CNO was a member of my secondary offering portfolio. Yesterday we got a clean breakout. I would expect this one to have a flag consolidation and I’ll be looking to add a position during the consolidation.
BAC is similar to GE which I currently own. It has been in consolidation since August. People are [...]
Bank of America (BAC) reports earnings tomorrow. One bad loan that could have a material impact is a loan to a development company controlled by Atlanta developer Ben Carter. Bank of America is the nation’s largest construction lender with $39.3 billion in construction loans outstanding.
According to the Wall Street Journal:
The project’s developer is in talks [...]
I have previously written about buying certain types of secondary offerings. I added C last night at $3.25 and finished up my buying this morning at $3.15. The C offering tells me two things. First, the government is not going to shutdown the bank anytime soon. C would not have been permitted to issue securities [...]
(7:34 ET): The overnight range is still being established on the downside, but right now we have a range of 1085-1095. The market did not like the GE and BAC numbers and sold off about 5-6 points after their release. In terms of earnings, it looks like GOOG is the one shining star out of [...]
Continue reading about GOOG, IBM, GE, BAC, HAL Pre-Market: October 16, 2009
Last week we blasted higher mainly fueled by earnings from companies such as Goldman Sachs, Citigroup, JPMorgan and Bank of America. IBM, a non-financial, also had a good earnings report. None of the banks actually produce anything and they are all beneficiaries of relaxed accounting rules and government support. I wouldn’t exactly base my hopes [...]
Continue reading about Sunday Night Coffee – Industrials and Regional Banks
Today was the day to put up or shut up. Thanks to my junk longs, I had one of my most profitable days of the year even with my portfolio technically be slightly delta negative. The day got off to a nice start as I sold JAVA in the pre-market up 72%. Only a junk [...]
I’m going to do tonight post in reverse order. I’ll revisit the indexes at the end of my post. There is actually more exciting things to blog about tonight than just a rehash of the indexes. This has been a really exciting week.
The first item of interest today was that I noticed a “tale [...]
Continue reading about US vs. European Banks; Auto Parts, Yen, Education Stocks, PEGA
After all the talk of being patient and waiting for the break, today finally arrived. Keep in mind, I’m not a bull or a bear. I’m trying to make money and I’m looking for good risk/reward bets and a favorable trading environment. If the patterns that completed today (discussed below) continue to be confirmed over [...]
A lot to say about today’s trading action. First, the market is expanding. We are out of the narrow trading range of 805-850 but at the same time the market did not simply move into the 850-880 trading range. Instead, we have market expansion. The new trading range is now 805-880 on the $SPX ($80.5-88 [...]
Continue reading about Double Top, VIX, Silver, Long Financials
Tonight I am starting a new segment on the blog called Sunday Night Coffee. The purpose of the Sunday Night Coffee post will be to provide a trading plan for the coming week and to recap ideas that I have discussed on the blog previously that will be on my radar during the coming week. [...]
