Nice 5 point profit there in the ES futures in the first 10 minutes of trading. Now i will be looking for a high probability trade as I am in profit protection mode. The best probability trade would be a trade to the ORB and short there.
Numbers are short ES @1379. If we dont trade towards that then i am done for the day. If you take it use a 2 point stop so at least 3 point profit is locked in for the day
Wednesday, January 16, 2008
Morning Trade
Futures traders watch the 1383.50 level on the high side if we break thru we could head to 1387 on the ES
Intel Disappoints
Well just to let everyone know I dont have inside information :). Wow I was dead on with that Intel call of lower margins. Intel is being punished as I write this pre market. Intel's failure to meet earnings and revenue forecast for the fourth quarter is not sitting well with tech investors. Intel is down 15% pre market to $19.85 and I wouldn't be surprised is Intel sees $15 this year.
This morning might be a very rough day for the markets, Overseas markets are down nearly 5%.
I guess i was wrong and right over my APPLE call in december. I noted the first week of Decemeber that Apple should trade back to $165 by end of december but i missed it by 2 weeks. I am still confident that the gambling stock will head alot lower and SOLF will be a $15 here soon, very soon.
Very rough market to trade in years here but if you on the right side you can make trades very profitable. I am still expecting a washout capitulation and a decent bounce as we are oversold with TRIN reading ending over 3 in a number of session since the start of the year.
Good luck
This morning might be a very rough day for the markets, Overseas markets are down nearly 5%.
I guess i was wrong and right over my APPLE call in december. I noted the first week of Decemeber that Apple should trade back to $165 by end of december but i missed it by 2 weeks. I am still confident that the gambling stock will head alot lower and SOLF will be a $15 here soon, very soon.
Very rough market to trade in years here but if you on the right side you can make trades very profitable. I am still expecting a washout capitulation and a decent bounce as we are oversold with TRIN reading ending over 3 in a number of session since the start of the year.
Good luck
Tuesday, January 15, 2008
Market update
Market being cracked here and we heading towards the mentioned 1385 area now for testing on the S&P.-
APPLE getting totally crack here and as mentioned in December when it was $200 I said it should trade back to the $165 area where it just have. Google and BIDU will be under pressure here with the market retracing and I predict Google will be sub 550 very soon. I dont see Google being over $300 in the next 2 yrs but who knows.
Gambling stocks still under pressure and SOLF my stock to watch as a short is now down $4 wow. Yesterday when it was $25 i said it would soon be a teenager and so it will happen here in the coming days currently trading at $20 that was a quick play
APPLE getting totally crack here and as mentioned in December when it was $200 I said it should trade back to the $165 area where it just have. Google and BIDU will be under pressure here with the market retracing and I predict Google will be sub 550 very soon. I dont see Google being over $300 in the next 2 yrs but who knows.
Gambling stocks still under pressure and SOLF my stock to watch as a short is now down $4 wow. Yesterday when it was $25 i said it would soon be a teenager and so it will happen here in the coming days currently trading at $20 that was a quick play
Midday Update
Wow I guess i was right about SOLF headings back to the teens, it is down $2.50 already today. My call on the gambling stocks are also proving fruitful. MGM, WYNN are in a bloodbath today and I truly expect more. The news this morning of Citibank writing off $18 Billion can't be good for the markets and the economy.
Wholesale prices shot up by the largest amount in 26 years while retailers had their worst December in 5 years. Those who want to hide the fact that we in a recession or going into a deeper downturn are just dreaming. The housing market seem s like it will take a much longer time to recover and the market is now thinking the same.
TARGET TO WATCH:
Target to watch on the ES is 1385. A flush to this area will more than likely lead to a high percentage buy opportunity.
Wholesale prices shot up by the largest amount in 26 years while retailers had their worst December in 5 years. Those who want to hide the fact that we in a recession or going into a deeper downturn are just dreaming. The housing market seem s like it will take a much longer time to recover and the market is now thinking the same.
TARGET TO WATCH:
Target to watch on the ES is 1385. A flush to this area will more than likely lead to a high percentage buy opportunity.
Monday, January 14, 2008
Really +171 point
Seems like 171 points isn't much these days. The Dow rose nearly 200 points with little excitement. Early sentiment from IBM on pre annnouncement of earnings served as a gap up and level off market. Todays range was narrow indeed which leads me to conclude that a move is still brewing which might happen tomorrow or wednesday.
AGU and MON seem to be moving higher and might prove to the be hot sector in the early 2008 trading. I am still in watch mode here as I believe we will get a move this week more than likely to the upside which will be short lived.
Last week I noted the weak showing for the gambling stocks and they continued today even with the market up almost 200 points. LVS and MGM can easily see 52 week lows from here while HET although at its 52 week high should follow the group down. Wait for these stocks to flag to get on board short.
Intel reports tomorrow and it will be interesting to see how they will spin the last quarter. Although I am not one to guess I believe chip manufacturer are under pricing pressures and Intel will show declining margins. AMD is totally dead in the water for the last two years and with APPLE using more Intel chips AMD market share should deteriorate over time. DELL is my top pick for a dud of the year award. I think HP and APPLE will slowly prove too much for Michael Dell's company in the future.
STOCK TO WATCH: SOLF
SOLF has been on a run lately with all the solar stocks. I think SOLF trades back into the teens easily. Look at some $20 puts to limit risk.
AGU and MON seem to be moving higher and might prove to the be hot sector in the early 2008 trading. I am still in watch mode here as I believe we will get a move this week more than likely to the upside which will be short lived.
Last week I noted the weak showing for the gambling stocks and they continued today even with the market up almost 200 points. LVS and MGM can easily see 52 week lows from here while HET although at its 52 week high should follow the group down. Wait for these stocks to flag to get on board short.
Intel reports tomorrow and it will be interesting to see how they will spin the last quarter. Although I am not one to guess I believe chip manufacturer are under pricing pressures and Intel will show declining margins. AMD is totally dead in the water for the last two years and with APPLE using more Intel chips AMD market share should deteriorate over time. DELL is my top pick for a dud of the year award. I think HP and APPLE will slowly prove too much for Michael Dell's company in the future.
STOCK TO WATCH: SOLF
SOLF has been on a run lately with all the solar stocks. I think SOLF trades back into the teens easily. Look at some $20 puts to limit risk.
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