The Surf Report--part 2

Uncannily, the ES hit resistance right on the stop level but did not break Thus not triggering the order. 1310 then 1306 looks like thenext support on this selling. Staying short.

Surf

 

uncannily indeed... before friday's close...

http://www.youtube.com/watch?v=btIuKbYHShg&feature=related

 

Took profits at 1314.50. Stopped out.

Staying flat until next opportunity

Surf

 

No, I agree with the points, won or lost, reference but was more referring to the locker room mentality playing out on this thread. Been a long time since I've seen, supposedly grown men, act like high schoolers. Just didn't expect to see it run so rampant in a trading forum. Seems to be a trait of some of the posters here from reading their posts in other threads.

In regards to the points, marketsurfer seems to like to guess or predict when the long directional runs in the chart are going to occur which is OK but I play softball. If I swung for home runs each time I got up to bat I would sit on the bench an awful lot.

I digress, journal on marketsurfer.

 

Sitting on the bench is a good thing in trading. It took me some time to learn how to wait for the ideal time for entry, then stagger the entry as exact timing of these long runs is impossible. Best. Surf

 

Question, hasn't the Emini S&P hit 1316.50?
Isn't that considered, "taking out" 1314.00?
I don't trade that instrument but pulled it up to look.

 

Hey Surf, finally you bagged a decent one, although you did give back exactly half of your profits. I know, you are trying to catch a giant wave, but in today's world (QE), it doesn't exist. You are better off taking 10-15 pts at a time and reshort. And we dropped almost 40 pts from the top, it was time for a bounce... Here is the reason I was pretty sure you would get stopped out today:

It is TA, of course and called Head and Shoulder, made by Johnson and Johnson:



Pretty symmetric, ain't it???

 

Surfer's bold gold call--part 2

SURF ALERT. It's time to SHORT GOLD


Entering SHORT GOLD via GLD at 144.95. Will average in up to 2 additional times if needed to probe actual top.

We are very close or at a long term gold top.

 

Surf...so let me get this straight.

Let's say you sell 1000 shares at 144.95 and it crumbles you will be holding only 1000 shares. But..if it continues to go higher you will be holding another 2000 shares at 2 higher prices for a total of 3000.

So your small position will be a nice winner, but your big position will be pretty far against you.

This is a recipe for disaster my friend.

 

Will the doom book doom RIMM? Or will it be the CEO?

Full disclosure. I HATE Blackberrys.


Canada’s Research In Motion (Nasdaq:RIMM) is an amazing company, no question about it._ Soaring near $70 per share earlier this year on the strength of its corporate warrior tool, the Blackberry, and hot anticipation for its supposed iPad killer, the PlayBook, it seemed nothing could stop this juggernaut of a company._ Revenues were soaring, shipments of the BlackBerry jumped more than 40%, and the smart phone was the number one selling smart phone in the U.S., Latin America, Canada and the UK._ The PlayBook could only help fuel this company’s climb, right?_ Well, not exactly._ The early reviews are so bad that the ultra hyped tablet might as well been called DoomBook for the damage it’s causing to Rimm’s reputation.

_

Released to great fanfare, it turns out that the PlayBook lacks e-mail and even a calendar._ Reviewers claim that its buggy and the power button is too small for normal size hands._ These items combined with a viral You Tube video of the CEO losing his cool when cornered about security issues spell the start of a rocky road for the successful company._ My initial impression from the Mike Lazaridis angry video and the PlayBook launch video is that Steve Jobs has nothing to fear in the charisma or charm department from this guy._ Some CEOs just shouldn’t be the public face of their company, and this guy is no exception._ With this said, it’s truly unreal that a tablet billed as the “World’s First Professional Tablet” doesn’t have a calendar and e-mail._ The PlayBook can only get e-mail in conjunction with a BlackBerry device._ For something costing $499, it’s beyond ridiculous.

_

Rimm states that they will add in these features in future developments but for the company to launch the product before its ready to actually compete with the iPad, not to mention the scads of Android based tablets, was downright stupid.

_

On the heels of this disastrous introduction, Rimm shares gave back 1.7% on Thursday and continued to fall another 1% in after hour trading.__ However, shares are bouncing back in early trade on Friday._ Perhaps Lazaridis will be a Lazarus bringing the DoomBook back from the dead._ Time will tell._ Good trading!