The Trading Advantage

I also jumped the gun a bit today and purchased OEX (S&P 100) puts prior to the market breaking out of its formation.  While I typically don’t trade much, if at all, going into a three-day weekend, I decided to take a chance with this early entry and enter a small position. These options, the 580 puts, are slightly out-of-the-money, so it will take a decent pop to the downside for these to gain any value. These options expire September 19.

Simply looking for a possible double of the premium paid.

Today I bought BRKR at 14.81 when it broke out of its symmetrical triangle. My initial target is the March highs. My stop is below today’s low. I’m keeping a short leash on this one.

BRKR

BRKR

So former UFC fighter, Tito Ortiz and porn star girlfriend Jenna Jameson are expecting a baby. Here’s what the UK web site, The Sun thinks baby Tito will look like. HAHAHAHAAHHA!

Here’s a link to the story: http://www.thesun.co.uk/sol/homepage/sport/ufc/article1609076.ece

After about a week and a half of day trading again (see post below), I decided “forget this!”

No way do I want to sit in front of my computer hour after hour, day after day staring at charts. To many years of doing that and I don’t need to do it any longer.

So I’m back trading my short-term style.

I know I’ve got away from blogging and that’s my bad. I’m going to try to make a better effort from this point forward to continue to post about stocks I like as well as commodities.

If I still have any readers out there after my long hiatus I just want to say thanks! Thanks for your interest and thanks for sticking around. Like I said, I’ll try to get back to regular postings. If nothing else I’ll try to do post 2-3 times a week.

Yack at you soon.

I’ve been quietly back doing some day trading this week. I’ve been working on a new strategy and so far I’m pleased with it. While I haven’t made any posts regarding it, because I’ve been busy trading, I’ll try to make some “live” posts starting next week.

It’s all about day trading my old standby, the Dow mini.

On Monday I pulled in 24 points.

Tuesday wasn’t so good (I’m a bit rusty as I haven’t done any day trading for a long time) as I lost 39 points.

Wednesday was a real good day and more than made up for Tuesday’s down day. I was fortunate to pull in 67 points on the session and actually could have done better but misread a signal and then took a losing trade.

Anyway, like I mentioned I’ll see about posting some of the day trades next week. I’m really not sure that I’ll be doing much posting because I’m fully in-tune with the markets and don’t want the distraction.

Anyway,  I’ll also begin posting some equity and other futures market setups in the next few days.

My last post was May 26 (see two posts below this one). In that post I chatted about potential opportunities in several different stocks. Let’s take a look at them and see how they’ve faired during the last six weeks.

ELOS

On May 26 I said, “A break above 16.50 might offer a nice potential entry.”

On June 10 it hit a high of 18.04 before selling off.

BQI

On May 26 I said, “A potential entry near Friday’s close at 4.63 might be worth a shot. . .”

On June 26 it hit a high of 6.95.

AMSC

I mentioned on May 26 that this stock “has formed a symmetrical triangle. A break above 31.25 could trigger a possible entry to the upside.”

On June 24 this stock hit a high of 47.53!

There was a chance to pull profits out of each of these stocks before they sold-off.

It’s pretty obvious I haven’t made a post in nearly two months. I’ve been traveling and spending a lot of time with my family.

That said, I wasn’t completely away from the markets. Frankly I just didn’t feel like making a post. I was having a difficult time making just a couple of posts a week and finally decided that I needed to take a break from this blogging stuff. So I did.

With that said, I’m now ready to get back at it — albeit slowly. My plan is to make three to four posts a week about the markets and potential trade setups that I find. I’ll also include some of the other subjects that I’ve chatted about during the last couple of years.

Alright, I need to spend some time looking at charts.

Anyway, it’s good to be back.

Here are a few stocks to keep an eye on this week.

ELOS

ELOS has developed a flag. A break above 16.50 might offer a nice potential entry.

BQI

A potential entry near Friday’s close at 4.63 might be worth a shot as prices retraced to support of the 20 and 200 moving average.

AMSC

AMSC has formed a symmetrical triangle. A break above 31.25 could trigger a possible entry to the upside.

As always, do your own due diligence.

All four of the stocks I posted on Sunday have moved well, especially LDK! On Friday, May 16 it closed at 37.22. On Sunday, May 18 I suggested that an entry near Friday’s close would be ideal. Well the stock didn’t trade at that price on Monday, but if you were willing you still could have taken an entry, albeit at a higher price. The low on Monday was 37.68.

Today, LDK closed at 41.08!

The others, NGAS, BCON and HOGS have moved well too. Just gotta keep stops in place.

Here are a few stocks that I’m keeping an eye on this week.

NGAS

I’ll look to take a long position on a break above 8.10.

BCON

I’m considering a possible entry on a break above 1.23.

LDK

Looking for a possible entry near Friday’s close.

HOGS

Considering an entry at 11.25 or lower.

Here’s an interesting trading site I came across today. Click the following link to check out www.finviz.com, it’s pretty cool.

Alright, I’m ready to tackle the coming trading week with zeal. Here are three stocks to keep an eye on.

QID

A pullback to the 20ma at roughly 42.51 would be nice before the next leg down. On the other side of the coin, a break below 40 and we could see a test of the December lows.

NVDA

This stock got up to 23.43 on Friday. However, it settled at 22.53. A break above 23.00 might be worth a shot to the upside. The target is the 200ma at 28.53.

QQQQ

The QQQQ is sitting on support of the 200ma. Prices are having a hard time at this level because 49.89 is also an area of resistance. A push from here and prices could advance to resistance at 52.63. Failure at this level and the market could test the 20ma at 47.10.

Not much trading here the last couple three weeks. In fact, I have a lot going on outside of the markets and have just not been dialed into looking much at charts of late.

When I get in this mode it’s best for me to sit it out until it passes. Whenever I’ve tried trading when in this mindset it’s usually been ugly. So I’ll sit it out.

Chat with you soon.