Today I completed my summer cleaning. I trashed almost my entire junk long portfolio. I hope to rebuild it once again if the opportunity arises, but for now my only junk long positions are: SAY, MOT, REV and ETFC. I am now only 21% invested with a short bias. I am patiently waiting for some [...]
Finally, a day with some action. I had a decent day today, but with my portfolio generally being light I’m not doing victory laps. I did use today to simplify my portfolio. I mentioned this morning that I sold off my SPY short. I got the move in the big gap down but missed the [...]
This week I have less general market commentary and more focus on specific stocks. I’m seeing more long opportunities than short opportunities, but I am generally seeing a good balance of both. Many of my ideas from last week are also still valid.
The action in the QQQQs was actually quite helpful last week. I had [...]
I have been trimming position sizes on junk longs for months and selling some of them off completely. The junk simply has not been performing well over the past couple of weeks and I have started to aggressively purge my portfolio of many of these junk long names today. I think the “junk long” trade [...]
It is hard to ignore the pattern developing on IAT (US Regional Bank ETF). The $17.30-$17.50 range has been rock solid support. A breakdown through this level could make a very nice short trade. I am waiting patiently on it.
I really like the potential breakdown on PNC which is one of the larger components of [...]
THE BIG PICTURE
I’ve looked at 200-300 charts this morning and the charts generally look bullish to me. I’ve been following QQQQ to give me market direction, and we set a new intraday high over the May high and the intraday action also breached into the October gap (although it has yet to fill it). There [...]
I saw this little blurb on Drudge Report quoting Obama. I was intrigued by the title because I had already decided that the common thread for my Sunday Night Coffee post was that the market was finally taking the excessive spending by the government into consideration. I am glad that perhaps the President understands this.
Let’s [...]
Volatility has not been this low since September. I must admit I am starting to get bored. My portfolio is getting bored too. I am 100% invested right now (which is quite unusual for me) and my portfolio has barely moved in either direction this week.
The QQQQs could not break new resistance today in the [...]
If this chart were a stock, how would you play it for a short term trade (looking days or a couple of weeks out)? It is certainly at an action point. It has not touched support since December, and it seems worth a shot at playing a support bounce with a tight stop. On the [...]