Stocks on the chopping block possibly tommorow
SCHN puts above 70 is toast.
GIFI puts above 42.50
Note*** Make sure ENR is on the way to making new highs
What I threw out today
FST trashy entry by me
SYNA.. failed trade.
MOH.. higher lows and lower highs
XLF... securing profits. I think we could see a tad rally. Huge volatility in financial on the way.
8/20/08
OIL WATCH
Oil right here is at a significant cross road. Today it showed significant strength considering those supply numbers we got. It opened strong, came back to even, and ending up closing up a buck. This is pretty indicative of strong resistance at these levels. If you look at most the charts it seems that most of the drillers have been bottoming in anticipation of a move up in oil. If oil continues to show strength, its definitely time to get long some commodoties, agriculture, solars etc... However, you can not get long until we get some more confirmation. A lot of Drillers look kind of bearish long term wise and just a higher high on the bottom of a trend isn't enough to signify a reversal.
Here is one stock that I really like. CLR. If it breaks above 51.24, I am getting me some calls. The chart suggests almost an 8 dollar move if it breaks.
I like the Sept 55 calls. My stop loss will be 48.00
Oil right here is at a significant cross road. Today it showed significant strength considering those supply numbers we got. It opened strong, came back to even, and ending up closing up a buck. This is pretty indicative of strong resistance at these levels. If you look at most the charts it seems that most of the drillers have been bottoming in anticipation of a move up in oil. If oil continues to show strength, its definitely time to get long some commodoties, agriculture, solars etc... However, you can not get long until we get some more confirmation. A lot of Drillers look kind of bearish long term wise and just a higher high on the bottom of a trend isn't enough to signify a reversal.
Here is one stock that I really like. CLR. If it breaks above 51.24, I am getting me some calls. The chart suggests almost an 8 dollar move if it breaks.
I like the Sept 55 calls. My stop loss will be 48.00
Just sold MOH @ 31.31 and SYNA Calls @ 1.50
Looking around today we see oil open much higher then give back most of the gains as the inventory report showed a rise in inventories. You saw energy names spike up, then give back most most of their gains. Most of them currently stand to the upside but well off their highs.
I have a few open positions that are very affected by energy prices. At this point, most of these stocks just have too much volatility to play here. I would be comfortable getting into the right position at the right E/E.
Two stocks that are torching me today are SCHN and FST. A steel and oil and gas play. SCHN would provide a good E/E with a stop at 70 right now but I got in way too early on Monday. I am looking to close FST today as it broke above the descending trend line.
Names I am watching today:
LM
HUM
Looking around today we see oil open much higher then give back most of the gains as the inventory report showed a rise in inventories. You saw energy names spike up, then give back most most of their gains. Most of them currently stand to the upside but well off their highs.
I have a few open positions that are very affected by energy prices. At this point, most of these stocks just have too much volatility to play here. I would be comfortable getting into the right position at the right E/E.
Two stocks that are torching me today are SCHN and FST. A steel and oil and gas play. SCHN would provide a good E/E with a stop at 70 right now but I got in way too early on Monday. I am looking to close FST today as it broke above the descending trend line.
Names I am watching today:
LM
HUM
8/19/08
Day 1 starts tomorrow.
Trading Plan for the open includes:
I plan on selling a lot of my worthless junk that is going against me.
MOH. Definite Sell. I should of taken profits in this bad boy as soon as it made a lower low (31.49). I have been long since 8/5 @ 30.99.
SYNA calls. I got killed in this one today. It broke out of a bull flag and its testing the bottom of that bottom channel right now. Acting as support. I was very happy when it broke out as a bull flag but making lower lows on the bottom of a channel might not be a good thing. I plan to sell for sure if it breaks below 52.10. I have been in the calls since 8/6 @ 2.65 yucky
FST puts. If it goes above 55.51 I cut it loose. I am down good on this one but it is still with in the descending triangle. My mistake on this one was not picking a better entry/exit point. You want to pick an entry close to where you would consider exiting the position so at worse, you won't lose any cash. This is one I should of waited for instead of going hard at it Monday. I have been in puts since 7/18 @ 2.70 yucky again!
Other current opens:
GIFI Puts. Not happy it appears to have made higher lows. It was a very low action low volume move upwards so I will hold. Stop loss will be around 41-41.50 depending on volume as well.
EQ Calls. Playing the inverse head and shoulders here. Easily managed trade. I like where I stand although there is a moderate loss. 47.50 stop loss. I see a 4 point move or so in this one. Price target of 51.
ENR Calls. Bad entry exit point here again. I would likely cut this loose if it breaks 80 or a little higher depending on my confidence. Will it make higher highs @ 82.67. I hope so.
SCHN Puts. I am still here with this one. Want to see lower lows @ 66.49. Didn't pick too great of an E/E point. Stop loss @ 69.94
XLF calls. My final position which has been a nice winner. I got in on Monday as it looked like the financials were rolling over. Up nicely. I would like to take some profits. If I was available, I would have taken profits right now @ 19.90. We are going to see a spike up likely. If it breaks through 19.90 its going WAY lower. Strong support at 19.90. Stop @ 21.36. Should of protected these profits but I was unavailable.
Current Account Value: 14,412.60
Goal for 1/1/2009: 20,000
One thing about me is that I am never afraid to dream big. Goals should be reasonable and measurable but having high goals only makes you work harder and perfect your game that much more. When I pick a goal, I consider a number of numbers and then write the highest one.
Trading Plan for the open includes:
I plan on selling a lot of my worthless junk that is going against me.
MOH. Definite Sell. I should of taken profits in this bad boy as soon as it made a lower low (31.49). I have been long since 8/5 @ 30.99.
SYNA calls. I got killed in this one today. It broke out of a bull flag and its testing the bottom of that bottom channel right now. Acting as support. I was very happy when it broke out as a bull flag but making lower lows on the bottom of a channel might not be a good thing. I plan to sell for sure if it breaks below 52.10. I have been in the calls since 8/6 @ 2.65 yucky
FST puts. If it goes above 55.51 I cut it loose. I am down good on this one but it is still with in the descending triangle. My mistake on this one was not picking a better entry/exit point. You want to pick an entry close to where you would consider exiting the position so at worse, you won't lose any cash. This is one I should of waited for instead of going hard at it Monday. I have been in puts since 7/18 @ 2.70 yucky again!
Other current opens:
GIFI Puts. Not happy it appears to have made higher lows. It was a very low action low volume move upwards so I will hold. Stop loss will be around 41-41.50 depending on volume as well.
EQ Calls. Playing the inverse head and shoulders here. Easily managed trade. I like where I stand although there is a moderate loss. 47.50 stop loss. I see a 4 point move or so in this one. Price target of 51.
ENR Calls. Bad entry exit point here again. I would likely cut this loose if it breaks 80 or a little higher depending on my confidence. Will it make higher highs @ 82.67. I hope so.
SCHN Puts. I am still here with this one. Want to see lower lows @ 66.49. Didn't pick too great of an E/E point. Stop loss @ 69.94
XLF calls. My final position which has been a nice winner. I got in on Monday as it looked like the financials were rolling over. Up nicely. I would like to take some profits. If I was available, I would have taken profits right now @ 19.90. We are going to see a spike up likely. If it breaks through 19.90 its going WAY lower. Strong support at 19.90. Stop @ 21.36. Should of protected these profits but I was unavailable.
Current Account Value: 14,412.60
Goal for 1/1/2009: 20,000
One thing about me is that I am never afraid to dream big. Goals should be reasonable and measurable but having high goals only makes you work harder and perfect your game that much more. When I pick a goal, I consider a number of numbers and then write the highest one.
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