All entries by this author

Weekend Review: July 20 – 26, 2009

Jul 26th, 2009 | By | Category: General Comments
The SPY finally traded above that 95 level this week.  In fact, it traded above that level for most of the week.  With earnings surprises to the upside from most S&P companies, it's understandable as to why.  Even in the face of tech heavy weights MSFT and AMZN selling off on initial earnings results, we managed to hold a bid above that crucial level.  Now beginning this week, all eyes are on the 98 level for immediate resistance, and 96.70, which was Friday's support. A broadening formation is being completed on the major indices.  Even as we're making new 8 month highs, this is something to be aware of. Ask yourself Read more [...]

STJ Earnings Play: Great Shorting Opportunity

Jul 22nd, 2009 | By | Category: Intraday Levels
One of my absolute favorite plays is a stock that breaks down, comes back up to a great short price where a battle ensues and then breaks to the lows again.  Today, STJ presented that opportunity.  It had caught my eye in the morning because I generally like the way it trades on earnings, but when I typed it up before our morning meeting, there was no volume, so I wasn't sure how good it was going to be. However, right before the open, a seller came down about 75 cents to 37.25 and sold a couple of thousand shares.  This immediately caught my eye, and I decided to trade it.  The stock opened around that 37.25 level and then Read more [...]

Weekend Review: July 13 – 19, 2009

Jul 19th, 2009 | By | Category: General Comments
We were there.  On the edge of cracking the 88 level on the SPY Monday morning, when we had a strong rally to begin the week.  Then Intel reported to put some fire into this move.  We closed the week slightly below 94.50, which puts us within striking distance of our 6 month highs at 95.50.  We'll see how that plays out this upcoming week. CIT gets bailed out.  I must agree with the author of the article, CIT getting bailed out by its creditors can only help the US economy.  They provide cash flow to companies that can't wait long periods of time to receive payment.  If CIT goes under, you could have thousands of other Read more [...]

Weekend Review: July 6-July 12, 2009

Jul 12th, 2009 | By | Category: General Comments
A very bearish tone in the market this week, as the SPY has been trading around the ever so important 88 level.  Wednesday morning looked as if the market was ready to crack, but we rallied into the close as the bulls came in to provide some support.  With negative reactions to all economic numbers as a whole, we will look to the beginning of earnings season this week to provide us with a catalyst in one direction or another. An interesting post on high frequency trading.  Ever since news broke over the GS espionage last weekend, a lot more attention is starting to be paid towards high frequency trading.  But interestingly Read more [...]

The Week That Was: June 28 – July 5, 2009

Jul 5th, 2009 | By | Category: General Comments
Short week as Americans prepared to celebrate the Fourth of July.  I caught some nice sun and relaxed; hope you were all able to do the same.  We had some light volume until the non-farm payrolls number on Thursday, trading lower over the course of the rest of the day and closing near the lows.  Overall, not exactly how the bulls would prefer to go into the start of earnings season this week. Zerohedge has been getting a lot of notice from the other kids in the sand box lately. Just this week alone, Zerohedge had responses from Goldman, NYSE, and Dennis Kneale. Tyler Durden writes some good stuff. Here's an interesting Read more [...]

The Week That Was: June 15 – 21, 2009

Jun 21st, 2009 | By | Category: General Comments
The SPY was finally a little weaker this week, as the range moved down slightly, starting the week at 94, moving down to 91, and closing at 92. This coming week, the levels I will look at are 93 as resistance, and 90 as support. Some of this week's links: An interesting look at the possible moves the Fed will make in the upcoming months. Really good read, this could give you some insight on possible scenarios that could play out. A clip from 1994 regarding the Internet. It's funny to hear how it was regarded just 15 years ago. We've come a long way in a pretty short period of time. An interesting article on Bill Read more [...]

The Week That Was: June 8 – 15, 2009

Jun 14th, 2009 | By | Category: General Comments
Action in the SPY this week was pretty tight.  The lowest we traded was 93, and never really traded above 96, failing at the same spot we failed last Friday in the pre-market.  The range has really tightened over the last 2 weeks.  We were not able to close above 95 on the SPY until Friday, when we climbed above the level ever so slightly in the last few minutes of the day.  Going into this next week, I will be looking for the SPY to trade either below 93 or above 96 and trade in the direction of the break. NYSE prohibits removing liquidity into the close on Friday.  Not too sure if this is just a one time event or if we Read more [...]

The Week That Was: June 1 – 7, 2009

Jun 7th, 2009 | By | Category: General Comments
The SPY traded in a pretty tight range this week, not trading much below 93 or above 95.50.  Again, we were looking for that catalyst to push us one way or the other, and I thought we were going to get it Friday morning with the much better than expected non-farm payroll number.  We'll see this week if Friday's weakness was a precursor to a sell off in the market. A look at ETF performance.  The interesting thing to see is the ridiculous underperformance of the financial ETF's.  The leveraged ETF's have proven to track intraday volatility very well, but long term returns are lacking.  I know that they are working on developing Read more [...]