Busy day today. I unwound my MCP short and that worked out very well. I closed out to early as MCP moved down further and closed near the lows of the day. Based on volume I would guess there are many MCP stockholders that are wondering what just happened to them. With MCP down about 13% and about $8 per share it appears that not having a press release from the company for two days in a row took its toll. NVDA gave me a William B9 signal and I traded it back and forth. I was looking to get more but in the end I am glad I covered when it appeared it would move higher. Sure enough it did and I did about as well as I could. VRX moved up so far so fast and volume jumped so fast that even my two min confirmation bar down from a 10 min confirmation was too long. This resulted in me getting short to soon and having some heat put on me. I took some stop losses but it did come back enough for me to excape with a small gain. I will be looking at it tomorrow to see how the price behaves. CAVM was a mistake (forgot to clear pending and/or didnât notice the trade yesterday). closed it out for a loss. COCO blasted off higher today. I held all my shares and looking forward to it going higher. I am also still short ICOP which is holding the price it is at quite well for a dead company walking. CAVM â 55 MCP â 34 MCP Jan 55P â 295 MCP Jan 55C + 1462 NVDA + 606 VRX + 103 + 1786
Off to a good start this year, Mr. W !!! As long as you keep those jumping jacks in mind, no doubt you will have a great 2011 ! Good luck to you ! JS p.s. continued thanks for making the chatroom available and being a gracious host . . .
Bob, swinging for the fences, U Da Man. Keep focused, if it ain't broke don't fix it. All the best to you and yours! The Ever Wishing Peace On Earth And To Men of Goodwill VIPER
Hi JScott, Happy New Year to you and thanks for taking the time and the effort to say so. Jumping jacks....yeah there are a lot of them done in my house. Its standard punishment for my boys and I am willing to bet my 8 year old can do 1000 faster than anyone else the same age in my town.....LOL No jumping jacks for me today. I have been telling myself "why make it hard on yourself" when stocks in play come to my attention that don't give a signal. Its so true too. That saying has been saving me some money and will continue to do so. Being bored is so much better than being in a loser Best of luck to you and thanks for being a part of the chat. It sure is a valuable tool for me and entertaining as hell when the twins get on a roll... RW
Thanks Viper!! I want to be banging out some serious numbers the second half of this year. I will build up to it and keep the leverage down. I don't want a 3 sigma to take me out. Still working on my software/setup and still working on my trading (that never ends thankfully) but its coming together really nice and feeling nice as well. Peace happiness and especially good trading to you RW
I could have closed up shop at noon but I donât find out until after the close. I closed out the NWPX trade short that didnât work out a couple of days ago. Not many shares and an odd lot so I just put a bid in and let it sit. With the fall it took the other day I often see a pattern of it following through later even if it done mostly recover in the same day. This is a pattern I first really started to look at after the flash crash last year. If you look at the SPY during the flash crash you can see that it makes the large move down and then mostly recovers. It is not able to really make any move higher and ends up falling further/lower then the low of the flash crash. There are other qualifiers to this pattern and NWPX seemed to match them. I am adding it to my studies and will start to back test it to see if there really is the pattern or I am seeing a pattern falsely out of randomness. I did get one signal out of SYNT which including the scalping took about 50 minutes and then my day was done. COCO gave some ground back today. I didnât trade it but I am interested in selling some more puts (to become more long) as my Jan 4 puts I am short are now pretty much worthless. I will be looking to roll them over to the Feb or later 5s. C touched 5 again for the first time in a long time. I no longer hold it and I would not at this price. QE2 is wonderful for getting the balance sheets looking good for the banks but sooner or later they will have to come back to reality and I see no edge buying here. Under 4 and I would look at buying again but if it falls back under 4 something else probably has gone wrong so then again maybe not. ICOP my short waiting to have the death warrant signed fell some today. NWPX + 3 SYNT + 383 + 386
C is approaching major resistance (5.07-5.20) where it fails again and again. The smoothing effect of a long time spent at these low prices, has it finally trending nicely above its 200-day moving average. If it can break out and the 5.00 level can then become support, you may not have the chance to buy C much lower. There's a lot of "airspace" above 5.20, possibly taking it back above 7.00 as strength attracts more buyers. This is strictly technical, but as long as the fundamentals don't expressly deteriorate, the technical price action will attract institutional buying on strength above the 200-day MA, which can move price significantly. Just something to think about if you want to put on a longer term trade or an investment in C. The next "bargain" price you get may end up being around 5.00, and maybe not even that. Here's my cautionary tale about wanting to get in at a "good" price: I wanted to buy FFIV in my IRAs early last March. It had just broken through its previous all-time high of 56.19 to a new all-time high and I decided to wait for the expected pullback to the 20-day MA to buy it. The next two days it moved higher and was 10% above the breakout price. I had an alert set for the pullback level, which never triggered. By the time it finally pulled back to the now higher 20-day MA, support was established $4 above previous resistance! It broke out again and I thought for sure it was too high to buy, especially considering the rich P/E ratio, plus the market was really overbought. Well, long story short, even during the flash crash that new support level held up, and I never bought FFIV because the higher it went the more I thought it was "too high" to buy, and in December they hit a new all-time high of 143.75. So much for "too high" :eek: Wishing you a year of rock solid trading, Bob!
I noticed it was a rough day on COCO today. Obviously the analysts don't agree with you. Curious to see how you traded your position in that
Not a busy day but interesting. For profit eduction was hit hard over the head with the start of earnings season. APOL DV and COCO started out the day down pretty hard. Many came back and APOL reported after the bell and was able to push itself into the green along with pushing COCO even though it was still down for the day. I shorted some May 5 puts today during the weakness and they ended the day green. I have not lost faith in this stock even though they have been downgraded today. I also believe that the APOL earnings will reflect what to expect in COCO. If not then it will be time to reevaluate. ICOP surprisingly to me did not fall as much as I expected it would today. baring some serious money coming in and saving the stock it appears that it will be delisted from Nasdaq on Thursday and the value should fall to less than half based on what I have seen in the past. DV gave me a gap down signal and came close to giving me an oversold William but never fully qualified. I traded it and stayed very small and while I did take a little bit of heat I pretty much hit the bottom of the move with my buys. Adding in that I scalped it to average my way down a bit and the return based on the heat taken was very good. This month continues to be good even if small. DV + 333 + 333