Nice, sadly I'm still in the red on SDS (purchased at $86.99). Shouldn't be long before it passes that up, though..
I ABSOLUTELY nailed every single one of my trades yesterday. Sold STP at 21.60, now trading at $16. Sold AA and TXT at their highs, both down significantly today. Picked up some SMN, up 11%. Yes we can!
I suspect there will be a pickup by Friday at the latest, but I need to take some time to analyze where we are with respect to today's move and whether we have reached an expected turning point or not.
who knows about today...i'd love to see a very sharp sell off at the close so i can get long. doesn't look like we will get it since we just had this dumb bounce. also i don't usually have a set in stone opinion of how the day or week or month should trade. i have my feelings which i usually just keep to myself but if they are wrong i just react to what i see unfold. over the longer term it is almost guaranteed that we will go lower. stocks are simply too expensive and earnings estimates are just too high.
I don't know, I think this correction might be complete. This market moves so fast it's amazing. One of my potential trades just hit my projected buy target. I wouldn't be surprised to see the rally resume tomorrow. But I'm going to wait till morning before I go long again. For now I'm perfectly content cashing in my SMN profit.
I have had some buy orders resting at lower prices for several days. One of them came close to getting filled, but not quite. I have to think about leaving it alone or moving it lower on Thursday morning. Probably move it lower is what my inclination is at the moment. JeopardE Good call on the SMN. On the potential trade being at the buy target, is it previous support or some other reason why you picked that price point?
Well it was actually BC, which has been unusually non-volatile for such a low priced stock. I had a trendline drawn and saw that it was overbought ... both too high above the trend (at $4) and the MACD. The projection indicated the buy point was at $3.60, which coincided with the nearest support, so that's where I set the buy order. It closed at $3.59 today. There's another support level at $3.50 so I feel fairly confident with that position regardless of what comes tomorrow, but right now I'm thinking there's a better chance of a rally tomorrow than a drop.
JeopardE You are making good calls on the ETF (Long/Short) sector rotation. Yet BC has you fascinated. I don't understand why you are eager to jump on an individual stock instead of sticking with the ETF area.
On SDS me too. I sold my DIG yesterday and bought DUG. I should clarify more. My SDS is down but will turn around I'm sure of it.
I guess BC has me fascinated because it's an unusually well-behaved security in a sea of volatility. When you rely on technicals, you love to play well-behaved stocks because they don't mess you up. You can measure your risk well and know for sure whether you've made a bad call or not. BC is particularly fascinating because it's a clear low-risk, very high reward trade. And if the market doesn't go the way I expect it to go, I know exactly when to dump it. I still like to play the ETFs, but when playing bullish I prefer to try picking the best performing stocks out of a sector rather than just play the entire sector ETF. That way I outperform the sector by a good margin.
I also reentered SDS yesterday [78.30] and am considering letting it run a bit longer rather than selling for >5% like the last time I flipped it. Usually I would put a tight stop and just take a small loss if needed if it doesn't have the momentum I'm looking for. I would also be a bit fearful playing DUG compared to short other sectors. Sure, oil companies reported record profits and we can't expect that with $70/barrel oil. But it feels like the market has already priced-in a lot of expected downside and you can bet OPEC will cut supply to bring that number up again. Tight stops and just take losses if you don't see the right momentum.
JeopardE I am not as idealistic about trading. If a <i>Plan -- Method</i> works, I stick with it until something changes. <hr> robbie380 There is a question that I have been meaning to ask for a while. You have detailed how your earnings grew substantially over the years. In the early (lean) years what made you think that you were going to be a success at trading and not give up?
solars definitely had profit taking yesterday, but were slammed hard from the SPWRA downgrade and news etc. I think the dow retraces back to 8700 by Friday because of the following points: 1) cisco cited downturn in 2q earnings from global recession. stock went to 16.30 in ah. think nasdaq tech sells off tmw 2) retail sales come out friday - wont be good 3) f and gm post earnings on friday. probably priced in though gm ran up a bunch. anything extremely negative will further confirm the economic downturn 4) employment numbers come out friday. bad. 5) feel good run up from election is over temporarily From this I bought more dxd and shorted rth today.
forgot to add skf to 150 or 170 soon and srs back to 150 short term but more like 200 when the RE market falls off a cliff.
hey dod be careful with the ultrashorts if you are looking for investments. they don't maintain their value. compare eev to eem and you will see what i am talking about. i am trying to figure out a good way to take advantage of this by selling the volatility when it presents itself on these ultrashorts.
