Thursday, June 05, 2008

Tech bulls rule! More to come?

Well, tech bulls answered my last night's question, at least for today as it powered the entire market up. Looks like everyone is betting on a good job report tomorrow, I hope it will be, and if that triggers a big gap up, I might consider fade the gap on some stocks (AKS, CF, FSLR, GS, MOS) for quick DT using recent highs as stop. If the break-out remains intact into the close, the better SW short setups will come next Tues/Weds. Will also keep an eye on AAPL, and may go long if tomorrow's job report comes in worse than expected and it gaps down in the open.

Today was a very weird day in which both oil and market went up big, and both gold and dollar went down. Tomorrow could be even more hogwild, I think some bears and bulls are losing their mind in the heat of the battle.

Stay cool!

9 comments:

pcaguy said...

POT:
Closed out my puts trade on POT when it was down to pick up 50 cents when POT was $217+. Lucky ? POT now 222.
PCLN:
Closed out for $2.06 profit when PCLN was about $134 PCLN now $133.22. Unlucky on 25 contracts
GES:
Still a short.
Around $44.10 only down 90 cents when gas prices are going up and unemployment up to 5.5%. I think GES is going to $43 or 42 because reality is that it is still $7 above a few days ago and bad news is out. Crude $133.8 can't help retail.
Short GES if you have not already ?
PCA GUY

pcaguy said...

DRYS:
Buying July calls. DRYS at $91.1
PCA GUY

pcaguy said...

GS:
Trading at $171.9
Bot July $170 calls at $10.75
Comments ?
PCA GUY

flyingwabbit said...

pcaguy:

I am eying GS July 175 calls, but with C now solidly breaking down, I will be a bit patient here. The ideal entry would be as close to 170 as possible with IDS just below the previous low around 168.
I am also considering initial put position in the steel stocks (AKS, X, NUE), but the best setup might be early next week, we will see.

RazoR said...

Is everybody having a great day?! yawn whats the problem? High unemployment and oil, hmmm didn't bother you yesterday Mr Market!
Well I dumped fslr after the open for 19 points (only 50 shares)...hard to take a position in drys knowing there's a gap at 87...still holding all positions not too much damage yet, my bet is we get to -350 today but a reversal would be fine with me, and my drinking buddies :)

RazoR said...

I would also like to thank the dude at Morgan Stanley for making the 150 call on oil, really just made my weekend....

flyingwabbit said...

razor:
damn it! another 19 points! meanwhile, my old habit got me out of my SOHU put position, and early again, hmm, I am giving up on the hope of self-reform, I probably really need some serious ass kicking!

I am waiting for 350 drop in DOW before 3 pm, at which point I my DT a few from the long side: AAPL, GS...

pcaguy said...

USO:
Bot July 110 puts -IYSSF at $6.61 average. All time high USO
GS:
Bot July $170 calls -GPYGN at $10.47
DRYS:
Bot July $90 calls -DQRGR at $8.92
GES:
Sold some puts waiting for $42.50
PCA GUY

pcaguy said...

GS:
Bot more July $170 calls at the close - GYPGN at an average price now of $10.23 GS close $169.44
DRYS:
Bot more July $90 calls at the close -DQRGR at an average price now of $8.47. DRYS close $89.93
USO:
Holding -IYSSF at $6.61.
USO closing price $112.06
GES:
Sold 65% of my PUTS around $43.
Holding 100 contracts -GESSJ at a cost of $6.26. GES closing price $42.92
PCA GUY