TODAYS EXECUTIONS: 14:27:08 BBH BOT 2000 72.04 10:51:39 BBH SHRT 2000 69.40 10:44:05 MLNM SLD 4000 10.45 09:55:41 BRCM SHRT 3000 15.19 09:49:35 BGEN SHRT 3000 37.83 OPEN POSITIONS: SHORT BGEN 3000 37.83 +0.59 SHORT BRCM 3000 15.19 -0.55 CLOSED P&L: ($10,280) OPEN P&L: $120.00 MTD: ($7,288) YTD: $248,079
Good educational read , July Journal. Looks like mostly downtrends,QQQ for example.With the exception of IJS [small caps] ;which looks like strong support at about 85.00.[With descretion,because even that strong sector closed below 8 day moving average] Art Cashin mentioned index funds'' having'' to sell perhaps. Another bear trend you can see on the QQQ,SPY follows; June broke an 8 month uptrend of ''' net cash flow,mutual funds'' ''Investors likely pulled [redeemed] 19.7 BILLION in June as stocks crumbled''-Investors Business Daily 7/1/02 ---------------------------------------- Star Wars Trend and trading quote- ''The stars in their courses[paths] fought against Sisera''
I am going to buy enough MSFT calls on Friday. July 5-11 is likely to bring the market to a top. Then just before the MSFT earning I will buy August 50 puts. I have doubt that market can continue to get sold like this. The rally next week is imminent until next big earnings bad news.
The rally came earlier than expected, thanks to program trading. The DOW jump is too much for a single day. This is also with light volume. So we can really expect lot of people who were on short coming to cover their shorts. This will help the rally to go little further. You can also expect several analysts to upgrade many stocks saying that we have seen the market bottom and there is no way down hereafter. Believe it or not , a lot of investors are going to believe them.
I'm on vacation and should be back Thursday. I'm at an internet "shop" and checking email. I haven't had any internet connections over the last few days so I'll update my positions and P&L Thrusday morning.
Seanote Well then have a good vacation. Looking forward to more commentary and trading on your return.