Intraday/Swing Plays

The S&P met the Feb low. If you're looking for a breakdown remember the market has refused to trend for the last 5 months. A sign of recovery would be a move thru 1,087 which is a double top resistance formed on Friday. Expect to maintain a rally this morning, but the big test will be wether or not the rally can be sustained in the afternoon.

YHOO - Buy
Stop: $ 14
Target: $17.75
Appears ready to bounce from oversold condition. MACD is close to crossover point. Use tight stops.

VZ - Short
Stop: $42.50
Target: $34
A rally back from new low offers oppourtunity to short into continued downtrend.
 
Originally posted by Seanote
I know of couple of us took VZ short this morning...anyone covered yet?
More...

Yea. Thanks for the heads up Seanote, unfortunately I closed too early at 39.30 but it was a great turn. Thanks
 
Capitalization Vs. Investigation

Stocks started the day in the green, but reversed course and headed lower following rising fears about the ability of Tyco International (TYC) and Worldcom Group (WCOM) to meet their debt obligations. Qwest Communications (Q is being investigated for secret agreements with competitors and Treasury prices were lower.

The Dow Jones Industrial Average fell 91 points (0.9%) to 9820, the S&P 500 index was down 11 points (1.0%) to 1065 and the Nasdaq Composite slid 7 points (0.4%) to 1657. Telecom, chemical and biotech shares led the decline while PC and semiconductor stocks stood out among the gainers. Volume on the Big Board 1.3 billion shares as 1.8 billion shares changed hands on the Nasdaq.


TODAYS EXECUTIONS:

12:20:12 YHOO BOT 2000 14.32
10:20:15 VZ SHRT 2000 40.23

OPEN POSITIONS:

LONG .SJXQL 8 17.00 +32.70
SHORT VZ 2000 40.23 +0.91
LONG YHOO 2000 14.32 -0.08
LONG PALM 10000 3.63 -0.58
LONG DIS 2000 24.86 -1.97

CLOSED P&L: $0 OPEN P&L: $18,080
TOTAL CLOSED P&L: $50,266

YTD CLOSED P&L: $156,582

I will start tracking MTD and YTD P&L beginning May 1st.
 
FYI: Weak stocks DO NOT turnaround! I have seen too many traders outside of this board continue to play the WCOMs of the market and are baffled by this market?????? I'm sure no one on this board has traded WCOM overnight....... Anyway, there are still many long candidates out there, however the short term side we are currently in can be a tough education for some. It appears that the next DOW support level is 9,600. CSCO, SUNW and BRCM have more or less withstood this decline so watch for breakouts.

These are not recommendations:

AMGN - Short
Stop: $54.25
Target: $47.50
Broken down and heading for long-term support of $50

JBL - Short
Stop: $21
Target: $18.50
Previous rally in March has died which has presented a breakdown.
 
Long 5 .SJXEH (SOX May 540 Calls) @ 18.80

Created a delayed long straddle. My thinking is the SOX will hold this bounce short term then test 500 soon. I don't want to close my long puts yet. I plan on dumping the calls soon and holding the puts unless my thinking is wrong.
 
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