Archive
You are currently browsing the To A Million blog archives
for June, 2010.
By Orion
Another week has come and gone. For being a consolidation week, it sure was exciting. GOOG, AMZN, MSFT all did good at earnings. But man, did you see AMZN the gorilla. Absolutely pounded the market today. It was very impressive to watch. Huge volume, huge gap up, followed by continuation all day. Very impressive.
I was holding DELL and C. I sold out DELL in the morning for even, and sold out of C for a small loss. I wanted to regroup and study some charts over the weekend. I am all cash over the weekend looking for signs of a breakdown or signs of another push to 1100 on the S&P. The market has been so strong it is tough to think short right here. Even though 1100 is major resistance and 1120 or so is the 50% fib retrace mark.
The positive during earnings season has been strong. Lots of companies have performed better than expected. Housing is better than it was, but still not so good. The biggest thing for me is the value of the dollar. If the dollar rebounds for its current level, we could get a dump in the market. With all the inflationary items going on, I expect the dollar to keep going down. But the market will do what the market will do. It will punish what is wrong and reward what is right.
The nice thing about this pullback is that most of my entries were hit. Many of my picks closed the week even to slightly positive. There two I would have been stopped out of and one that hit both the entry and exit points. That one was AAPL and did it in the first two days of the week.
Based on the charts alone, here are the stocks I am going to research this weekend: ABAT, AKS, CBRL, CHK, CY, DELL, DIS, DOW, GE, HMA, IBM, MON, PEG, RIG, RIMM, THC, UHS, UNH, SY, RINO. That’s a pretty big list, but all of them seem to be near support. I’ll let you know what I find out.
Until then, have a great weekend!
-Orion
By William Cash
Byebye Spongebob you sleazy buttface of a stock!
I saw the uptrend on stupid news and got the heck out. I had one sell order preset to go for 13k shares at.043 and noticed it had sold. Watched it for 20 min. and got the rest sold at .06. I’m happy to get out of that one. I think that I lost about $400. I think that is just great! I was down way too much and this just made me happy to escape. I was resigned to the fact at one point that I was going to lose $2,000. It worked out just fine. Lucky W$!
My best kept secrets of trading I have not even blogged yet. I’ll post a blog about, “The best offense is a strong defense.” - coming soon……This stock made me think of that to do……
Later
W$
By William Cash
Man, this was fun today. A few days ago I had started viewing the chatboards at Yahoo to get some sentiment feel. I found out who were the pumpers and dumpers and concentrated on the rest. Last night I offered my two cents worth on what I thought was going to happen. I told everybody it would open at .02. That’s all I could tell them. It was cool that it opened exactly as I said it would. I got invited to a chatroom for longs and they asked me questions like I was some kind of expert. Well folks, expert I am not. I only told them I was looking foreward to the kneejerk trade in the morning and re-capturing a larger percentage of my investment back. I was really shocked when I found most of them had never done a kneejerk (Fibonacci retracement) trade. I explained how to go about it and the mental game you have to play in order to be successful at that type of trade. I hope that they got their padding bought that they needed.
I bought twice with medium positions to try to capture the profit of the day and average my loss down. It was grey all day so there was no bid or ask published. Thats how they punish bad companies. Anyways, I knew it would open at .02 and I had expressed that it would go to the .04 mark. It only briefly made it there. The norm stayed in the low .03 range only peaking several times.
I keep hearing so many people talking about the shorts having trouble getting to the pricepoints that they need to be successful. I thought about it this way, the shorts would have to be at their pricepoint by some date soon so either they will be buying to cover their positions or pounding the stock down to try to get there. I remember Slippy mentioned something about the 3rd Thurday or something like that as some kind of shorts date….. I don’t know if that makes sense or not…no answers there in my mind.
I’m still in. I had written off this as a loss, but I’m staying in. I’m actually having a lot of fun with this one. I’ll have a loss for sure but I’ve minimized it a bit and we’ll have to see just how yucky this one will actually get.
Here is the chart for the day:
Well that’s just about all I want to say.
Happy Trades!
W$
By Orion
Lots of interesting stuff happening out in the big wide world. It should be an interesting week. I’ve narrowed down my watch list to the ones that appear to have the best chance to perform. Here they are:
BAC
I’m looking to play BAC on a retrace to the EMA50 or the bottom trendline. Should retrace to the previous high, or the top trendline. If the rising wedge fails, it’s time to get out!
CY
Falling Wedge. Entry around current price. Target exit around 11.50. May stay in the wedge for one more bounce.
DE
Big Acending Triangle. Entry either on bounce from lower support line, or a break above the top trendline. Target exit after break 56.00.
PNFP
This is an interesting one. The pattern is a big falling wedge with a double bottom. If the current support level is lost, then stay out. Target exit is below the last high at 16.00.
QCOM
Channel play. Watch out for potential breakdown. Might be good to wait until it closes above the EMA20. Target exit around 55.00.
THC
Another channel. Buy around 5.80. Sell out around 6.70.
I’m looking for a good week out of DELL and C. Let’s see what happens!
Good luck and green trades!
-Orion
By William Cash
What a title….Didn’t spend a lot of time trading was busy with work. Did manage to hit 2 out of the park and going to get slammed on SPNG for big Monday loss. I was stupid with SPNG. Had a bad taste in my mouth, but just let it ride. The picture above is indicative of the aftermath of when the SEC catches the .pk executives who pump and lie to investors. SPNG investors came up with a video of the execs from Spongetech. I laughed so hard that I cried. I’ll grab you a link…..Here it is: http://www.youtube.com/watch?v=CFUyOO_aRzU
BZCN - .0006-.0021 (350% Gain) Was pretty for 2.5 days. The company actually exists too! LOL! Bought on 8x im volume.
SNDY - .009-.028 (311% Gain) I still don’t know what the company does. Wow, I just smile and say whatever….. Jumped in a day or two early when I thought it was going to hit the 78% decline of its previous mega move. The probability of a gain at that point was so high, I just had to take a shot. Was pleased after it rocketed beyond my expectations.
SPNG- Suspended trading —- Will resume Monday Greysheets on .pk I’m pretty sure. I will LOSE MY ASS on Monday. I Am deep in this one. It will set me back a couple of months of trading profits. Oh well, win more than you lose kids and you’ll be fine.
Started a pile of .pk and otcbb buy and hold moon shots in a separate account so I don’t look at them. Triggers set for activity upwards. Do not care if they go to poopland, just care if they multiply by 500x. Green energy bio mass and sludge to electro-meth powered vehicles to miraculous wonder drug companies. Gotta laugh at some of those vitamin guys…. I should start a site called “The less stinky pinkies”…… Naaaaaaah, too much work. Maybe Dacuco would do that…….
Also, IRA gained ground but not for the reasons I picked them. TDC 28.60 Til buyout Long and EBIX 63.20 Nov. Long. Am going to watch Orion’s picks to see if he unearths any gems for my IRA.
I am happy that Orion is back here blogging because my blogs are boring and he has better pictures……I am glad that he is taking the Big board approach to victory. We trade differently but towards a common goal, TAM TAM TAM! Hats off to you Big O! Now if we can get Skippy and Dacuco to write……we might have a broader appeal to the masses.
If its too stinky….It’s a pinkie!
LOL.
W$
