Friday, March 14, 2008

Bear scare? Bears scared? Or how about bears Fed up?

This has been one of the most volatile week I have seen which filled with a lot of scary and violent head-fake moves.
Bears got the week started with a big bang as the market seemed ready for a text-book bear market second legs down. Then the desperate-turning-nuts Fed stepped in with 200 billion dollar "innovative" bailout move, and bulls went on for one of the most spectacular rally in recent years. After a couple of back-and-forth day, featuring gains from such laughable commentary like the one from SP claiming the writing-down is nearly over, bulls were drooling over a sweet date with their MA50, and they were just foaming at the mouth after today's "what inflation?" report at 8:30 am. Then came the bear of all mothers, eh, I meant the Bear Sterns. This time even the Fed could not save it, and when it is over, we had yet another high volume 9-1 down day, which was the 4th (?) in the past few weeks.

Can you say bottom???

On this week's trading:
I have made a couple of oz gold this week, primary DT AAPL from both short and long side; could have doubled or more if I had Razor's sharp execution skills when I shorted both MON and MOS, instead, I got nearly choked on the fertilizers, just pitiful.

On last week's trading calls:
Last week's trading calls are probably among one of the best I have had in recent months.
I made a total of 17 calls on 15 stocks, out of which, 8 winning calls (47%); 3 losing calls (18%); 4 non-hitters (24%) and 2 near-misses (12%). The good winners including AMZN, BIDU, CRM, CTRP, GS, and ILMN. The two near-misses: FSLR and FXI, would have been very good winners, only to have the stop-loss a couple of dollars too close.

Will post the weekend notes on the market late this Saturday and weekly trading calls on the Sunday.

Enjoy the weekend!


RazoR said...

In exactly 2.5 hours I will be sloppy drive me home drunk...6.8and 7 pts on drys, 5 pts long with bsc!, Best play of the week, short x, 4 points in the money, go to a meeting, some s&p guy says something and I get blown out for a 3 pt loss!
Twice the market failed to fill 11730, so in some manner the market will have to go down 200 pts from here...have a position in drys at 60 and will buy big at the fill...nice calls Wabbit...this bsc thing scares me, is it the tip of the iceberg with banks going belly up and a real market crash? The Fed seems powerless to stop it at this point, and with that thought have a rockin w.e.......

flyingwabbit said...

excellent trades all around, but long BSC and netted 5 points, man! I wish my executions were half near sharp!
yeah, that laughable SP commentary sure screwed many shorts.
The BSC event may have very serious psychological impact, just noticed that finally the vix shot up today. If I am a bull, I would be really concerned about next monday, especially both Japan and china are crashing hard, but then again, Fed may well come to cut the rate in the morning.
oh, you better not drive drunk tonight, how about spending some winning to get a nice gal riding you home :P