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August 8, 2008

This chart was posted yesterday after the big DAILY down move in the market.

This is how the same chart looks today.

Good call?

What sucked:

EJ not working I had to dump it for a 3.9%ish loss. ABAT which I thankfully got rid of yesterday for a loss as well around 5% or so.

What worked:

Amazing market timing all week long capturing every big move of the week and not getting hit with the down day yesterday in a bad way. Gained around 10% or more I’m not sure on the week trading the indexes.

RTK – Obviously a good trade, you’ve seen the chart. 46% and 33% gains.

CAKE – Called it beautifully. Seriously who is talking about restaurants? C’mon. 6.24% gain since yesterday’s buy.

RT – Who the f$ck is interested in Ruby Tuesday’s? On a day where the Dow ended up +300 you would not think RT, RUBY FRIGGIN TUESDAY would outperform RIMM, AAPL, and MSFT. Pretty nice. 6.79% gain since yesterday’s buy.

Things like URBN, KSS, BBY, CPKI (Which I should have bought over CAKE, but I’m not complaining), RUTH, and DRI were posted about 2 days ago before this blowup in all these stocks. I’m begging you to profit off this crap. I warned Howard about it here, but I think he is too busy to read it and every comment that comes through.

The QLD and UWM positions which were bought yesterday didn’t achieve as much as my index fund purchases from yesterday, but still managed respectable gains of 1.5% and 2%.

I still own SNTS which is breakeven right now.

I bought: MATK, and LLNW at the close. LLNW sold off and I like that it did. I’m taking a shot that it will continue its move higher. They are streaming the Olympics.

I cashed in my index long positions completely and will BUY WEAKNESS next week. Cole I hope you cleaned up on those SPY calls.

A new stock list and a spotlight on the Restaurant sector will be coming this weekend (hopefully).

Tags list

http://www.stockrake.com Sensei

Part of the total week of good calls…calling the US dollar rally ahead of the move 4 days ago.
http://www.stockrake.com/is-the-us-dollar-ready-to-rally~2008~08.html
http://www.stockrake.com Sensei

Part of the total week of good calls…calling the US dollar rally ahead of the move 4 days ago.
http://www.stockrake.com/is-the-us-dollar-ready-to-rally~2008~08.html
Cole

Sensei,

Thanks. Yes, I was able to make a nice profit on the SPY 129 calls. I made a mistake though by going in to the SPY 126′s on Friday, instead of waiting until today (Monday). So I am down a little today on those.

When looking at the charts, I am seeing a lot of overbought conditions in the daily and 60 min charts, especially on the Nasdaq. I agree with your chart that you posted, that shows we could get a big down draft in the techs once they finish this final push higher. I just don’t see any compelling reasons to go long here, but if the market can sell off a little here I will be looking to go long SPY 132 calls, probably on Wed or so. What are you thoughts here, are you seeing the market overbought here?
Cole

Sensei,

Thanks. Yes, I was able to make a nice profit on the SPY 129 calls. I made a mistake though by going in to the SPY 126′s on Friday, instead of waiting until today (Monday). So I am down a little today on those.

When looking at the charts, I am seeing a lot of overbought conditions in the daily and 60 min charts, especially on the Nasdaq. I agree with your chart that you posted, that shows we could get a big down draft in the techs once they finish this final push higher. I just don’t see any compelling reasons to go long here, but if the market can sell off a little here I will be looking to go long SPY 132 calls, probably on Wed or so. What are you thoughts here, are you seeing the market overbought here?
http://www.stockrake.com Sensei

Yeh my original plan and thoughts were for some up move and then a selloff the rest of the week, but I’m now seeing the type of strength (today) that blows through those first oversold signals that we typically see.

You know oversold and overbought can last longer than we think and I think we may be entering one of those periods as opposed to the type of market where a selloff ensues immediately after the first instance of overbought.
http://www.stockrake.com Sensei

Yeh my original plan and thoughts were for some up move and then a selloff the rest of the week, but I’m now seeing the type of strength (today) that blows through those first oversold signals that we typically see.

You know oversold and overbought can last longer than we think and I think we may be entering one of those periods as opposed to the type of market where a selloff ensues immediately after the first instance of overbought.
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