We are in a deadly range where both sides fight for control. At his point, it’s almost best to sit out until we get some clarity, or else get chopped to pieces.
If you caught my 3rd tier video last night, you would have noticed I was looking for a possible breakout in the S&P. We got the breakout immediately, but it failed to have any follow through– what a surprise.
Looking at the chart below, the red lines were drawn in the video. As you can see we got a breakout at the open, and then a nice pullback right to that support line– this is good news. The market is continuing to make a higher low after the bloody Obama inauguration day.
As you can see I have added a new line, the blue one, this is now the range I am watching: above 850, and I’m looking for a powerful rally, below our red support line, and I’m looking for November lows.
Current open positions:
- Long JPM (from $19)
- Long GOOG
- Long DXO
- Long JASO
- Long FAS
- Short PALM
- Short XOM
Update: RIMM looks like a slam dunk, set stop right below $49.
long DXO short XOM… that’s cool. I was long AND short FAS at the same time. Lol.
citi on WYE / PFE deal-ee-o tonight
The best way to play the transaction, in our opinion, is through NT upside in WYE (2M), as we see high probability of completion of merger and stock is trading materially below acquisition price of $48.42/share ($33 cash+0.985 shares of PFE valued at $15.42 at CMP), representing ~12% upside.
Update: RIMM looks good.
Update II: Fly wins again: http://www.ibankcoin.com/rcblog/index.php/2009/01/03/2009-stock-of-the-year/
Update — Fly maxes out at 100% even if WFC becomes a fortune cookie.
The chagrin of the short pick. 😉
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Man that’s not fair. bank shorts should not be allowed in the competition. top 3 are financial shorts. year is young, I’ll catch up.
http://thefreshscent.com/2009/01/23/stock-market-bong-break/
http://www.macrumors.com/iphone/2009/01/26/wireless-printing-apps-for-the-iphone/
A Verizon spokesman in turn says that, despite claims to the contrary, return rates on the Storm are below 10 percent and that early results have “lived up to our expectations.”
appleinsider.com
Good to see I’m not completely last in the stock competition (yet). Come on solars!
DT is last though. Odd, no?
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RIMM fucked me today – got stopped out at the dip (foolish stop @ $50 instead of $49) and now it’s looking good again. Staying away, unless it does break $49.
Stupid-ass Blackberry Storm. It’s a pos anyway. 10% seems rather low, especially compared to the 40-50% first reported. My guess is that the real number is somewhere in-between…which is not that great. Maybe most are saving for the Palm Pre or for whenever an iPhone2 comes out.
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My favorite iPhone app lately is LogMeIn. Expensive, but worth it if you need its functionality.
i should have shorted DT
…not Dinosaur Trader! lol, Deutsche Telecom. odd, no?
http://finance.yahoo.com/q/bc?s=DT&t=3m
Btw, AAPL won the patents to touch screen. I’m in on the PALM shorts, waiting for volume to dry on this momo play.
Patents are tricky and I doubt this will have a major effect on the Pre. The main idea behind Apple’s patent is gesture/multi-touch detection, not multi-touch/touch-screen itself.
“Touch screen device, method, and graphical user interface for determining commands by applying heuristics”
(aka. the iPhone, gesture detection, iPhone GUI/OS)
http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=7,479,949&OS=7,479,949&RS=7,479,949
PALM is breaking down.
RC
Can you PPT ATHN for me?
Finally, seems like we have been waiting forever Kmorph. I bought some RIMM right @ 51, and find myself lovin’ this pair trade. Long RIMM short PALM.
ATHN:
Accumulation/Dist. [?] 5
Price Performance [?] 4
Relative Strength [?] 5
Volatility [?] 3
Volume [?] 4
Overall Technical Score [?] 4.32
Debt/Equity [?] 5
PEG Ratio [?] 5
Price/Book [?] 2
Price/Sales [?] 2
Profit Margin [?] 3
Overall Fund. Score [?] 3.70
Hybrid Score [?] 4.06
Yes RC, You’ve done everything right with PALM. Great job.