Kevin_in_GA
4,599 posts
msg #83739
- Ignore Kevin_in_GA |
12/2/2009 1:56:42 PM
I put in stop loss and profit stops on all trades today, at their highs from yesterday in most cases (they almost all gapped up today).
The employment numbers were not bullish, so I'm covering bases today.
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johnpaulca
12,036 posts
msg #83748
- Ignore johnpaulca |
12/2/2009 2:51:58 PM
Trendscanner...thanks for the chart. GS close below BB12 aout 2 weeks ago, now below ema100 this is not a good sign.
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BarTune1
441 posts
msg #83763
- Ignore BarTune1
modified |
12/2/2009 8:32:31 PM
My broad market indicators (including the VIX) are pretty much neutral, maybe indicating the markets are slightly overbought .... my portfolio is still long and short, but more short than long ..... not much movement today .....
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Kevin_in_GA
4,599 posts
msg #83767
- Ignore Kevin_in_GA
modified |
12/2/2009 9:28:55 PM
The VIX continues to drop (as it would be expected to after the close above the UBB). It is only about 1 pt away from its 52 week low (of 20.10). One more "good" day and we are at that level again, from which I would get very nervous.
Also USD was up today, so I'm expecting that a short term drop may be in the works. Larger picture is to stay long, but the near term trade may be to go short if the initial and continuing claims numbers are ugly tomorrow.
USD stochastics are pretty good at picking tops and bottoms, and they are clearly indicating a rally is not in play at the moment.
Best play - UGL and AGQ, with a side order of GDX if there is a rally on the USD.
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Kevin_in_GA
4,599 posts
msg #83794
- Ignore Kevin_in_GA |
12/3/2009 3:42:58 PM
I'm out of GDX. In at 50.68 on Friday, out today at 53.76 (gain of just over +6% in 5 days).
GDX seems too connected with the market versus precious metals. I may get back in if the price drops back to $50 or so.
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Kevin_in_GA
4,599 posts
msg #83795
- Ignore Kevin_in_GA |
12/3/2009 3:59:00 PM
Ok, I got out of everything just before the market started its rapid descent. Got a spooked feeling and went with it.
I netted $1200 in five days on the five trades (average yield of 5.72% before commissions). ENTIRELY in cash at the moment.
Will get back in once the VIX or USD tells me to.
Kevin
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BarTune1
441 posts
msg #83797
- Ignore BarTune1 |
12/3/2009 5:11:51 PM
Very good Kevin. I netted $5,100 on my accounts today and got out of 90% of my positions by close.
GLAD I averaged my short position on AMZN, shorting again at $145 this morning and covering at $141 at the end of the day for a very good profit.
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trendscanner
265 posts
msg #83803
- Ignore trendscanner |
12/3/2009 10:42:09 PM
You guys both had a great week, especially given this somewhat range-bound market.
What I'm wondering is...Who pushes the sell button on day like today.I'm watching a few charts today and around 3:30, everything drops through the floor, almost in unison, while VIX pops up immediately. Not complaining, it was good for the puts I'm holding. But I'm wondering is this program trading happening? If so, what triggers something like that? Someone leaks a rumor about tomorrow's employment numbers, someone else starts selling and everyone follows? Or are we destined to simply wonder?
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BarTune1
441 posts
msg #83804
- Ignore BarTune1
modified |
12/3/2009 10:53:09 PM
We are destined to wonder. All you can do is play probability and take an educated shot ... I would be the first to say I got a little lucky today with the late selloff ... that being said, my indicators seemed to say the market was slightly overbought as of yesterday so I was positioned correctly ....
All my indicators are neutral now .... so your guess where we go from here is as good as mine ....
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johnpaulca
12,036 posts
msg #83805
- Ignore johnpaulca |
12/3/2009 10:54:27 PM
I have been short for the last couple of days... and in the green, tons of shorting opportunity out there.
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