Expiration Day
at 2005-12-12 18:19:40
Sold SGP at 19.60 for a 2.06 percent gain. Went short on QCOM at 45.81 since it has not been able to crack the 46 resistance. Bought YHOO on weakness at 41.72. Based on YHOO's past history, I expect that it will continue it's uptrend.
Note on QCOM. I sent a market order when it was at 45.95, but because of the "uptick" rule, the order did not get placed until it fell to 45.81. I usually use limit orders but got careless while at work. Need to remember to always use limit orders.
Manic Monday
at 2005-12-12 18:19:39
Sold YHOO at 42.71 for a 2.24 percent gain. QCOM drove me nuts. It broke the 46 resistance and I covered for a small loss at 46.27. It then fell down to 45.70 which would have been my break even point. It tested 46 for the rest of the day and closed at 46.08. So is it going to breakout or what? Do I go long or short? I'm probably just going to watch, or do what I did this time and just start with a small position and wait for more confirmation.
I know CSCO has been "deadweight", but I took a position at 17.03. A large position. Why? 17 has provided strong support for quite some time, so I am confident this is a low risk trade. Although a 10 cent gain will be a low percentage winner, it will net me a good chunk of change.
I also took a position in PQUE. It looks ready to test 9 again, and if it breaks 9 it has
A Minute with the Fed at 2005-12-12 18:19:39
Sold CSCO at 17.26 for a 1.25 percent gain and PQUE at 8.96 for a 1.76 percent gain. Bought YHOO again on weakness at 41.76 and it closed at 42.36. I plan to hold onto it over Thanksgiving.
Stock Notes: With the Fed intimating that their may be a slowing of the rate hikes, money a pour into Financials. Keep an eye on WFC, WB, C, JPM, USB, CBH, BAC and LEND.
Watch woman's retailers CWTR, CHS and COH.
Risky, but may want to consider shorting CMED at the first sign of weakness.
Pundit Pick:
Chartman recommends
Stick to the Plan . . .Not at 2005-12-12 18:19:39
I had planned to hold YHOO until after Thanksgiving, but it was so strong early today that I knew it was time to sell into strength and wait for another pullback. Sold at 42.93 (+2.8%) and will be looking to buy again on weakness. YHOO closed at 42.50. If it drops a bit on Friday I will be back in.
Bought QCOM at 45.95. Wanted to sell at 46.20, but I had a computer glitch. I'll be holding on till after Thanksgiving. With it's first close over 46, it just might be ready for a breakout.
Overbought . . .or not at 2005-12-12 18:19:39
I'm starting to hear a lot of rumblings about this market being overbought. This lead me to look for stocks that have made recent "V" moves (steep upward rises with little or no pullbacks) to short. AAPL turned out to be a great candidate. Shorted at 69.37 and it closed at 68.10. I'll look to sell on weakness tomorrow, while placing a "mental" stop to cover at 68.40.
I sold my position in YHOO for a 1.67% loss. I'll look to go long if it continues to fall.
For the next few days I'll be looking for shorting opportunities with quick holds before the market resumes it's uptrend.
StockWatch:
FFIV (Short): broke downtrend and could fill gap. Stop around 54.
BIDU (Long): Watch for breakout at 84.
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