Sunday, July 12, 2009

Trading List Week of July 06, 2009 with SPX Review

Final Thoughts/Results for the Week:

7/12 Time for the update but then.. you already know the results no? If not, here they are with the calls.

PSMT 7/10 03:37 Earnings pre-market, cup runneth over? Certainly the momentum's there on a favorable report. Pivot $18.42 Resistence $19.53 $Support $17.31 This one could pop higher to the $20 on good report, but roll over is inevitable is my thinking. RESULT: PSMT perfect catch below that $17.31 twice even.

MTL,PGR,INFY RESULT: Picking PSMT I made no attemp to follow these.

BIDU 7/10 02:47 Long to about $288 watch the 18dma break above could lead to about $293-$295. Short below $280 to revisit $277 break below to $270. RESULT: Long was not near the 288 fell a couple of points below but catch at 280-282 areas resulted in nice points for the day and it never went below the $280

DTO 7/9 19:27 Handle time at or near $100 back to about $88. The gray area above the $100 will be to about $102 RESULT: I suppose 98.39 could count as near 100, confirmation for short was on the 3rd 5min bar from the high candlestick.

GNK 7/9 17:06 upside resistance strong at 19.31 passing that potential for a point near 20.40 and possible near $21. Not forgetting it's Friday so be ready for the downside too. Losing today's lows it could bounce off the 17.90 area and the 200dma currently 17.34. Will look again tomorrow. RESULT: Did not look on Friday as I was busy with other trades. Yet from the histgory it seems it did bounce off $18 near that 17.90 very nicely.

GENZ 7/9 16:21 Long breaking above 55.31 target 56.50 area. RESULT: No entries. Did not break for a long. Called it a below $53 short, but that too did not materialize. With long above 54.50 to next week , keeping short call at below $53

PCLN 7/09 Intraday call Long above day high at 106.73 target 107.90 . Short below $106 to near $104. RESULT: Triggered long but did not go above 107 to sustain trade. sold at 106.40 at close for a small loss.

BIDU 7/7 09:27 Still on pattern watch, but it's taking a bit longer . Today looking at short below $277 to about $274 - $272 Long still at $310 RESULT: triggered 10 min after open for the 1st and 2nd targets of $274 and $272

POT 7/6 back to $100? Yes, Long at 98 to 100 then $101+ passing that, can we fill this gap finally? Short below $92 but would watch for bounce near $91 area if it breaks below $90, $88 then $86 possible RESULT: Nowhere near to long, but a very nice short for the week offering several plays, hitting all targets.

All in all a nice week, considering my absence. I will carry BIDU, GENZ, POT calls forward to Monday.

Thanks for reading and following me. Please leave comments via comment area or email.



7/10 03:16 PT Could not update often this week because I had to be away, yet we still have today, Friday, so I posted some possibilities: BIDU, DTO, GNK, GENZ, PCLN are on the list. In addition we have MTL, PSMT, PGR, INFY for earnings watch. So it looks to be a busy day.


7/05 The trouble with choosing plays after a holiday weekend is that one truly does not know the mood of the general public until revealed during the hours.

News is one thing. The mood from a rested public of traders is another. I can go by history of what happened last week and surmise that it will continue this way or that, but I still don't know what the public is really thinking until they catch up with news, work and reality. It's been my experience over the years that the information flow is lags since most people, including me, rather forget the woes of the world for just a few days and celebrate life & family instead.

Rather than listening to news, viewing charts and analyzing details, I've let music and laughter and games replace them. Will war break out tomorrow? I don't know. I know I'm alive and it's wonderful to listen to the trees and birds and when one is in such state, all is alright in the world. I also know that I can carry that state into my trading day tomorrow and quickly enough asses the trends. It's through the centerdness that I speak of so often, that most information flows. I will continue my day in peace and as things unfold, I will post. Until then, I won't let peace be disturbed by opinions.

SPX 7/5/09 23:00 It is time for a revisit of the chart. It has formed a nice inner channel and with that formation, it created the buffer zone or the highlighted critical areas that will make a difference going forward, if broached. Last Thursday's action some thought: "this is it!", yet when looked at more broadly, we've been here before on June 22nd and on May 13th (open high to close low) and interestingly both were followed by up days with the 3rd day being a long bar upside (open low to close high); will this pattern continue? One other interesting note on the subject is that the long down bars are higher open and higher close showing a slight uptrend so we'll just have to wait and see... fascinating isn't it? 879 is still the one to break and it needs to be broken down with strength and conviction, in my opinion, to have the bulls abandon their fight. What is also in evidence is that the overbought/oversold chart shows a slight oversold bias which may also be in favor of the bulls. We still have to remember however that we are trading in the summer when many traders take a wait and see attitude until the fall which can be the reason for the oversold bias and the market having lower daily volume can show wilder fluctuations.

So let's keep letting it unfold and realize that not much has really changed since our last review.
Until later...