What a friggin day today was. I thought it was going to turn into a sucks post, but I was right. Today was an excellent reversal day. Dow down 300, NDX down 5%+, at one point today only to close up Dow +299, and NDX down only .34%.

I went long the indexes on Friday and then added to them HEAVY yesterday. Those trades are all profitable except the NDX ones which I’ll bet will go profitable after MSFT reports, maybe by the close of Friday.

I went long this morning in QQQQ calls and IWM calls. I sold my IWM calls near the close for a 72% intraday gain and held onto my QQQQ calls which are up 42% right now. Very very nice intraday trades. I think I sold those IWM’s too early though. When I posted this morning at 10am about wishing I had bought the IWM instead of my QQQQ calls for one account there was a reason behind it. The RUT has been acting stronger than the all other indexes over the last several days. There was a 30% differential just between the two option trades. Thats why I wanted to go into IWM instead. Alas I got into IWM and QQQQ and I can’t really complain about the gains.

AAPL – It didn’t participate in the move back up. The stock is toast. Its time to look for new leaders and it could come from some of the stocks I posted about in my beaten up stocks list. AEO is a retail stock and that sector over the last 5 trading days has been SMOKING. Retail and financials are going to kick arse in an environment where the Fed is cutting interest rates and the government is either cutting taxes or sending out rebates. As the days go on I’ll find and post about the stocks that are shaping up as the new trenders.

DAR – Smoked higher today up 13%. I still got it. I know its rare for me to hold on this long, but I’m a changed man. With no reason to sell DAR, I’ll look to buy even more.

IBKR – Came close to a sell, but it had a nice recovery so far this week. I want to add to this position.

MSFT – Still got it, up meagerly. MSFT reports tomorrow after the bell. I’ll be looking at buying call options on MSFT. Technically the stock imo is setting up for a nice a bounce. Last quarter they said it was the best quarter in the co.’s history. What could have changed for them in 3 months other than their stock price?

RIMM – It didn’t participate in the move higher today. This one may be tossed as its an old four horsemen stock and those horsemen have been shot.

CREE – I don’t own it yet, but I like what I’m seeing. It should be on my watchlist that I never update.

DRYS – If and when the Asian markets turn (they haven’t yet), I think the bulk shippers will be back on. Today was a tepid bounce for them. I think DRYS has room to bounce to about 65. If we get there I’ll take profits and reevaluate.

Thanks for reading

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