Trading Journal - July

Originally posted by AAAintheBeltway


-------------------------------------------------------
QCOM and AMGN looking overbought here.
------------------------------------------------------
I agree, but shorts have not done very well the last 2 days. I'm going to wait for the close before a another try short.
 
As a side note based off of my last DJX trade: I am not one of those traders (used to be years ago though) that is saying right now, "this market can't keep going higher, it's way overbought" ect; I'm still sticking to my guns regarding my bearish sentiment. This is only a brief rally, but at the same time I do realize the market doesn't have to do anything. We could be up another 300 points on Monday...unlikely, but I've seen weirder things happen in this market. I have decided to not trade stock until this market settles and all the "news" and analysis on this rally has been digested. The only reason I choose the DJX puts at this time is due to the fact that the Dow has inceased about 550 points in 1.5 days. Technically, there should be a retracement which is when I'll close my puts.
 
I agree the Dow is due for retracement. From yesterday's low to today's high 700 pts. Combined with good resistance at the 8000 area gives reason to be bearish here. I think a test of the 7650 area is in the cards by Monday/Tuesday.

Just my 2c,

Tony

Disclosure: I'm short DIA :cool:
 
ADRX will definitely be a stock to watch (and possibly trade) on Monday...

They lost the huge Prilosec trial on Friday that they'd been banking on. However, they could easily make a deal with KUDCO / Schwarz Pharma and come out smelling like a rose.

Depending on the conference call and traders' interpretation of it, the stock could trade anywhere between 10 and 30 tomorrow.

Craig
 
My IRA GOLD stocks[dividends ,like NEM] are down about 5% this month;however I've never l got any return on my State Farm Car Insurance.

Looks like many tech leaders may pullback.
I like to buy tech leaders in October and have;much better than bank CD.

Even though they [tech leaders] may 20% drop in one day,like last strong bear NasdaQQQ rally, like last October,November.

======================
Interesting,Bear Stearns figures selling first half October-buying last half October.[Even in War] Bear Stearns tends to do well in Bear markets.

:cool:
 
Seagate Soundview has upgraded AOL. Also IMHO a lot of funds are going to jump on this stock if they think it's got good upside . be careful with that short.
 
After the recent GM credit downgrade, Ford (F) has gapped down along with GM. I like F long term at these levels. I'm thinking about selling puts to open (.FWU) F Nov 7.50 for roughly .55 premium. Between now and Nov expirtion if F closed below 7.50 and I'm assigned I'm fine with that. I think owning F at 7.50 is a steal.... if not I make $55/contract. The only drawback on this naked put is the amount of BP this trade ties up. If you have excess BP this might be a good play for you.... if you like F.
 
You must log in or register to reply here.
Back
Top