The QQQQs have definitely been leading the market up and a break above the very prominent October gap at $36 would be pretty incredible. That would be almost a 40% increase off of the lows in about 6-7 weeks. More importantly, this is the line in the sand when things really fell apart. SPY has [...]
Closed out $NWL and $LNC. Added to my $XRT short at $27.8.
My only comment on the Chrysler bankruptcy is that GM is next as I mentioned a few weeks back.
http://chartsandcoffee.blogspot.com/2009/04/sunday-night-coffee-452009.html
Added very tiny positions in $MOO and $KWT. Both look like breakouts. Added stops to both $LNC and $HIG. Continue to trim junk longs.
Trimmed $MGM and $PCX in the pre-market.
Market is popping again today in the face of potential Chrysler bankruptcy. It seems irrational but this is the market we have. I’ll continue shifting from junk positions to higher quality names on the long side. I think many of my setups mentioned in my Sunday Night Coffee post [...]
The market is right at an inflection point. 880 was tested today and held. Coming into the day short, obviously I was disappointed when the GDP number disappointed and the market still held up. I then thought that the market might fade after the initial pop but it held.
I did add long positions in [...]
Continue reading about Sticking With The Plan; Shifting From Junk To Quality
880 level on $SPX held. For today, not giving into panic and continuing to trade good opportunities paid off.
Being patient until 880 is taken out. Do not want to be faked out and get whipsawed. I purchased a little SGR and BSY this morning. That along with my purchases of TBT, DBB and KOL yesterday is keeping my loss small today.
I just added $XRT as a short. I have also been trimming junk [...]
