A Great Day Today The Rally Will Continue

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October 20, 2008

Today was awesome wuth every single buy working positively, however, I got nervous with my FCX and QLD trade which for some stupid strange reason I sold, scratch that the reason was fear and noise. Both of those were sold at losses and they have to be two of my worst trades ever because I knew we were going higher, I just fell pray to fear for a moment (plus I was on margin for the FCX trade which heightened my fear for those split minutes). It pissed me off just to type that, but that is what happened.

Sold:
FCX @ 34.55 for a 1.7% loss – geez thats annoying as I type it because FCX has considerably more upside in it.
QLD @ 33.36 for a 5% loss. QLD, UWM, and SSO severely outpaced their index benchmarks, for whatever reason, so that explains the size of this loss compared to only a 1% move in the NDX.

The Good News:
Earned back 6% on the NDX, 9.5% on the SPX, and 7.7% for the RUT. Another 1-2 days of gains like this and my trade with the early entry in the index funds will be back to even maybe even a lesser upmove would do it. The important piece if you listened at all to all my jabbering over the last two weeks you had a shot at the COMPX or roughly a 14% gain on a doubled basis. This number is based on the COMPX weekly close two weeks ago and the close in the COMPX today then double it.

What else was good?
CLF – 17.68% gain just from this morning’s purchase
WLT – 3% from this morning
QCOR – 3.3% from this morning
GNK – 1.28% from this morning
CSIQ – which is now averaged down, is down -4.16% – Remember this was down 27% a few days ago.
DRYS – Now up 6.16% was previously a loss
QLD – Which was purchased a bit ago is down -10.74%

YGE – Breakeven from this morning’s price.

I’m looking for considerable upside from these levels and I’ve been saying it not for how long? You have seen all the charts, and if you haven’t just scroll back a few days. Ok fine click here lazy people. I think we at least test the highs of last week and or break them either this week or next. If we do get to the highs, my trade two Friday’s ago will be profitable in the NDX, while the SPX and RUT will need a little more, but I’ll be happy with that loss or gain if we hit those numbers. Next stop is the 21d ema on the indexes like I said 3 days ago.

PS I get to shave tonight.


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