What do you guys think of the cup and handle formation on GLD possibily confirmed today if we close above 121.40? http://www.google.com/finance?q=NYSE:GLD
Thank you, but I just don't feel comfortable being in the Micro Caps at the moment. I used to dabble with things like BQI, FPP, CPE and similar, but moved away from that area. <hr> I have no strong opinion either way on GLD - Gold. The <i>Gold Bugs</i> will tell you that $1500 @ ounce is just around the corner, but it will take wider participation to make that happen. There are also predictions of higher prices than $1500, but we will have to wait and see. Events - conditions in Europe will probably continue to deteriorate, so there will be some support for alternatives to the current financial system. <hr> There is a small group in this thread that discusses the broader Markets and related while the rest appear to be interested in discussing the specific stocks that they are interested in. From my POV, expanding the small group would be a good thing, but there would need to be interaction from others so that we could plot a path - course for this <i>Journey</i>.
1. This thread may be too cluttered and old to start any new movement/expansion. 2. More importantly, most people seem to be stuck in their own mindset, or as I like to call it- "box", to entertain any real expansion of their trading. Be it by ignorance or simply from an excess of ego, few here are humble enough to accept the help of more experienced traders. Or be open to new ideas. Everyone is their own expert. In the end it has boiled down to "Anyone think it's time to buy ABC??" when we are tanking, and "Who else is in XYZ, yeehaw!!" when we are rising. Conversations that generate not a smidgen of real value.
Almost had a visit from the Stop Loss Monster (S&P 1040). I'm going to use this mini-rally as an opportunity to sell, lick my wounds and exit around 1074. There I hope to establish a new (heavy) short position around the same level. It just feels like the market is a house of cards right now. My low target for the S&P is still ~963. Anyone else like to share their gameplans?
Medium-long term bearish. Initiated small short position at 1105, plan to build a position by scaling in as high as 1140, IF we don't break lower from here. If we do break lower, target of 970 short term. At the same time, we are at crucial support, so today I initiated a short term Long position in CLF, XME, and WYNN- all relatively strong today. This is simply a risk to reward play. IF we don't break lower immediately(which we failed to do today) then it is worth a shot to buy, with a tight stop. This is a short term position, which I will let price action dictate when to get out. If all goes well, I could hold this all the way up to 1140, while scaling in my short in ES at the same time. Breaking your trades into different time frames, and trading different setups tailored for each is a more advanced trading technique that requires a clear head, and more importantly a clear plan. Good luck.
Things were quite shaky and it would have likely <i>slipped</i> if they weren't pushing XOM hard to offset AAPL being down. CXbby has mentioned the importance of having the Techs leading in advances and AAPL is probably the key to much of the overall Market direction for the next several weeks. I have seen AAPL noted as among the favorites of Hedge Funds. The volume has been heavy for the past six weeks, but price is roughly were it was going into the April earnings announcement. It closed just under the 50 day MA, so things are at an interesting point. You mentioned the 1074 level, but upcoming events could have some impact on things. With upcoming end of quarter OPEX activity, some index rebalancing and probably some portfolio shifting; it is possible that the calendar could have some influence on your plan execution. If we can establish something of a bottom (however temporary), then a runup into the end of the month is possible.
Yeah Cxxby, with my schedule I just try to trade the basics S&P, Gold, oil, treasuries and maybe a high beta name like WYNN as you stated. Just enough, so I can do the max analysis on all. I'm hoping to do this full time, in a couple of months. Great call on the stocks/ETF you mentioned above. I put a medium size short position on GLD this morning. Don't have a low target price as of yet, but, will let you know when I do.
Any other posters shorting sectors or stocks? Currently I am realizing good returns on the following shorts: APOL & ESI (Parent companies of University of Phoenix & ITT, respectively - I am bearish on the for profit education sector as a whole, due to the coming tightening of regulations in the Education Department- see: gainful employment rules) BP (obvious, but still on a downward trend due to headlines and escalating leak costs)
Starting to scale out of some longs beginning today, will be out of most if not all by the end of the week at the latest. Will look to build on my Short position from around here on up, really adding on size above 1120.
This blogger has started posting some of his daily projections for each month based on seasonality and other events. Seasonality Map for June, 2010 This is an older list of trading blogs that could use an update, but it is a decent start. Trading Blogs
Still looking for 1120 sometime this week or next, and will be going short above that. This morning was simply a good initial spot for some profit taking, 1100 being a minimum target/resistence for the long trade.
Do you guys think this is a major correction or are we in a bear again? Where do you guys start to look at particular stocks? How do you screen for potential and volatile candidates? Do you go after big names or smaller mid-cap type stocks? What technical factors do you use most often? Any help is appreciated.
This is completely out of place among the day traders and technical analysis that predominates this thread, but Steve Eisman from Frontpoint/"the Big Short" has an interesting presentation on the future of the for-profit education sector (hint: he doesn't think it's good) here: <object id="_ds_40592385" name="_ds_40592385" width="670" height="550" type="application/x-shockwave-flash" data="http://viewer.docstoc.com/"><param name="FlashVars" value="doc_id=40592385&mem_id=780412&showrelated=1&showotherdocs=1&doc_type=pdf&allowdownload=1" /><param name="movie" value="http://viewer.docstoc.com/"/><param name="allowScriptAccess" value="always" /><param name="allowFullScreen" value="true" /></object><br /><font size="1"><a href="http://www.docstoc.com/docs/40592385/?key=YTYwNjgxMDkt&pass=YWYyNy00M2Uw">Steve-Eisman-Ira-Sohn-Presentation-2010</a> - </font>
Please be sure and watch PBS's Frontline "College Inc." presentation: http://www.pbs.org/wgbh/pages/frontline/collegeinc/view/ As I mentioned in my post from the previous week, I am already realizing healthy returns on my APOL and ESI shorts.
Sam, Thank you. <i>Market Folly</i> has some more notes - observations available here: Ira Sohn Conference Notes: Investment Ideas From Hedge Fund Managers <hr> Likely a Bear, but <i>labeling</i> the Market is not the main objective, protecting your funds should be the highest priority. I can't speak for others, but I would suggest to go with the stocks - sectors that you have some knowledge of and/or feel comfortable with. Some people like to follow ideas from places like Stock Bee and Chart Pattern (Dan Zanger), but you can also generate your own ideas. Since you appear to just be starting with this project, be <b>very careful</b> with the volatile (High Beta) stocks that can <i>Make You or Break You</i>. What are your expectations on the timeframe(s) that you will be working in? People should watch and trade stocks that <b>fit them</b>. There isn't a <i>one size fits all</i> approach on the stocks people should be in. Personally, I lean towards watching the Energy sector stocks and am very cautious with the stocks in the Financial and REIT sectors. There are some that are comfortable with the Financial and REIT sectors. Other people enjoy being in every Market sector. Some people specialize in small caps while others stay mainly with the large caps. Some people feel comfortable with both. Trend identification for various timeframes along with support and resistance are important. Beyond that, look around at various technical factors and find what resonates with you. Be prepared to do plenty of soul searching and self examination.
Any thoughts on this guy? I bought his book, he stresses foreign stocks (which is what his company does obviously). <object width="480" height="385"><param name="movie" value="http://www.youtube.com/v/2I0QN-FYkpw&hl=en_US&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/2I0QN-FYkpw&hl=en_US&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385"></embed></object>
