It's that time again. Christmas shopping; getting ready for all the holiday gatherings with friends; preparing the Christmas feast for family and friends. This is probably the most wonderful time of year. We all feel loving and generous... and charitable.
I'm very fortunate to have a loving and healthy family. Although we don't have children of our own, my husband and I are a loving aunt and uncle to all of our nieces and nephews. We're also blessed with many wonderful godchildren. If you are among those who are blessed with healthy children, give a special prayer of thanks. You all know how lucky you are.
And, if you can, please think about all the children who aren't as lucky as ours. I have listed below four links to charities especially aimed at the needs of children. Some of them may look familiar. Some are new to you. All of them were created to help the children most in need and they will never turn anyone away because of an inability to pay.
We can all learn a lot from the children: their warm smiles in spite of their suffering, their gratitude to those who help and most of all their unbounded bravery.
Please, cherish every child and help if you are able.
Shriners Hospital for Children
The Romito Foundation
St. Jude's Children's Research Hospital
Children's Hospital
Wishing all my friends on the stream a wonderful holiday.
Sunday, December 11, 2011
Wednesday, November 2, 2011
The Whole World Is Crazy...
...except for me and thee. And sometimes I wonder about thee.
I'm trying to come up with an analogy to explain what's been going on in the world and how it all affects the way we've had to trade these past months. After thinking long and hard about that, the only thing I can say is "The inmates have taken over the asylum".
Last week we all breathed a huge sigh of relief that maybe, just maybe, the Germans and the French had the EuroZone problems solved by offering the Greeks a bailout offer. But wait, there's more. The Greeks, in their infinite wisdom, have decided to throw a wrench into the works and ask for a referendum on the offer.
Even as I'm writing this missive "European leaders are racing to prevent their week-old debt crisis strategy from unravelling convene emergency talks today to tell Greece there is no alternative to the budget cuts imposed in the bailout plan."
Are they kidding???
So the market is up this morning. Earnings have been good for the most part and it seems that we finally have something to cheer about. Except for that little fly in the ointment over in Cannes. I can only assume that we'll all have to tread water yet again until we hear the outcome of the meeting. I'm thinking that this problem will just go on and on and keep affecting our markets for good or bad. And until the issue is resolved and goes away, we'll be forced to "trade the news".
So I'll be watching the stocks on my radar, following the posts on the Twitter and Stocktwits streams (helps to preserve my sanity) and will get back into the thick of things eventually.
... but I'm getting REALLY tired of treading water.
I'm trying to come up with an analogy to explain what's been going on in the world and how it all affects the way we've had to trade these past months. After thinking long and hard about that, the only thing I can say is "The inmates have taken over the asylum".
Last week we all breathed a huge sigh of relief that maybe, just maybe, the Germans and the French had the EuroZone problems solved by offering the Greeks a bailout offer. But wait, there's more. The Greeks, in their infinite wisdom, have decided to throw a wrench into the works and ask for a referendum on the offer.
Even as I'm writing this missive "European leaders are racing to prevent their week-old debt crisis strategy from unravelling convene emergency talks today to tell Greece there is no alternative to the budget cuts imposed in the bailout plan."
Are they kidding???
So the market is up this morning. Earnings have been good for the most part and it seems that we finally have something to cheer about. Except for that little fly in the ointment over in Cannes. I can only assume that we'll all have to tread water yet again until we hear the outcome of the meeting. I'm thinking that this problem will just go on and on and keep affecting our markets for good or bad. And until the issue is resolved and goes away, we'll be forced to "trade the news".
So I'll be watching the stocks on my radar, following the posts on the Twitter and Stocktwits streams (helps to preserve my sanity) and will get back into the thick of things eventually.
... but I'm getting REALLY tired of treading water.
Saturday, October 29, 2011
I Wish I Was Cheering With The Rest Of You...
...unfortunately I'm not. I have, over the last few weeks, had some tough times in the markets. Because of this I decided to take some time away from my screen to destress and "get a grip". I should have decided to stop trading at the beginning of all the chop that we've seen because of the EuroZone chaos. I didn't. I took some losses because I didn't listen to my gut. I wasn't practicing good risk/reward and position sizing and as a result I just about broke even in both of my accounts. My broker, on the other hand, made a bundle.
So, as a result of my mistakes, I stopped trading last Friday. Well, we all know how this week played out don't we. And guess where the Jude was??? Sitting on her hands and watching it all. I'm not regretting doing this; I regret not being in the market but I'm relieved that we can all finally get on with what we do best... trading our plans and making some nice gains.
I plan to start trading, lightly at first, and watching for any pullbacks or retests of breakouts that took place in the setups that are on my radar. I'll be shutting off the noise as I usually do during the trading day and practicing discipline and good risk management. I've Included here a list of 30 trading rules that I found on the Stockscores site last January. Some of you may have seen this already. Here it is again for those who haven't. I'm going to be reading it once again...
1. Buying a weak stock is like betting on a slow horse. It is retarded.
2. Stocks are only cheap if they are going higher after you buy them.
3. Never trust a person more than the market. People lie, the market does not.
4. Controlling losers is a must; let your winners run out of control.
5. Simplicity in trading demonstrates wisdom. Complexity is the sign of inexperience.
6. Have loyalty to your family, your dog, your team. Have no loyalty to your stocks.
7. Emotional traders want to give the disciplined their money.
8. Trends have counter trends to shake the weak hands out of the market.
9. The market is usually efficient and cannot be beat. Exploit inefficiencies.
10. To beat the market, you must have an edge.
11. Being wrong is a necessary part of trading profitably. Admit when you are wrong.
12. If you do what everyone is doing you will be average, so goes the definition.
13. Information is only valuable if no one knows about it.
14. Lower your risk till you sleep like a baby.
15. There is always a reason why stocks go up or down, we usually only learn the reason when it is too late.
16. Trades that make a lot of intellectual sense are likely to be losers.
17. You do not have to be right more than you are wrong to make money in the market.
18. Don't worry about the trades that you miss, there will always be another.
19. Fear is more powerful than greed and so down trends are sharper than up trends.
20. Analyze the people, not the stock.
21. Trading is a dictators game; you cannot trade by committee.
22. The best traders are the ones who do not care about the money.
23. Do not think you are smarter than the market, you are not.
24. For most traders, profits are short term loans from the market.
25. The stock market cannot be predicted, we can only play the probabilities.
26. The farther price is from a linear trend, the more likely it is to correct.
27. Learn from your losses, you paid for them.
28. The market is cruel, it gives the test first and the lesson afterward.
29. Trading is simple but it is not easy.
30. The easiest time to make money is when there is a trend.
Wishing you good trading next week. See you all on the stream. Stay well. Stay solvent. Stay in the game.
So, as a result of my mistakes, I stopped trading last Friday. Well, we all know how this week played out don't we. And guess where the Jude was??? Sitting on her hands and watching it all. I'm not regretting doing this; I regret not being in the market but I'm relieved that we can all finally get on with what we do best... trading our plans and making some nice gains.
I plan to start trading, lightly at first, and watching for any pullbacks or retests of breakouts that took place in the setups that are on my radar. I'll be shutting off the noise as I usually do during the trading day and practicing discipline and good risk management. I've Included here a list of 30 trading rules that I found on the Stockscores site last January. Some of you may have seen this already. Here it is again for those who haven't. I'm going to be reading it once again...
1. Buying a weak stock is like betting on a slow horse. It is retarded.
2. Stocks are only cheap if they are going higher after you buy them.
3. Never trust a person more than the market. People lie, the market does not.
4. Controlling losers is a must; let your winners run out of control.
5. Simplicity in trading demonstrates wisdom. Complexity is the sign of inexperience.
6. Have loyalty to your family, your dog, your team. Have no loyalty to your stocks.
7. Emotional traders want to give the disciplined their money.
8. Trends have counter trends to shake the weak hands out of the market.
9. The market is usually efficient and cannot be beat. Exploit inefficiencies.
10. To beat the market, you must have an edge.
11. Being wrong is a necessary part of trading profitably. Admit when you are wrong.
12. If you do what everyone is doing you will be average, so goes the definition.
13. Information is only valuable if no one knows about it.
14. Lower your risk till you sleep like a baby.
15. There is always a reason why stocks go up or down, we usually only learn the reason when it is too late.
16. Trades that make a lot of intellectual sense are likely to be losers.
17. You do not have to be right more than you are wrong to make money in the market.
18. Don't worry about the trades that you miss, there will always be another.
19. Fear is more powerful than greed and so down trends are sharper than up trends.
20. Analyze the people, not the stock.
21. Trading is a dictators game; you cannot trade by committee.
22. The best traders are the ones who do not care about the money.
23. Do not think you are smarter than the market, you are not.
24. For most traders, profits are short term loans from the market.
25. The stock market cannot be predicted, we can only play the probabilities.
26. The farther price is from a linear trend, the more likely it is to correct.
27. Learn from your losses, you paid for them.
28. The market is cruel, it gives the test first and the lesson afterward.
29. Trading is simple but it is not easy.
30. The easiest time to make money is when there is a trend.
Wishing you good trading next week. See you all on the stream. Stay well. Stay solvent. Stay in the game.
Saturday, July 9, 2011
It's Those Dreaded Headwinds Again
Friday's Jobs Report was, in a word, dismal. So dismal, in fact, that many of the traders were speculating that someone had made a mistake when it was released. "This can't be right... maybe they left off a zero, some thought. This must have been a typographical error." Some of us are thinking that the whole of the last 3 years is a typographical error.
The markets responded as you would expect. They sold off. Our President took to the airwaves once again to try and explain why things weren't getting any better and as we all expected he mentioned those dreaded "Headwinds". Oh, and by the way, there are things that we can do right now that would start our economy back to prosperity. So, you may be asking, why aren't we DOING those things. You see, it's that darn Congress just milling around and doing nothing. Bi-partisan support and all that, old boy. Never mind that businesses and corporations are sitting on 2 trillion dollars that could be used to hire new workers if they could only be sure that this economy was improving. But we had those awful Headwinds that stalled our progress. Don't worry, folks. The leaders of both parties and the President are working through the weekend and will meet again on Sunday to try and resolve some of these issues. I'm feeling better already, how about you all.
OK, now that I've gotten that off my chest I'll get on with the reason I post these blogs. I've got some setups that I'll be watching next week. I won't be putting on any positions until I see how the markets will be digesting what happened on Friday. Some buying came in during the day so it was obvious that the traders viewed this as a buying opportunity.
Here then are few setups for Monday.
$ABG Nice break above resistance. Thursday's gap up filled. MACD/RSI confirming. Auto Parts Retail Sector strong. Earnings Jul 27 BMO.
$ALJ Been watching for a while. Found support at the 200 period MA and is breaking above the 50. Some resistance at 12.25, then 15. Blue sky after that.
$BDN Long-term support at 11 held. Prices now above both 50 and 200 period MAs. Volume increasing; MACD/RSI confirming. Resistance: 12.75, 19, 25. Earnings Jul 27 AMC.
$CCIX Closed this Thursday for a 15% gain. Am watching for a rest or pullback for reentry. May try to fill Thursday's gap and consolidate. Long term chart is clear to the left. Electrical Component Sector strong.
$FINL Good volume test of overhead resistance. Low-volume pullback. Prices crawling right up the 50 period MA. Testing all-time highs here, could go back to fill Thursday's gap; would like to see some consolidation before B/O. This sector (retail) is hot, hot, hot.
$HBIO Break of overhead at 6.16 needs volume. Absolutely nothing to the left until the $10 level. MACD/RSI rising. Healthcare Sector strong.
$TNAV Good volume B/O and follow-through. Acted very well during Friday's sell off. MACD/RSI strong. $20.76 is all-time high.
That's all I have for the beginning of the week. Will post some charts on StockTwits if I see any of interest.
Hope you all were able to witness the launch of our last Shuttle. It was truly breathtaking and the timing was perfect. Gave us all a lift on an otherwise down day.
Have a safe weekend. See you all on the stream. Trade smart next week.
The markets responded as you would expect. They sold off. Our President took to the airwaves once again to try and explain why things weren't getting any better and as we all expected he mentioned those dreaded "Headwinds". Oh, and by the way, there are things that we can do right now that would start our economy back to prosperity. So, you may be asking, why aren't we DOING those things. You see, it's that darn Congress just milling around and doing nothing. Bi-partisan support and all that, old boy. Never mind that businesses and corporations are sitting on 2 trillion dollars that could be used to hire new workers if they could only be sure that this economy was improving. But we had those awful Headwinds that stalled our progress. Don't worry, folks. The leaders of both parties and the President are working through the weekend and will meet again on Sunday to try and resolve some of these issues. I'm feeling better already, how about you all.
OK, now that I've gotten that off my chest I'll get on with the reason I post these blogs. I've got some setups that I'll be watching next week. I won't be putting on any positions until I see how the markets will be digesting what happened on Friday. Some buying came in during the day so it was obvious that the traders viewed this as a buying opportunity.
Here then are few setups for Monday.
$ABG Nice break above resistance. Thursday's gap up filled. MACD/RSI confirming. Auto Parts Retail Sector strong. Earnings Jul 27 BMO.
$ALJ Been watching for a while. Found support at the 200 period MA and is breaking above the 50. Some resistance at 12.25, then 15. Blue sky after that.
$BDN Long-term support at 11 held. Prices now above both 50 and 200 period MAs. Volume increasing; MACD/RSI confirming. Resistance: 12.75, 19, 25. Earnings Jul 27 AMC.
$CCIX Closed this Thursday for a 15% gain. Am watching for a rest or pullback for reentry. May try to fill Thursday's gap and consolidate. Long term chart is clear to the left. Electrical Component Sector strong.
$FINL Good volume test of overhead resistance. Low-volume pullback. Prices crawling right up the 50 period MA. Testing all-time highs here, could go back to fill Thursday's gap; would like to see some consolidation before B/O. This sector (retail) is hot, hot, hot.
$HBIO Break of overhead at 6.16 needs volume. Absolutely nothing to the left until the $10 level. MACD/RSI rising. Healthcare Sector strong.
$TNAV Good volume B/O and follow-through. Acted very well during Friday's sell off. MACD/RSI strong. $20.76 is all-time high.
That's all I have for the beginning of the week. Will post some charts on StockTwits if I see any of interest.
Hope you all were able to witness the launch of our last Shuttle. It was truly breathtaking and the timing was perfect. Gave us all a lift on an otherwise down day.
Have a safe weekend. See you all on the stream. Trade smart next week.
Saturday, June 11, 2011
We're Goin' To Seven Folks
Not a very bright day here. Cloudy and rainy. So... just sittin' and listening to Zack Brown and Jimmy Buffet. Want to be where they are.
Oh, and don't panic. We'll be on home ice for the next Bruins game. We're going to seven for sure!!!
Great weekend all. Will have some setups later in the weekend along with my unsolicited opinion on the state of the market. Bet you can't wait to hear that!
Oh, and don't panic. We'll be on home ice for the next Bruins game. We're going to seven for sure!!!
Great weekend all. Will have some setups later in the weekend along with my unsolicited opinion on the state of the market. Bet you can't wait to hear that!
Sunday, June 5, 2011
If I Was Going To Do Anything...
... I'd start shorting this market.
I just went back and looked at my last post. It was dated April 30. That's a long time for me NOT to be expressing myself. I've been trading some; small positions with tight stops and the only thing I know for certain is that my broker is making a bundle. But then they usually do in markets like the one we are experiencing now.
I'm still not going to "commit". Still don't feel right about the chop and uncertainty in the market. I'll wait until we get some sort of direction, up OR down. But if I was going to do anything??? Here's a few short setups for you to mull over.
$BRKS Gap at 10.50. If it doesn't hold should see 9.00.
$CAP Another gap that needs to hold. Break of 21.20 goes to 20. Needs volume.
$DHX Heading for long-term support at 13.10. If that goes ten 11.75, then 11. MACD/RSI ugly.
$HOGS Support failed on volume. MACD/RSI falling. Nuff said.
$MXWL Another failure of support to hold. High-volume breakdown with MACD/RSI falling. Not much to the left until 11.20.
$SPRD Needs to hold this support. Failure takes price to 14.60 then 11.50. MACD/RSI say more down.
These are just a few of the short setups that I'm watching. Shorting is always more risky than playing the long side. Either way, keep your stops tight and respect them. The trades don't last more than a day sometimes so be vigilant and trade smart.
Good week to you all. See you on the stream.
I just went back and looked at my last post. It was dated April 30. That's a long time for me NOT to be expressing myself. I've been trading some; small positions with tight stops and the only thing I know for certain is that my broker is making a bundle. But then they usually do in markets like the one we are experiencing now.
I'm still not going to "commit". Still don't feel right about the chop and uncertainty in the market. I'll wait until we get some sort of direction, up OR down. But if I was going to do anything??? Here's a few short setups for you to mull over.
$BRKS Gap at 10.50. If it doesn't hold should see 9.00.
$CAP Another gap that needs to hold. Break of 21.20 goes to 20. Needs volume.
$DHX Heading for long-term support at 13.10. If that goes ten 11.75, then 11. MACD/RSI ugly.
$HOGS Support failed on volume. MACD/RSI falling. Nuff said.
$MXWL Another failure of support to hold. High-volume breakdown with MACD/RSI falling. Not much to the left until 11.20.
$SPRD Needs to hold this support. Failure takes price to 14.60 then 11.50. MACD/RSI say more down.
These are just a few of the short setups that I'm watching. Shorting is always more risky than playing the long side. Either way, keep your stops tight and respect them. The trades don't last more than a day sometimes so be vigilant and trade smart.
Good week to you all. See you on the stream.
Saturday, April 30, 2011
Never Make Your Move Too Soon
Earnings are still coming in and some or most are beating the estimates. Charts look good... and tempting. Remember, always wait for the trade to come to you. Don't chase!!!
Have a good weekend all.
Friday, April 8, 2011
Don't Just Stand There... DO SOMETHING!
Well, I cashed out like I said I would and headed for the track. The good news... they weren't running!
So I came back and decided to just sit out this market until it gave me some direction. I keep thinking "How long can you tread water"? And the answer to that is "Until the current gives me a reason to start swimming". I don't see any reason to get back into the market until it starts to DO SOMETHING. That will take discipline and patience and I have plenty of both.
In the meantime, it's a beautiful day and is promising to be a spectacular weekend. I'm going to kick back on Saturday... well, maybe I'll do some scanning. Can't help myself it seems. Other than that I'll be enjoying the long-awaited sunshine and warmth. Sunday I'm spending the day with an old and dear friend. We have so much to catch up on and we always enjoy a good laugh or two.
So, I'm wishing you all a safe and warm weekend doing things that you really enjoy. May have some setups later in the weekend. See you all on the stream on Monday.
BTW: Two weeks filled with earnings coming up. Trade smart.
So I came back and decided to just sit out this market until it gave me some direction. I keep thinking "How long can you tread water"? And the answer to that is "Until the current gives me a reason to start swimming". I don't see any reason to get back into the market until it starts to DO SOMETHING. That will take discipline and patience and I have plenty of both.
In the meantime, it's a beautiful day and is promising to be a spectacular weekend. I'm going to kick back on Saturday... well, maybe I'll do some scanning. Can't help myself it seems. Other than that I'll be enjoying the long-awaited sunshine and warmth. Sunday I'm spending the day with an old and dear friend. We have so much to catch up on and we always enjoy a good laugh or two.
So, I'm wishing you all a safe and warm weekend doing things that you really enjoy. May have some setups later in the weekend. See you all on the stream on Monday.
BTW: Two weeks filled with earnings coming up. Trade smart.
Sunday, April 3, 2011
In Need of a Pullback... Who Said That???
I've been going through my charts this afternoon and it looks to me like we need a rest here OR a pullback. There are breakouts and gaps up and good volume. Not just on Friday... we all LOVED the action on Friday. But some of the price action took place 3 or 4 days before the dreaded jobs report.
I pulled up the weekly charts and found that the prices had returned to their multi-year highs in many cases. There's still hope, though. There seems to be plenty of upside if you go out to the monthly time frame. I don't know if we can take out the highs here without a rest and consolidation. I'm not going to run in and chase anything. You can never catch a runaway train so you may as well wait until it comes back into the station.
Here, then are some of the possibilities I see for the week ahead. A lot of the traders are still in the oil patch. Other favorite sectors: real estate operations and medical. FYI
$EAT Above 25 on volume. MACD/RSI rising. Next resistance at 28 then 32.
$LAVA B/O on good volume. MACD/RSI confirm. Resistance at 7.50; 9.50 then 12. Weekly says more up. Long right here or break at 6.80. Sector: Computer software.
Other names in this sector: $TIBX $ASIA
$ERTS On watch for Monday. Long over 20.25. Need volume and confirm from MACD/RSI. Over 24, then 30 then 43.
$KRC Nice pop on volume. Closed right at resistance. Long over 39.50. Nothing in the way until 48 on the weekly. Volume, MACD/RSI and MA Crossover all look good.
$PRXL Price up against long term resistance. Long over 25. Next stop 29.
$MDR Stepping higher. Over 26 with volume goes to 33. MACD/RSI curling up.
$MIC Good volume move into resistance. Over 25 with volume; MACD/RSI confirm. Next stop on weekly at 30.
$TEX Long over 38 with volume. MACD/RSI need to confirm. Some resistance at 43 than 50.
$YSI Prices stepping higher. Low volume on Friday. B/O over 10.75 goes to 13.50. Need MACD/RSI to curl up. This is in the same sector as $KRC: REIT's.
$WNR Another oil play. This has been on Twitter screens before. Nice price action into long-term resistance/support. Over 18.50 next stop 24. Nothing after that until 49.50.
$FTO $DK $EROC also in this sector.
That's about all for this weekend. Let's not forget that we get into some serious earnings reporting in the next couple of weeks. Trade carefully. Stay smart and trade well.
I pulled up the weekly charts and found that the prices had returned to their multi-year highs in many cases. There's still hope, though. There seems to be plenty of upside if you go out to the monthly time frame. I don't know if we can take out the highs here without a rest and consolidation. I'm not going to run in and chase anything. You can never catch a runaway train so you may as well wait until it comes back into the station.
Here, then are some of the possibilities I see for the week ahead. A lot of the traders are still in the oil patch. Other favorite sectors: real estate operations and medical. FYI
$EAT Above 25 on volume. MACD/RSI rising. Next resistance at 28 then 32.
$LAVA B/O on good volume. MACD/RSI confirm. Resistance at 7.50; 9.50 then 12. Weekly says more up. Long right here or break at 6.80. Sector: Computer software.
Other names in this sector: $TIBX $ASIA
$ERTS On watch for Monday. Long over 20.25. Need volume and confirm from MACD/RSI. Over 24, then 30 then 43.
$KRC Nice pop on volume. Closed right at resistance. Long over 39.50. Nothing in the way until 48 on the weekly. Volume, MACD/RSI and MA Crossover all look good.
$PRXL Price up against long term resistance. Long over 25. Next stop 29.
$MDR Stepping higher. Over 26 with volume goes to 33. MACD/RSI curling up.
$MIC Good volume move into resistance. Over 25 with volume; MACD/RSI confirm. Next stop on weekly at 30.
$TEX Long over 38 with volume. MACD/RSI need to confirm. Some resistance at 43 than 50.
$YSI Prices stepping higher. Low volume on Friday. B/O over 10.75 goes to 13.50. Need MACD/RSI to curl up. This is in the same sector as $KRC: REIT's.
$WNR Another oil play. This has been on Twitter screens before. Nice price action into long-term resistance/support. Over 18.50 next stop 24. Nothing after that until 49.50.
$FTO $DK $EROC also in this sector.
That's about all for this weekend. Let's not forget that we get into some serious earnings reporting in the next couple of weeks. Trade carefully. Stay smart and trade well.
Friday, April 1, 2011
Come Out With Your Hands in the Air
Another First Friday... another jobs report... another collective sigh of relief. The indices are forging ahead and all your setups are working. At least I hope they are.
Here's to all the hard work scanning for setups. Here's to getting in at the right time and taking your money off the table with a nice gain. And here's to giving yourself a nice pat on the back for a job well done.
It's been a good week for me all in all and I have a few folks to thank. @chessNwine @SunriseTrader @JackDamn @szaman @FibLine @harmongreg @alphatrends @lasertrader @wallstreetbean... the list goes on and on. I've learned from the best.
So, all of you, throw down that mouse, come out with your hands in the air and belly up to the bar. It's 5 o'clock somewhere.
See you on Monday. Have a safe weekend. Will share some setups late Sunday.
Here's to all the hard work scanning for setups. Here's to getting in at the right time and taking your money off the table with a nice gain. And here's to giving yourself a nice pat on the back for a job well done.
It's been a good week for me all in all and I have a few folks to thank. @chessNwine @SunriseTrader @JackDamn @szaman @FibLine @harmongreg @alphatrends @lasertrader @wallstreetbean... the list goes on and on. I've learned from the best.
So, all of you, throw down that mouse, come out with your hands in the air and belly up to the bar. It's 5 o'clock somewhere.
See you on Monday. Have a safe weekend. Will share some setups late Sunday.
Wednesday, March 30, 2011
I've Never Been Late for Anything!
I think I have my parents to thank for making me so punctual. Never was late for school or church or for the occasional birthday party. Always, to this day, am dressed and ready to go before anyone else in the house; even to the point where I can be excruciatingly impatient when I have to wait for someone. But, you know the old saying, at least if you're late ALL the time, you never have to wait for anyone.
In case your wondering where I'm going with this... it's about always being too early into the trade; afraid you'll miss out and not letting the trade come to you. I admit I'm as guilty as the next person when it comes to jumping into a trade too early. I'm more impatient than I am impulsive and, when I don't follow my plan, I find myself doing a lot of waiting around for the trade to develop and go as I'd planned. Then, of course, I sell/buy JUST before the big move.
Here's the perfect scenario:
I featured this setup last weekend on my blog. Long over 29 on volume. Today the market is moving and so is $SUG. I'm tempted to cheat a little and go in below 29. After all, it's ALMOST there. Right? Wrong. This time I'm not going to get the "Stupid Award". This time I will wait and trade my plan. And this time I won't be excruciatingly early!
Hope you're all having as good a day as I am. Good trading for the rest of this day!
In case your wondering where I'm going with this... it's about always being too early into the trade; afraid you'll miss out and not letting the trade come to you. I admit I'm as guilty as the next person when it comes to jumping into a trade too early. I'm more impatient than I am impulsive and, when I don't follow my plan, I find myself doing a lot of waiting around for the trade to develop and go as I'd planned. Then, of course, I sell/buy JUST before the big move.
Here's the perfect scenario:
I featured this setup last weekend on my blog. Long over 29 on volume. Today the market is moving and so is $SUG. I'm tempted to cheat a little and go in below 29. After all, it's ALMOST there. Right? Wrong. This time I'm not going to get the "Stupid Award". This time I will wait and trade my plan. And this time I won't be excruciatingly early!
Hope you're all having as good a day as I am. Good trading for the rest of this day!
Sunday, March 27, 2011
It Feels Right to be Long
I sat down to scan for my setups thinking "Not going to find too much to talk about this week". Well, imagine my surprise when I found too many long setups instead of too few. I also found some short possibilities but I've realized that somehow it feels wrong to be shorting stocks when the market has looked so good... up until last week, of course. It's as if you're doing something illegal or illicit, if you will. The market has done a masterful job recently of shaking off all the bad news that the world has thrown at it. Somehow it takes the punishment and rights itself to push on higher.
The shakeout that the market has gone through lately has produced some pullbacks and opportunities that I missed when they happened. Here then are a few setups that I'll be watching this week. This is only a small sample so I may publish updated blogs as the week goes along. I've included one or two short possibilities but my bias here is to the long side.
There's only one caveat to keep in mind. A lot of the setups that are showing up are for the Oil Sector or Oil Services sector. I suspect when all the turmoil quiets down (if it ever does) that these stocks will fall out of favor. The other thing that's obvious by looking at the charts is that a lot of the stocks pulled back on Friday at the close. Need to see some follow through on Monday.
$MPEL Nice move up to long term resistance. MACD/RSI confirming. Long over 8.00 with volume. Nothing in the way after that until 11.
Other stocks in this sector (Gaming)... $WYNN $LVS $PNK $SHFL
$JKHY Small gap up to resistance. MACD/RSI curling up; volume footprint looks good. Break above resistance takes it to multi-year high. Long over 33 w/volume.
$CFN Nice break out of pullback on good volume; MACD/RSI curling up; cup/handle on the weekly. Would like some follow through. Long over 28.25.
$BRKR Moving up to resistance. Needs volume over 20. MACD/RSI confirming move up. Long over 20 w/volume. Resistance at 24 after that.
$HMA Another good move up on volume. MACD/RSI curling up. Resistance at 11.50; then 13. Long over 11 on volume.
$FL Tried to like this from the short side but it proved me wrong. Good move on volume. MACD/RSI confirmimg; imminent MA crossover. Over 20.30 w/volume. May try to come back to fill gap.
$TDC Nice move up after 2 pullbacks. Above long term resistance. MACD/RSI confirming. Multi-year high over 50.70.
$MINI Up to resistance on good volume. Looks good over 24. Some resistance at 25 then 32. They like to run the stops on this (see red arrows) so be vigilant. MA Cross; MACD/RSI curling.
$SGY Break of resistance; good volume footprint; MACD/RSI confirm. Some resistance at 31.50, then 48. Needs follow thru w/volume. I am long at 30.20.
$SUG Sitting on long term support here. Next resistance at 32 then 35. MACD/RSI curling up could confirm B/O above 29.
$GRM Nice bounce off of 50 period MA. Break of downtrend line. MACD/RSI confirming. Need follow through and volume. Owned at 16.59, Out at 17.08. Want reentry on volume.
$BRNC Nice break above consolidation with volume. Resting here. MACD/RSI curling up. Next stop on weekly at 15. I am long at 10.84.
$MOV Break of trendline and follow through on volume. MACD/RSI confirming. Long over congestion at 15. Next resistance at 19 then 25.
$ASGN Only short prospect for now. Losing the 50 period MA. MACD/RSI say down. Short below 8.75 with volume. No position.
That's all I've got for now. Well, actually, there's more but blog is starting to overwhelm me. You too, maybe?
Hope you all had a great weekend. Trade smart this week... should be interesting, as always. See you on the stream.
The shakeout that the market has gone through lately has produced some pullbacks and opportunities that I missed when they happened. Here then are a few setups that I'll be watching this week. This is only a small sample so I may publish updated blogs as the week goes along. I've included one or two short possibilities but my bias here is to the long side.
There's only one caveat to keep in mind. A lot of the setups that are showing up are for the Oil Sector or Oil Services sector. I suspect when all the turmoil quiets down (if it ever does) that these stocks will fall out of favor. The other thing that's obvious by looking at the charts is that a lot of the stocks pulled back on Friday at the close. Need to see some follow through on Monday.
$MPEL Nice move up to long term resistance. MACD/RSI confirming. Long over 8.00 with volume. Nothing in the way after that until 11.
Other stocks in this sector (Gaming)... $WYNN $LVS $PNK $SHFL
$JKHY Small gap up to resistance. MACD/RSI curling up; volume footprint looks good. Break above resistance takes it to multi-year high. Long over 33 w/volume.
$CFN Nice break out of pullback on good volume; MACD/RSI curling up; cup/handle on the weekly. Would like some follow through. Long over 28.25.
$BRKR Moving up to resistance. Needs volume over 20. MACD/RSI confirming move up. Long over 20 w/volume. Resistance at 24 after that.
$HMA Another good move up on volume. MACD/RSI curling up. Resistance at 11.50; then 13. Long over 11 on volume.
$FL Tried to like this from the short side but it proved me wrong. Good move on volume. MACD/RSI confirmimg; imminent MA crossover. Over 20.30 w/volume. May try to come back to fill gap.
$TDC Nice move up after 2 pullbacks. Above long term resistance. MACD/RSI confirming. Multi-year high over 50.70.
$MINI Up to resistance on good volume. Looks good over 24. Some resistance at 25 then 32. They like to run the stops on this (see red arrows) so be vigilant. MA Cross; MACD/RSI curling.
$SGY Break of resistance; good volume footprint; MACD/RSI confirm. Some resistance at 31.50, then 48. Needs follow thru w/volume. I am long at 30.20.
$SUG Sitting on long term support here. Next resistance at 32 then 35. MACD/RSI curling up could confirm B/O above 29.
$GRM Nice bounce off of 50 period MA. Break of downtrend line. MACD/RSI confirming. Need follow through and volume. Owned at 16.59, Out at 17.08. Want reentry on volume.
$BRNC Nice break above consolidation with volume. Resting here. MACD/RSI curling up. Next stop on weekly at 15. I am long at 10.84.
$MOV Break of trendline and follow through on volume. MACD/RSI confirming. Long over congestion at 15. Next resistance at 19 then 25.
$ASGN Only short prospect for now. Losing the 50 period MA. MACD/RSI say down. Short below 8.75 with volume. No position.
That's all I've got for now. Well, actually, there's more but blog is starting to overwhelm me. You too, maybe?
Hope you all had a great weekend. Trade smart this week... should be interesting, as always. See you on the stream.
Saturday, March 26, 2011
Reminds Me of a Joke...
I don't know if anyone reading this remembers all the "moron" jokes we told as kids. But here goes:
Why did the moron keep hitting himself on the head with a hammer???
Cause it felt so good when he stopped!
That's what I'm reminded of when spring seems just around the corner. Living in the Northeast is a bit like hitting yourself with a hammer. Because it feels so good when the winter is coming to an end and spring is in the air. The days seem brighter and our collective moods get so much better! We've survived!!!
This is one of those days. Bright sunshine; clear blue skies; still cold and crisp but much, much better than it was a month ago. I, if you haven't already guessed, am the eternal optimist and on days like today I feel like a million bucks. Hope you all feel that way too. After I'm through soaking up all of this beautiful sunshine I'll be scanning for setups for the week ahead.
Enjoy your weekend all. I'll have setups to share later on Sunday.
Why did the moron keep hitting himself on the head with a hammer???
Cause it felt so good when he stopped!
That's what I'm reminded of when spring seems just around the corner. Living in the Northeast is a bit like hitting yourself with a hammer. Because it feels so good when the winter is coming to an end and spring is in the air. The days seem brighter and our collective moods get so much better! We've survived!!!
This is one of those days. Bright sunshine; clear blue skies; still cold and crisp but much, much better than it was a month ago. I, if you haven't already guessed, am the eternal optimist and on days like today I feel like a million bucks. Hope you all feel that way too. After I'm through soaking up all of this beautiful sunshine I'll be scanning for setups for the week ahead.
Enjoy your weekend all. I'll have setups to share later on Sunday.
Saturday, March 19, 2011
Just Wanna Make a Buck...
I finally saw my broker and got that pesky commission issue straightened out. I think you'll all agree that we reached a fair and equitable conclusion...
Now that I'm at the end of the first quarter of trading it's time to take a look at the gains and losses so far. I have a net gain for the first three months but I also have racked up some serious commissions. It's something I need to look at going forward. There isn't a set formula for this sort of thing. It depends on everyone's individual trading style. Some traders scale in their positions; others put on a full position right at the beginning of the trade. The first trading style, obviously, will cost more in the end than the other. There are also stocks that cost more to trade and fall outside of the standard commission schedule. It's an individual's decision on how he or she prefers to trade but it's something that needs to be factored into each persons trading decisions.
OK. Now that I've gotten that out of the way. I wish you all a good weekend. There's a full moon tonight... it's the "worm moon" and it's orbit brings it the closest to the earth that it's been in a long time. The next time it comes this close will be 2027. If you're as old as I am (older than dirt) you won't be around so please enjoy the view while you can. If you're lucky, and it's a crystal clear night, the view is magnificent.
Be well. Stay safe. Will have setups to share later this weekend.
Now that I'm at the end of the first quarter of trading it's time to take a look at the gains and losses so far. I have a net gain for the first three months but I also have racked up some serious commissions. It's something I need to look at going forward. There isn't a set formula for this sort of thing. It depends on everyone's individual trading style. Some traders scale in their positions; others put on a full position right at the beginning of the trade. The first trading style, obviously, will cost more in the end than the other. There are also stocks that cost more to trade and fall outside of the standard commission schedule. It's an individual's decision on how he or she prefers to trade but it's something that needs to be factored into each persons trading decisions.
OK. Now that I've gotten that out of the way. I wish you all a good weekend. There's a full moon tonight... it's the "worm moon" and it's orbit brings it the closest to the earth that it's been in a long time. The next time it comes this close will be 2027. If you're as old as I am (older than dirt) you won't be around so please enjoy the view while you can. If you're lucky, and it's a crystal clear night, the view is magnificent.
Be well. Stay safe. Will have setups to share later this weekend.
Wednesday, March 16, 2011
If You Can Keep Your Head...
...when all those around you are losing theirs, you don't understand the situation.
And so it went yesterday. Another day, another crisis, another chance to trade smart or not at all. All the traders that I know on the stream DO know the situation. Which is why most of them are able to get through a day like we all had yesterday. We were all on information overload and needed to turn down the noise.
I'm in all cash now and am still watching my setups to see how they are resolved after yesterday's action. I see a lot of gaps that need to be filled and know that the stocks will probably go back to their breakout or breakdown levels. How they act if and when they approach these levels will determine how I trade at that time. I'm not feeling compelled to jump back in. I can wait. Patience is key here.
The market action yesterday had everyone running for the exits. So today I just want to make sure that I don't get trampled when they all come thundering back in the door.
Screw your head on straight, keep your wits about you; trade smart... see you all on the stream.
And so it went yesterday. Another day, another crisis, another chance to trade smart or not at all. All the traders that I know on the stream DO know the situation. Which is why most of them are able to get through a day like we all had yesterday. We were all on information overload and needed to turn down the noise.
I'm in all cash now and am still watching my setups to see how they are resolved after yesterday's action. I see a lot of gaps that need to be filled and know that the stocks will probably go back to their breakout or breakdown levels. How they act if and when they approach these levels will determine how I trade at that time. I'm not feeling compelled to jump back in. I can wait. Patience is key here.
The market action yesterday had everyone running for the exits. So today I just want to make sure that I don't get trampled when they all come thundering back in the door.
Screw your head on straight, keep your wits about you; trade smart... see you all on the stream.
Sunday, March 13, 2011
Setups for the Week of Mar 14
After sifting through the charts that my scans produced this weekend there are a couple of things that stand out. First and most obvious is the fact that last week's market action took it's toll on many of the stocks that I was watching as long candidates. Second... a lot of the prices are approaching their 50 period MAs and some have now fallen below all three moving averages. I have 3 times as many short setups as long this week. Am I cheering you up at all? I'm going to start looking more at short positions than long now but always with an eye on the exits if we get a sharp reversal during the week. Here are some of the setups for the week ahead:
$CSU Most of the stocks in this sector sold off Thursday and Friday. This one acted well. Lower volume on a pullback; good volume on recovery. Long over 9.75.
$DPZ Finally broke above the 17.50 but still needs follow through on volume. MACD/RSI are confirming.
$MW Trying to fill December gap. Good volume on B/O; MACD/RSI curling up; blue sky on weekly over 28.65.
$AMAT Below 50MA and previous support at 15. Likes 15 to 15.10 price area. Volume, MACD/RSI all say down. Support at 14 then 13.
$ATML Gap down on Thursday; tried to fill Friday. Volume, MACD/RSI confirming breakdown. Weekly points lower; support at 10.65 then 8.
$HL Short below 8.50 on volume. Not much support until 7. MACD/RSI pointing down.
$LCRY Break on volume; MACD/RSI confirming down; price below all MAs. Short on any retest of break at 12.93.
$OPK Breaking down on huge volume; low volume retest; MACD/RSI confirming. Short below 3.50. Support at 3.00 then 2.
$ZAGG Broke support with volume. Trending lower below all MAs. Short below 7.50 on volume. Into the vacuum after that. Earnings on Monday AMC.
But wait, there's more... well, there is but I think I've given the folks enough to chew on. Got a feeling we're in for more chop this week. Way too much happening in the world for calm and order.
Trade smart this week... see you all on the stream.
$CSU Most of the stocks in this sector sold off Thursday and Friday. This one acted well. Lower volume on a pullback; good volume on recovery. Long over 9.75.
$DPZ Finally broke above the 17.50 but still needs follow through on volume. MACD/RSI are confirming.
$MW Trying to fill December gap. Good volume on B/O; MACD/RSI curling up; blue sky on weekly over 28.65.
$AMAT Below 50MA and previous support at 15. Likes 15 to 15.10 price area. Volume, MACD/RSI all say down. Support at 14 then 13.
$ATML Gap down on Thursday; tried to fill Friday. Volume, MACD/RSI confirming breakdown. Weekly points lower; support at 10.65 then 8.
$HL Short below 8.50 on volume. Not much support until 7. MACD/RSI pointing down.
$LCRY Break on volume; MACD/RSI confirming down; price below all MAs. Short on any retest of break at 12.93.
$OPK Breaking down on huge volume; low volume retest; MACD/RSI confirming. Short below 3.50. Support at 3.00 then 2.
$ZAGG Broke support with volume. Trending lower below all MAs. Short below 7.50 on volume. Into the vacuum after that. Earnings on Monday AMC.
But wait, there's more... well, there is but I think I've given the folks enough to chew on. Got a feeling we're in for more chop this week. Way too much happening in the world for calm and order.
Trade smart this week... see you all on the stream.
Friday, March 11, 2011
I Was a Little Short This Week
I know from watching the Twitter stream that a lot of traders frown on shorting stocks. It may be that they're uncomfortable with the risk, would rather wait to trade the stock from the long side or they may simply be purists when it comes to trading. I believe that you can work both sides of a trade, long and short. I look at the charts that I have in front of me and if any of them suggest that a short sale is the best trade then I'll consider selling the stock.
The past week was choppy at best but it did present some opportunities for one or two short sales. Along with my long positions I shorted 3 stocks. $ATML, $AMAT and $LCRY. I was able to take a nice gain on 2 of the stocks and had a small loss on the third.
It was good week all in all. I've been seeing more short setups lately than long so I'll continue to look at the charts with an unbiased eye. I'll practice good risk management and honor all my stops so that I can minimize any loss. We know that the market presents us with opportunities to trade from both sides. We just need to take advantage of those opportunities and do it with discipline and good judgment.
I hope to have some setups to share by late Sunday. Have a good weekend. See you all on the stream.
Thursday, March 10, 2011
Pass the Dramamine Please
Another choppy session in the market on Wednesday and another day of adjusting our trading plans to fit the action. Here is an update for today...
$ABAX long on any pullback to 28.50.
One short position and some short setups going forward.
$ATML Breakdown on volume, MACD/RSI confirming, weekly chart confirms MA Crossover. Needs to close below 12.45 (200MA on weekly). Next support at 12 then 10. Short here or on a pullback to 12.75.
$AMAT Broke below 15.66 on volume, MACD/RSI all say lower. I have a sell order in at 15.30 but will watch this level and adjust the order accordingly.
$ALLT Broke support at 13.69 on volume and selling accelerated into the close. MACD/RSI point lower. Short here or on a pullback to the 13.70.
Going to be another choppy end to the week I'm afraid. Futures are pointing down as I write this.
Trade well; trade smart. See you all on the stream.
$ABAX long on any pullback to 28.50.
One short position and some short setups going forward.
$ATML Breakdown on volume, MACD/RSI confirming, weekly chart confirms MA Crossover. Needs to close below 12.45 (200MA on weekly). Next support at 12 then 10. Short here or on a pullback to 12.75.
$AMAT Broke below 15.66 on volume, MACD/RSI all say lower. I have a sell order in at 15.30 but will watch this level and adjust the order accordingly.
$ALLT Broke support at 13.69 on volume and selling accelerated into the close. MACD/RSI point lower. Short here or on a pullback to the 13.70.
Going to be another choppy end to the week I'm afraid. Futures are pointing down as I write this.
Trade well; trade smart. See you all on the stream.
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