Covered GM today(fri) at 32.89 for a solid gain of +610. GM later climbed back to close at 33.26. I'll be ready to SHORT GM again Tuesday!
Howell and Jordan, Looks like you guys like to do long term SHORTs. SLB appears to be a good long term SHORT candidate. I've got a buddy that works there and he said they just started 1st round of layoffs. They have problems all over the place, employees, managment, adiministration. I'm very negative on IT and NETWORKING. The oil and gas discovery companies are all cutting back, and SLB provides IT and Networking services for these companies. If SLB trend downwards on Tues/Wed, I'll be looking to short 1K shares. IMO, SLB will see $40 before $50.
a buddy's comment on GM... Check out this chart: http://tools.thestreet.com/tsc/quot...val=60&x=48&y=9 Long term I am Negative on all American car companies However with the fall of the US dollar this will make Imports (Honda, Infiniti, BMW, BENZ, etc...) more expensive. This will give the US car makers a big advantage This is why imports have done so well over the last 3-5 years. Import prices WILL go higher or they will make standard features Options, either way a WIN for US car companies. The price on GM now is where it was throughout most of the 70s & 80s. Be careful at this price level, change could go either way (short term). $30 is Support, if we fall thru this level then I would be looking to take a Short position You'll see $25 very fast
Covered MCHP this morning at 20.10. Covered CAT this morning at 51.16. Just sold GM at 34.88. After awhile the GM chart started to confuse me... and the price is right up against all the popularly followed sma's on the daily chart. I could end up being a dolt here... it wouldn't be the first time nor will it be the last. isu, thanks for the rec. I'll put it on the list pronto. Good luck guys.
shorted 1K GM intraday for 0.65 (Tues 5/28). GM closed 34.70 A very attractive price to short GM at DE looks to have strong support at ~43.25 Happy Trading
Agreed on GM and DE. I shorted 2K GM yesterday near the close. Tues' and Weds' candles look like the "Rising Three Methods" so far, a bullish pattern, so be careful. But the resistance met at the popular averages yesterday is encouraging for a short, along with the 15 minute chart. I posted on another thread the NR4/ID setup for MO presently. MO is one that tends to get some good play when taking out the extremes of inside days. That straight up run with those gaps will have to be reckoned with sooner or later. Good luck today guys.
DE broke thru that support level and closed below the 40 day sma. The pension problem is real although might be safe for a bit with that accounting group backing off. Howell given the time frame you have been short (~3 mos), I am hoping that means you are now at least b/e on the deal. All the longer term averages are in play right now which could work out really well for you. And to some extent it looks like the October effect thing applies to DE somewhat also. Good luck today!
Jordan: Thanks for the congrats. Yes, I started DE at around $50.00, averaged at $46 and took 1/2 my money when it hit $41 a month or so ago. Hope it goes even lower this time! GM's done well for you, and me, amazing when things can work on 'both sides'. Wish I'd caught CAT as you say, I did get a ride on MO (but didn't stick around for the complete pay-off, twitchy trigger finger). Good-Luck and keep posting and hopefully, profiting! Jim H.
Had another successful day trading GM again(fri). LONG 1000 GM 34.76, sold 35.20. then SHORT 1000 GM 35.25 and covered 35.15 intraday total 0.54.
Jordan, you missed out today! Golf is to be played on sat/sun or after hours during the week! Good thing you covered your SHORT on GM and CAT! btw, its LSU, the university i graduated from and am attending grad school at.. My names Maike.