What Worked Today 242008

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February 4, 2008

Being in cash. The market pulled back 3% in the NDX and 2% in the RUT (remember whenever I talk about the indexes I always mention the 2x leverage percentage vs the actual) and I didn’t give back my profits from last week.

DSTI – Bought it on the giddy up morning move in Solar stocks and I hung on all day and overnight. Currently up 1.4%

GBT – Bought it this morning and didn’t sell when it had an intraday spike. Held overnight.

DAR – Still making 52 week highs. Up 9%.

Bought NYX Feb 90 calls. If you search through StockRake you will find that I love the exchange stocks and I love the NYSE or NYX. They report tomorrow morning before the bell. I can’t imagine that the NYSE and all other exchanges for that matter are not doing well during this period of volatility and record volume we are having. If they can’t beat earnings in this environment then their business model is flawed. Down on these calls by 12% just based on the spread plus my buy point @ .97. Pete Najarian talked about NYX and CME seeing options activity in the Fast Money Web Extra – Check it out. The options activity is what got my attention. I didn’t think to check CME and one of my systems has it on a buy today at the close. CME is hugging the 21dema after first going above it then settling lower. The chart pattern looks very bullish on a daily chart.

On a weekly chart NYX looks poised to start a trend here and imo this trend, if it occurs, will take out its all time high of 112.

CME Daily Chart:
CME hugging the 21dema

HOKU – Up a little more than 1%

Bought after the midday update: SVA @ 4.18, JADE @ 3.54, sold all of my FRPT @ 4.9 for a gain of 6% on the final portion.
Sold: AKNS @ 7.92 & 7.9 for a loss of 4.7% I wanted to hang onto AKNS so badly, but went with the discipline.




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