StockJunkie

Back!

2009-04-12T23:22:00.002-05:00

I had a nice week off though catching Thursday's move would have made it better.How fabricated it might be but WFC gave market good news.As a result financials showed strength and led from the front.Important earnings that will most likely determine market direction:
April 14th
GS
INTC

April 16th
GOOG
JPM

April 17th
C
GE

S&P 500 has minor resistance around 875 which I personally think we will blow past after GS reports. I hope we get a slight pull back on Monday so I can load up on GS. As far other possible plays are concerned my bet is on GOOG.
This will be a historic week because FAS and FAZ will swap places. I 'll probably pick some FAZ up around $5-$7 range when S&P hits 950.

Early weekend!

2009-04-03T00:15:00.002-05:00

Taking off early this week sure is fun when the market works your way.Go Bulls!

Smoking a victory cigar!

2009-04-02T09:39:00.002-05:00

Nice day to be a bull, keeping the stops in place though.

Bears are toast!

2009-04-01T21:26:00.003-05:00

The futures are pointing higher and tomorrow could be a very tough day for the bears.Looks like the market will respond positively to the market to market decision.Life is going to get very tough for the stubborn bears out there. They are drawing lines on their fancy charts and trying to convince themselves that this rally will come crashing down. But the fact is that easy money is on the long side.So either get on board or crash and burn.If you are late to the game trading 3X bullish Etfs can make a quick buck.My favourite are TNA,FAS,and BGU.Just remember that it is a traders market right now and the short term trend is bullish.I hope I can get in a few more long positions in the morning.If we gap up (which seems likely) I'll wait for the first pull back that usually comes after 15-30 mins.
Good Luck!
lsustockjunkie

ATTENTION LURKERS!

2009-04-01T20:28:00.002-05:00

There are a few people who drop by the blog every now and then.I would love your input, welcome critique and love to agree/disagree.I am a part time trader who is striving to get better one trade at a time.My purpose is not to sell anything or brag how right I am.So come on in, drop a line or two.I welcome any college football trash talk too!
Thank you!
lsustockjunkie

Take some off the table!

2009-04-01T12:04:00.005-05:00

Solars are modestly up today, I think it is wise to take some off the table and tighten the stop.Even though most of them are positive they have not cleared yesterday's high.Which makes me believe that there could be a slight pull back here.YGE and SOL remain my favorite to trade while I am eying ENER as a long term investment.
Update: By the way this is not an April's fool joke bears.Get ready to be stream rolled tomorrow as Market to Market rule change will buzz saw you in half. This is my last warning I am doing my part.

My bullish bias!

2009-03-31T11:40:00.004-05:00

Most of the worst news has been baked in.During the last run up a lot of money was on the side line which feels left out.Secondly our Government's save at all cost approach will not let the natural progression of market take place.I am not arguing that it is the right thing to do or will it work in the long term.But for now it will get the market going.At the most auto industry will be made the scape goat.
I am bullish heading to FASB's vote on new market to market accounting propsal.I won't be surprised to see uptick rule to follow soon.This can pretty much kill the bear market as it is.I don't agree with everything being propsed.But I'll trade which ever way it makes me money.
Right now solars are where the action is along with my favorite TNA and FAS.

Solar Fun!

2009-03-31T11:28:00.003-05:00

Solar stocks just took off in the last 30 mins or so.YGE and SOL are my favorite to trade.They can easily double from here.As far as the bears are concerned it is back to slow and painful death.

Time to stream roll the bears!

2009-03-30T22:39:00.006-05:00

Don't be fooled guys, this was a lame attempt on the bears part to make a come back.It was by no means a sell off, yeah we were down 250+ and there was bad news from GM but where was the volume?Quite frankly we learned nothing new today, any one who has ever driven a GM knew this day was coming.As long as we don't hear the word "nationalize" anytime soon we are going higher.

My ideal set up would be gapping lower and trapping some greedy bears in.Then blasting off around mid day finishing strong hopefully starting a massive short squeeze.I am looking at TNA, FAS,and Solar stocks to get in.My favourites to trade are YGE,SOL and STP.

Good Luck!

lsustockjunkie

Bears are dead!

2009-03-30T11:33:00.003-05:00

I am starting new long positions in face of this move down.We were way over due for a pull back and that is what we are getting now.I am bearish when it comes to oil so I might take stab at DUG here other wise my buy list is:
YGE
STP
TNA

Don't hold your breath BEARS

2009-03-29T14:16:00.005-05:00

A lot of economic data comes out next week.Bears will likely try to put their spin on it and justify that everything is going to zero.But in reality nothing short of nationalizing the banks will put fear back in our hearts. Technically there is a lot of resistance ahead which is the last hope for the shorts.They are hanging by a thread in hopes that overbought conditions with over head resistance will stop the bulls.If we break through, a massive short squeeze will take place which will be very rewarding.There is a chance that we do pull back here but it won't be a sell off.I am not interested in getting short if we do go lower here.Instead I'll be looking for stocks that consolidate bullishly to go long.
Update: I failed to address Auto task force rejecting GM and Chrysler plans thus sending the futures lower. But Obama administration is not going to do the right thing and let these companies fail. Instead they'll get a sweet deal and taxpayers will get screwed again.

Fun in the sun!

2009-03-27T10:14:00.003-05:00

This is pure profit taking on part of the bulls heading into the weekend.Don't hold your breath bears it is not going to happen.I am focusing on only two stocks here FAZ and FAS. FAZ gapped up and ever since has been drifting to fill the gap.FAS gapped down and has been chugging along to fill the gap.I am going to enter FAZ around $18.50 with a stop at $18 of course depending on the volume and stochastics. I'll enter FAS after it breaks out above $7.
Lets see which one works today!

2009-03-26T20:55:00.002-05:00

It has been a slow and pain full death for the bears.Instead of just throwing them off the cliff the bulls prefer to bleed them into oblivion.It is amazing how many bloggers out there are still short.There arrogance surprises me, no one could have predicted such a bounce but missing out on 1500 point move altogether is shameful.I admit I was skeptical at first but I learned my lesson and placed my trades accordingly.It is not going to be a V shaped bottom and there will be a pull back but forget about the test of "the lows". I missed today's trading day because of work and was bummed out on missing the move in the solars. Every time I listen to Obama speaks he keeps on pushing alternative energy. I was thinking about picking some JASO the other day.But now I guess I have to wait for a pull back. The short interest in all solars is quite high and the move is not over.I am looking at ENER is an investment and will trade other solars after a pull back.

Stick a fork in the bear market

2009-03-25T21:38:00.003-05:00

it is done!There is a lack of bad news and each economic number that comes out shows that things are getting better.But stubborn bears who are over invested in likes of FAZ and SKF are still dreaming of that one last run.Dream on!

2009-03-24T23:23:00.004-05:00

Market pulled back setting up an interesting day tomorrow.DOW,S&P and NASDAQ are all approaching 50day SMA.I'll probably wait till NEW HOME SALES and the CRUDE INVENTORIES come out to trade.Like always I'll day trade the ETS for quick scalp here and there. Break of 800 is the key but I don't think we'll see a significant down side without a major bad news acting as a catalyst.
Just read that Short Sales rise to Most Since September if things do turn around we'll go up in a hurry I'll start compiling a list of highly shorted stocks.

Booking Gains!

2009-03-24T09:06:00.000-05:00

Taking profits here, this could be a profit taking day.I won't get short unless we break S&P 800.

Bears pinned!

2009-03-23T23:31:00.003-05:00

Flexibility is the name of the game.I had been a stubborn bear for the last week or so.Many time forcing bearish trades and getting stopped out at many instances.Even though my losses were limited not making money while market kept on going higher was frustrating.Even though printing trillions out of thin air and risking our future generation does not really make sense.But hey this is what the market wants to hear why should I fight it and not make money.I'll take some off the table tomorrow if we do rally again.In case of a pull back I 'll have my stops in place.TNA, BGU and FAS are on my radar. But I am not risking going short because the bulls have the bears pinned!

Futures ripping higher!

2009-03-23T08:17:00.002-05:00

Banks and Commodities stocks are moving higher in pre market.I am going to day trade on the long side focusing on TNA, GE, FAS,GNW,FITB,UYG,URE to name some.Good Luck!

2009-03-22T23:48:00.002-05:00

It is quite frustrating to get any sense of direction in this market.Bears are frustrated by the lack of pull back and the bulls fear this rally would end.The only thing that makes sense to me is getting long Gold and Silver. At optionmonster.com they had mentioned some one buying Apil $14 SLV calls and April $13 puts basically a long stragle. I might follow suit or go long some gold and silver stocks namely:
EGO
PAAS
Ofocurse after a pull back.Right now the futures are up and please read http://seekingalpha.com/article/127152-the-geithner-plan-faq article on Geithner's Plan.This could clear up some general questions you might have.

Toss up Friday!

2009-03-20T00:49:00.004-05:00

It is option expiration tomorrow, market is overbought and profit taking is way over due.The list goes on and on and on to make a bearish case.If we rally again on light volume I'll take a risk and buy some FAZ calls.

2009-03-19T12:09:00.003-05:00

Even though I don't trust this down move yet, FAZ is off its lows and could break out above $30.I'll enter if I see encouraging volume.It is trading in a very tight channel for the last 2 hours or so.Just a day trade though not keeping anything overnight.

Glass half full or half empty?

2009-03-18T18:06:00.004-05:00

My bias has been bearish for the past couple of days. Fundamentally I refuse to believe that things have changed dramatically for the financial stocks to rally this hard.After every close the case for a pull back gets stronger .Every technical indicator shows us overbought and extended.Yet much to the bears dismay we keep on charging ahead.
Personally I have made the same mistake both time I have traded this week.I have ignored every bullish set up I came across expecting a sell off.Today when I was looking to short XLF I could have easily gone long when it broke above $8.60 with volume.But I insisted to look at the glass half empty and did not act.I need to ignore what I expect to happen and trade the opportunity that comes up.
I am going to take it easy the rest of the week.I believe for a considerable leg down we need some bad news.Just the overbought conditions are not enough to curb the enthusiasm the bulls have.Even a profit taking day won't be as bad as bears desperately want it to be.

Choppy out there!

2009-03-18T14:34:00.002-05:00

Long FAZ @ $28.00 average stop $26 target $32.Risk and reward is worth it.It is a very small position, I think Bulls will come to their senses and take profits.

Ready for anything!

2009-03-18T12:36:00.002-05:00

Market has recovered off its lows.The FOMC announcement is in 30mins and the general consent is that we could rally into the close.If so I 'll ride the strength in the tech names like AKAM,VMW and WDC(close to breaking out).If the reaction is to the downside, FAZ,SKF and SRS are at an attractive level.

Waiting for the Fed

2009-03-18T09:39:00.003-05:00

Dow down around 120 points right now, surprisingly the financial are still holding up pretty strong.I am reluctant to make any move until the fed meeting.If the downward spiral continues I'll short XLF which has been trading in very tight 20 cent range.SRS,SSO(short) and GE(short) are on my radar.

Due for a pull back but when?

2009-03-17T23:50:00.003-05:00

Sitting on the sidelines while the market moves higher yet again is no fun.Discipline is the key, no one made money forcing a trade.If you really look you might catch a move for a few cents here and there.The sentiment is overwhelmingly short here due to the over bought market.DOW is not far away from the December lows and S&P is running into the magic 800 number soon.So there is resistance ahead and conditions overbought.Not to mention the volume was quite low. We'll get the same BS from Mr.Ben in the afternoon, the inflation numbers will most likely bullish and no one cares about the crude numbers. I'll short SSO,GE or go long FAZ if things turn sour.If we have similar action like today I'll try to day trade and scalp some cents.

What a lousy day!

2009-03-17T13:25:00.003-05:00

Nothing interesting out there to trade.I am not going to force a trade like I did yesterday eventually not making money due to a lousy stop.I miss the 200points swing days.Bulls are not ready to take profits and bears don't have the conviction to drive it down.We are stuck in a lousy middle .I'll wait till the last hour to see may be something tiggers a move either way.

I have had a bearish bias so far, but I think time has come to start looking at some bullish setups as well.I was so convinced that we'll move down after being up 5 days that i didn't even bother looking for a longs.I need to prepare better guess I am still a litte rusty.

Lesson learned!

2009-03-16T18:50:00.002-05:00

The Idea was right but the stop was too tight.I saw the double top forming and entered but my stop was barely 7 cents away.I was too cautious I forgot with guts comes glory.
Props to my friend Richie for banking $13000 in just 2hrs today.

Not Interested!

2009-03-16T11:29:00.004-05:00

The market is up again, I am not getting long here.However it is looking better to start working on some shorts.If FAZ drops around $32 level I'll initiate a position.I am tempted to get long for a day trade but I am reluctant to make any move.The easy money has been made it will be time to short soon.

UPDATE @11:56
GE seems to be forming a double top on 5 min daily chart.
I am short $10.23 with a stop @ $10.30 just above the days high.

Monday 16th March

2009-03-16T01:01:00.005-05:00

Every one is predicting a pull back.But don't count out any positive news that seem to be popping out of nowhere these days.
Shorts on my radar:
GE
AMZN
RIMM

Back from Hiatus

2009-03-14T19:18:00.002-05:00

I am back full time to full time blogging now.I have been busy with work and family.Apparently a lot has happened since I last posted.The market bounced off its lows, Richie and Stewie apparently have a feud brewing.My USO and UCO are in decent shape and I am ready to put some capital to work.

Buying UCO & USO here!

2009-02-03T12:51:00.001-06:00

I think Oil is forming a bottom, it is a long term trade.I am going to keep both for a while.
EXM trade didn't work out as planned.

Short EXM @ $6.04

2009-02-02T10:11:00.003-06:00

EXM was off its lows on a low volume.I have a stop at $6.50

Update: moving the stop to $6.20 I am not liking the lack of movement.

Update: moved the stop to break even.Lets hope it doesn't gap up.

New addition to the family!

2009-02-01T19:47:00.003-06:00

Last week I welcomed my second son.I have been extremely busy and haven't had anytime to trade.It has been sleepless nights and loads of diaper changes.But I hope to start trading this coming week.

Don't trust this rally yet!

2009-01-21T09:14:00.000-06:00

I am a little skeptical of this move.I'll initiate a positions in the after noon.
On my radar
FAS
UYG
SSO

Good Luck!

Update

2009-01-20T13:00:00.000-06:00

FAS gapped down and continued falling.It didn't present a good opportunity to enter.I am tempted to bottom fish here but a little gun shy. Still almost 2 hours to go certainly not a time to get short here.

Yes we can now lets hear how...

2009-01-20T00:49:00.001-06:00

It will be an interesting trading day indeed.Lets see if the market likes what Obama has to say.
On my radar is FAS for a quick bounce here.