Indexes rallied today giving me 2.6% in the RUT and 1.5% in the NDX. That was nice, but we really haven’t made much progress to the upside yet. I say yet, because its possible that is coming in the next few weeks. Or I’m incorrect and I’ll eat my words.

During these past two weeks of malaise trend traders haven’t really had much to trend off. In fact, everything that rips dips, and vice versa. I think Quint Tatro said it best tonight, (I’m paraphrasing) that if your churning your capital right now, more importantly you could be using up your emotional capital and that will affect you from really jumping on the move when it gets rolling. In the past, I think this is what has bitten me in the ass. This time around though I’ve held through good and bad as long as my stuff says to stay long or short. During this same market trading time frames for stocks have had to be shortened. CALM, CPSL, RTK, etc.

SOLF - Stupid forced trade yesterday. Shouldn’t have taken it, but I ate my loss this afternoon. I waited to see if it would bounce. It didn’t and I took a 9.3% loss from yesterday - SUCKS.

Bought FRPT - Giving it another shot.

QCOR still hanging in there up some $, leveraged etfs UWM and QLD the combined trade between the two is breakeven, MRVL still have it - still have a 9% loss in it.

BTW DELL looks good tomorrow, but I called it back here.

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I sold SOLF. I can’t wait around anymore. Took a 9% loss overnight. That bites, but its time to move on. Its definitely a value stock, and one if I wasn’t so “want gains now” minded I would hold on, but then I wouldn’t have any capability to buy crap that is actually moving. As I look at the 5 min chart on SOLF its finally starting to attack its 34 ema. A break and retest of that MA will be the first sign if its moving higher today and maybe it will close the gap and screw me over. It wouldn’t surprise me.

I re-bought FRPT. You might remember this was a similar thing I did with CPSL before it popped. I bought it, then sold it, then re-bought CPSL because the chart solidified its test and was ready to move higher. I think FRPT is now in that same position CPSL was in. A successful test of the 21 dema and moving higher to test recent highs.

RUT and NDX doing well today. RUT 3% right now, NDX 2%. Nice.

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Cashed in the CPSL trade today. Normally I’d keep this sucker running, but apparently its a trader’s market now. You are probably hearing it all over the place. Take the gains while you got em. However, this type of market is likely to break into a trending market sometime soon. At least thats my bet. CPSL was good for more than 8% today. Wish it would trend though. Sykes is yapping to short it soon though so glad to have taken the poppage.

RUT closed up

I sold my CALM position today shortly after buying QCOR. I got out @ 41.22 for a loss of 6%+ I misstated the loss in the comments section of the post earlier today.

Bought: SOLF for an overnight trade. Lets see what happens tomorrow. Vectorvest states that the PE of SOLF is a whopping 3.19! I didn’t realize what a cheap growth stock this is. Karen Finerman should clue us in on why its not a value stock.

I’m still long the NDX and RUT.

Side note: How many Olympic divers during the Olympics used a Shamwow to dry off?

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In @ 5.2, has since moved 7 pennies.

Part of the biotech sector uptrend, nice daily breakout happening today.

I contemplated between adding to CALM or buying QCOR, and since CALM is acting $hitty, this is where I went. adding to sectors that are holding up.

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I’m so damn chicken right now to hang onto CPSL. Any rip has been met with vicious selling and CPSL looks like its running into some now. That might not last and it might go back up, but I’m not taking chances.

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Sold RT for a loss of 6.3%. The market is crushing any sector that turned up.

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The market just flat out tanked today. It was on low volume, it was on news that seemed to be old.

I got hit with losses of around 4.6% in the RUT and 4% in the NDX. Ughhhh what a way to start off the week. I’ll tell you what though I’m still long, but am very close to potentially dropping it and going short. If that happens, I’d anticipate things could get ugly and ugly fast. I don’t want things to turn down here, and we do have the rest of the week to recover, but I’ll be jumping on the first short bus heading to redville if my “stuff” turns down.

CPSL did work today quite well actually up 10.4% today. CPSL tends to have a break out day followed by an even larger up day the next. So we’ll see what tomorrow brings. In the past I have taken gains on this breakout day, but I didn’t sell any portion of it today.

So right now I’m a little scared to see how this week ends…but for now I’m hanging onto being long.

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Currently up 8.5% on the day CPSL (China Precision Steel) is seeing some heavy morning volume. Check the 5min volume bars.

I’m up over 10% on it right now. I bought more CPSL at around 5.38 as well.

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What have I been saying for 2 weeks?
Hint:
B _ _ _ h _ W _ a _ n _ s s!

What caused the rally today? Was it Buffett this morning? Was it Bernanke? Was it bullshit? Yes the answer is bullshit, because neither of the two stories the financial media are pinning this move on were the reason. The market was going to do that move anyways regardless if Becky Quick does an interview with Warren Buffett on a lovely Omaha morning, live on Squawk Box before the Opening Bell with Mark Haynes and Erin Burnett. No. The market doesn’t move on that. People will attach newsbites as the reason the market is moving from point A to point B and that crap will constantly confuse you.

Bought RT.

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For some reason this market is not selling off the way it could and the way it should if this market is tanking. Instead, to me it looks like a normal, rational, pullback, after an otherwise huge upward move.

So I still stand by my mantra, buy the weakness.

PLUG - Working pretty well, up 3% on the trade.

CPSL - I REBOUGHT CPSL. I like the way the charts are setting up again. In @ 4.85

CALM - I’m now down 4% on the trade. From up 9% to down 4%. I’m not ready to let it go yet.

The UWM and QLD position I’m now down around 1.5% average.

MRVL - Flat on the position.

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Bought UWM and QLD this morning with impunity. Up on both of those trades. I knew I had too much of a good thing when CALM hit 9%. Today it pulled back hard.

Things still look ok and I’m looking beyond this week’s trading action, not tomorrow or Friday.

I’m a little ticked though I missed the solars.

A couple of these firework stocks popped today PLNR, OWW.

I bought some PLUG trying to capitalize on the firework plays that haven’t really been working this week.

I sold FRPT with a slight loss before it fell apart this morning, then I see that it rallied eod to finish on the high of the day. That blows. The entire defense sector has been heating up with everything from LMT making a new all time high last week, GD flirting with all time high resistance, to TASR breaking a steep weekly trendline to the upside. In case you don’t know what FRPT does, they make bomb proof vehicles. So if this sector is moving FRPT theoretically should pop because its heavily shorted and tends to pop rather large when it does. The Russia situation is helping this sector as well.

RTK maybe setting up here again. Daily BB’s pinched.

I’m still thinking the market will move higher from here or Friday or whenever.

I called the bottom in QCOM back in 2006 and I think MRVL has bottomed for awhile based on the charts.

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No. I’ll see what happens this week, react, and make money. I added to my long position today. I didn’t post yesterday due to the happenings of Tropical Dud, Fay. I sold MATK yesterday with a loss of a few %. I did this as shot to buy a firework related play and its a bad time to try these puppies.

NDX and RUT both took dumps today over yesterday’s atrociousness. 2.4% and 3.2% for NDX and RUT.

I still have CALM and am holding that one.

I bought some MRVL today.

If we gap lower at the open, I’m going to guess thats the bottom for the week and I will be buying long leveraged etfs at that point.

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I was early with the short call last week, because today folks - its here. This is what I was trying to short for. However, now the market has puled back enough that I’m buying. I’ve bought the indexes this morning. You know ABC, from Glengary Glen Ross? Always Be Closing? I’m AFE. Always Fu$kn Early.

I also bought LOCM as one of those firework plays.
CPSL is moving my way today.

CALM is breaking higher. This one is going to be a big winner a fewmonths from now. Up 8%+ now. People like eggs.

FRPT - I sold @ a 7% loss today. The trade didn’t work I’m out.

I’m looking to buy anything and everything when the market is red.

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About time! However, the risk/reward was crappy and the gain matched that. Today the NDX gained .70% and the RUT did .26% whoooopeeeeeee. Overall I lost money this week attempting to short the trend. I said buy weakness and that is what I did today at the close. I’m now long the NDX and RUT via the leveraged funds and because many people read these posts and don’t look backwards, check this because I was long heavily all last week.

This is what I’m thinking in graphical form:

I also bought CPSL and FRPT as spec firework type plays for next week. CPSL actually sold off after I made my trade and in the end didn’t qualify at the close for certain parameters I was looking for, but I’ll see what happens next week. SPWR was on that list before the pop today.

Here are few others that are on the quick hit list:
PMI, CBRX, BZH, PLNR, RDN, ACCP, SWTX, OWW, MRCY, VC, FRPT, CTB, CEGE, JOSB, SNG, LOCM, VSCI

So I’m long NDX and RUT as well as some stocks.

I also made two intraday short trades with QID. One making money fading the morning surge which ended up being good for more than 1%. Then I bought QID again, but that trade lost less than 1%. The market acted very strange today.

These are swing trades:
CALM - Hit a new all time high today. Up 4%
MATK - After a big pb today its now down less than 1%.

I will be buying stocks and double etf’s aggressively on any weakness early next week. Some stocks might come from the watchlist on the side.

Some other swing trades I’m considering:
DELL (which I mentioned back here), PFE, PPH which is now 2 bucks higher, SBUX, MRVL, CSCO, RIMM, RT, CAKE, CPKI, and more.

Question about the MRVL cup and handle here. What is it going to take to make it official.

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I’m addicted to this short. I put it back on. I’m looking for the market to close in the red tomorrow. Today shocked me a little bit, but my individual stocks have done ok in this up move.

I actually mentioned on the morning posts when I sold out of my short (which happened to be a decent money saver for myself) that the “easy money was made last week.” This week has been great for two indexes, 3.8% in NDX and 5.4% in the RUT (these are double %’s). I achieved none of this by positioning incorrectly yesterday and then up into this morning. The SPX is down less than 1% for the week while the Dow is down 2% for the week. So right call, wrong index?

SPWR afterhours broke upwards which pisses me off which you might understand after reading this post. Same story on track, not holding long enough and powwww the big pop.

Still holding onto MATK and CALM. I’ll look to buy the weakness if it happens tomorrow, Monday, or Tuesday as well as looking for nice swing trade setups sometime tomorrow or Monday.

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