Not much to report today in terms of the market generally. I do have a few ideas.
I covered my entire IYT short position today. Watch for a breakout over $62.
I haven’t given up on playing HMSY to the long side. I’m willing to give it another try at around $36 with a stop at $33.75. [...]
I’m keeping it simple tonight. Five long ideas. Some old, some new.
MV (Metavante Technologies, Inc.) – is a good looking long. Breakout is an all time high. Volume is also picking up. Looking to enter at $26.25. Stop at $24.85.
SGP (Schering-Plough Corp.) – Entry at $24.25. Stop at $23.20.
DLTR (Dollar Tree Inc.) – [...]
Continue reading about Some Long Ideas: MV, SGP, DLTR, HMSY, LANC
Using the QQQQs as our guide, it looks like the 2 month bull run is over. Key support was broken at approximately $33.60. I expect this to move down to the next fib line at $31.70.
To really get things moving, 880 will need to be broken on $SPX ($88 SPY).
Price momentum is also breaking down [...]
QQQQs were looking weak this morning and it looked like support could be broken. But towards the end of the day the market rallied and today was a non-event.
A few people asked me why I was shorting ESI right here.
The stock has been very compliant with my fib lines. The 61.8% fib line is right [...]
I will start off today’s Sunday Night Coffee post by getting a handle on the broader indexes and I will get more narrow in scope from there. I’ll be discussing the major indexes, the dollar, yen, some long ideas, the European banks, Las Vegas and my general trading plan for the week.
The first chart is [...]
Just a short journal post tonight. I will have new ideas over the weekend and the Sunday Night Coffee post sometime on Sunday.
There seemed to be some thought today that Uncle Sam might nationalize C or BAC tonight or over the weekend. Obama then came out and deflated the rumors. We will see.
Today was a [...]
