markets gained traction and we saw the mobile/social tech space heat up into the late lunch hour.  I sold my TPX in the morning, for no god damned reason.  I also traded FB like shit; chasing a flag only to stop out of what I thought would be a few day swing trade.  I had no other choice but to make a little break and have a long swim.  I returned very calmly to a market full of Fanta.

I purchased shares of Pandora on the rumored bid from Comcast.  Turned out the rumor was FALSE. If you recall, I sold my stake yesterday just under ten.  I should have stayed bracket committed yesterday instead of being a fruity fearer of round numbers. It cost me around forty cents. However I have retained my newly purchased shares.  Should the market gain traction, shares could rip up to bracket high $11-11.50 where I will scale 1/3 and reassess.  Shares went from up over 8% to up around 4%

Zillow recaptured $40.00 which seems significant considering the market’s reaction to the achievement.  Price went on to rip through $41 and looks beast.  Investor’s reacted positively to notes out from Zillow stating they’re getting a fuckton of mobile traffic to their site, a trait so important to web services in our transitory computing environment.

@mrtopstep tweeted about a trading break rule.  He says making a little pause after having either two profitable or five unprofitable deals in a row is his rule.  I may implement a rule like this albeit tweaked to swing trading.  I would love to hear any similar rules your guys adhere to.

Top picks going into the night we all watch the Chinese release capitalist data: YELP & Z

Good day good traders,

http://www.youtube.com/watch?v=Gh8m4v5WkwQ&feature=youtube_gdata_player

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Rumored Comcast Bid for Pandora

Benzinga reporting an unconfirmed bid by Comcast for Pandora. Shares up as much as 8% on the news.

I bought back in.

 

UPDATE: Source close (nothing sexual) to the situation (no GTL) says Comcast NOT bidding.

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QE Less Likely

The Central Bank intervention crowd, touting their “Don’t fight the Fed” mantra, has kept a bid in the market most of the year.  At least, that’s one reason to be long.  Other investors stay long due to the strong January and the election year statistics.  There are other reasons to be long, yes, but the cliff divers have the whole European turmoil debt calamity making a strong case for calamity and stock market devastation.  Then there’s our bloody strong dollar.  STRONG DOLLAR MEANS STRONG ‘MERICA.

So we have a strong dollar, we could devalue that puppy and get some asset inflation.  But with corn fields north of the bible belt turning into hot concrete better used for figure eight demolition derby racing, a farmer’s favorite pastime, and the strong jobless print this morning, is it time take the QE bid out of the market?  Yesterday’s Fed minutes also communicated a lack of consensus regarding monetary policy.  By my understanding the corn situation causes real supply based inflation, not the light and fluffy stuff Ben likes to toss on fans over at NYSE.  Am I jiving these recent developments properly?

Now we have earnings.  Are strong earnings bearish on stocks, because they lessen the ability of the Fed to act?  I want to see stocks trade based on individual merit, but we’re in a correlation based market right now.  Seeing how surprise earnings announcements are treated may give guidance to our line of thought.

One thing I do know: US dollars are in beast mode.  Euro trip anyone?

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Backdoor Man (Video Bizzaro)

Sometimes I place all my attention on the front door only to have villains slip in the back slider and rape and pillage my purse.  Such was the case with this most recent pullback.  In the markets, there is never a sure thing.  However by my homework we are in a high probability environment for a thrust higher.  However, I’ve been overeager.  My AM purchase of YELP seemed ill timed as the stock diddled lower most of the day.  It now rests right on support.  A support I would prefer to see hold prior to positioning.  I did not sell, but now consider YELP one of my top two “hit the bricks, dicks” stocks.

I sold Pandora.  I don’t like it sub-$10 no matter how much Morgan Stanley reiterates their overweightness.  I KNOW YOU’RE OVERWEIGHT, ALLS YOUS.  You sit at your trading desks wearing a monocle and gnawing on lamb shanks with grease dripping down your chin.  Puke.  I puked out the shares below the $10.00 Mason-Dixon.

I sold TPX only to repurchase the position.  I have been all over the place today, but I’m not sure I want it any other way.  Still a solid pick IMO.  IMO people.

The utility allocation holds AWK & DTE.  I’m considering dollar-cost-averaging into CMS too.  Eventually I may build 30% of my risk capital into these names, fuck it.   Collect a coupon and fling pickles at the window from my rocking chair like an old dolt.

I retain ZNGA and will trade it exactly as outlined on July the fifth.  And sticking with the “Z” theme I’m still in Zillow and considering adding.

Sometimes when you’re caught a bit off guard, you have to resort to hitting the deck:

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Locked Up: Long – Stuck Wanting a Conjugal Visit

Nothing like an old fashioned 1.5% dick whack to wake you up!  Pandora grew YoY but not MoM and traders used the data as an opportunity to get the price moving.  I’m comfortable with my position sizing in the name and tomorrow’s price action will tell me whether or not to stay with the name.  However, being a 15% position, it took a good lick at my PnL.

Today’s market could not catch a bid, period.  At no point today could you look at the tape and see buyer initiative or reaction.  Sometimes there are more sellers than buyers.  That was the case today.

Additional cock blows were delivered by traders in YELP.  You fucks, you short-sighted human paraquats.  You make me sick.  “Daaa, Fly say sell, me sell stock.  Me thinks its okay to write ‘me thinks’ like a fatass baby in a candy shop 🙂 🙂 daaa.”  Anyhow, I expected YELP to pullback.  I even expected we may see an 8% pullback.  I just didn’t expect to get it served to me like a cheap beer at a frat party, funneled into my ass.  As I said earlier, if I see buyers reemerge, I’m a buyer of this dip down to $21.50.

Homosexual fraternal drinking rituals aside, I like the action in Zillow and Temur-Pedic.  They took todays selling in stride as if gentlemen were trading said names.  I highlighted my risk on TPX in an earlier post.  Zillow I could have trimmed from today as it looks like it could roll.  But what’s the point if I’m willing to buy any dip above $36.00?  Instead I will greet the down days with a visit to my favorite deli.

I added DTE to my utility repertoire although I don’t consider it as “sure a thing” as AWK.  I don’t like where price is right now, so I’ve started small.  I’m a buyer down to $50.00.  Those fuckers are seeing unexpected demand from degenerates growing plants in their basements.  Not to mention the ungodly heat.  Who needs an assembly line economy?  Not DTE, if I may be so bold.

I bought XLB yesterday and sold it today.  That, my friends, was a losing trade for which I had zero patience.

Tough day.  Having only 50% of my skin in the game has me eyeballing this dip.  Will it be bought?

http://www.youtube.com/watch?v=BXx06CCG_w0&feature=youtube_gdata_player

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This Afternoon in Tech

If you’re a follower/trader of the indices, you know where we stand pricewise: momo pullback mecca.  The key now is dissecting the market action occurring to determine if big players are stepping in to buy the dip.  What makes the dip in QQQ interesting is its current placement near the top of the brackets we traded mid-May through June.  The moving averages I follow are aligned properly and slightly turned up.  However I’m not buying aggressive yet, as a knife lower could nullify the entire setup and send the averages back to their stagnant state.

There are two mobile tech plays capturing most by interest.  I’m long both.  Pandora and Yelp are two entirely different situations, let me explain my sentiment:

Pandora spent a long time balancing out with price ping-ponging between $10 and $11.50.  Much coin has been banked playing the bracket.  The range tightened up over the last six sessions, and I got big anticipating a significant move away from the consolidation.  I knew sub $10 would trigger stops and cascade price lower.  We saw just that this morning as the bid was smashed lower (No Rhino).  However price has rebounded throughout the day.  Unless price gets downright ugly again into the close, I’m giving the position until tomorrow to regain its footing.  Much like the initial reaction to a Fed announcement is the fake-out, a tight consolidation can do the same to shake out weak hands and balance the inventory.

Yelp was sold today by Le Doctoure.  He was the biggest online pundit in the name.  It was a bold trade, and we all tip our hat to his steady market hand.  I’m not going to sugar coat being long the name, yet.  Today’s order flow in YELP is all sell.  But it certainly seems sellers are getting ahead of themselves.  As a momo trade, I like YELP as long as it is north of $21.50 on a closing basis.  If we see buy flow stepping into the QQQs this afternoon, I may add.  Otherwise, I’m looking to add on the next green day.  Price is balancing out a bit here at $22.50, but I want to see some rotations higher before I get aggressive.

We’re in long side momo mecca friends.  Worldly problems or not, if I see the offer being lifted, heavy bids, and healthy rotations higher, I’m grabbing on for the rip.

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Bulls Calmly Assert Dominance into Close

The bears spent most of today unraveling what was an otherwise patriotic kickass week for good stocks.  Bad stocks, like Ford, not so much.  Nevertheless, bears really put a damper on this week’s trade as it’s human nature to give more weight to the most recent past.  They tried ending the week with notes of black smoke paired with a bold nutty finish.

It was not to be had.

Late morning dip buyers were made whole by the close of the bell.  It was quite splendid to be a spectator today.  I was waiting for the late afternoon rally to ensue, hoping they wouldn’t start too soon and blow it before close.  Beautiful timing, beautiful execution, brilliant!

Just enough pump occurred this afternoon to keep everyone curious going into next week.  Charts could set up well to the long side should we see a higher low met with strong demand.  TBD, folks.

Enjoy your weekend.  Especially anyone in this maddening heat!

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Liking This Bed Trade

Beds are big business.  Just like the peddlers of dirt nap accoutrements, bed salesmen don’t bother selling you a bed, they sell you the fear of living without one.  Big business bedding is, with nice padded margins.  Consumer sensitive yes…so could the same store sale data from Costco missing estimates be extrapolated out to Tempur-Pedic sales volume and further to the share price?  The fuck if I know.

I know two things about TPX:

I like the picture of the chart

Lots, like glue trucks full of ampersands are chasing TPX trying to slop glue all over the share price like some fucked up adhesivephiliac PETA member

The chart I like, the lawyers I turn a half smile to.  Class action mother fucksters, with their mailers, late night teevee ads, and phone jockeys.  These guys I really do like as they’re industrious risk takers and that’s what drives our country to continued greatness.  Squirrels chasing nuts.  They definitely help define sentiment, which at this point is shit.

When I look at the charts however, I see risk I can manage, and juicy mean revision potential.  Take a look:

 

 

And I really like trading mean reversion trades in summer trading range markets. Hit the corners players.

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