The major stock market indexes held their gains on Thursday, staging a nice intraday reversal across the board. Bouncing off their intraday lows, the Nasdaq finished down .15%, SP 500 .15%, Nasdaq 100 .05%, SP 400 .36%, and the Semiconductor index bucked the trend closing up .08%.
Volume was lower on the Nasdaq, showing that the index was consolidating gains on quiet volume. However, NYSE trade rose. The rise in volume should not be of concerned as the SP 500 staged the biggest intraday reversal to barely close down .2%. With that kind of daily candlestick pattern, there is no way to call this a distribution day, even with the poor breadth.
Semiconductor, Technology, Internet stocks showed some strength today, while retailers disappointed Wall Street. The real winners today were again Oil and Gold. What is new there?
It would be nice for the markets to consolidate for a while right here. A week or two of sideways action would be a welcome sign to see. That would set up some sweet bases or launching pads for some of these tech stocks. It could also set up a failed breakout.
But with so many things to worry about--interest rates, yield curve, geopolitics, nuclear weapons, oil, natural disasters, hunting accidents, port deals, poor retail sales, and jobless claim numbers--I am sure the markets will find a way to climb that wall of worry.
The only thing I am worried about is if Sansei's is going to have enough Panko Crusted Ahi for me to eat tonight. Last time I went they ran out! Do you know how delicious this dish is???? It is the best!!!!
New Swing Longs: STNR AKN NENG BVX. For reasons behind the longs go to Investors Paradise.
New Swing Shorts: NONE
Longs Outperforming Market: MEK-82% SLW-102% TMI GRS-112% BEAS WIRE-130% CIB-44% ASTE HEIA-30% ORA-68% SNPS KNXA-40% ASF-193% XRTX-35% STX-31% OXPS-80% MORN PNRG-25% BGC-56% ARS-43% FFIV NGPS STMP-37% BOOM-363% CLZR-40% TRAD-62% CBG-94% KEYS-42% RSTI-31% KLIC-34% SAY-35% PKE VIMC PETS-152% NVDA-63% NTAP ATHR-91% MMK ALTU FWLT-64% IKAN-32% DRH AAU PEC MONE MRB-96% JDSU-45% BGO-40% KGC-34% NTO-31% CDE NXG-69% RBAK-193% FDRY TWTC-90% LJPC STKL NRPH-105% MTZ GSL Q-43% CVO-71% TNOX-29% AX ARXX CONR AUY-99% SBAC-39% EDS VTSS MNTA GNA RNAI-32% UBS MNST-45% ZEUS-33% PANL RCNI TBH MDM-26% ATRM SWW
Shorts Outperforming Market: NONE
Stocks On Radar Screen: RSAS CETV DXCM GEMS
Blowup Of The Day: NSTK--No big deal. Look at January 20th. Do you see how it closes below the 50 dma and below the close of the day I took it? If you did then you know I did not have a lot of this stock. I have sold the rest with another 7% loss. No big deal. Did you see MEK SLW MMK today? All is good, baby!
13 comments:
Josh,
check out DXPE
Josh, SLW was ureal today- as usual. When did you add MRB? The AMEX is the most undercovered, under talked about exchanges and it is on fire. I like the BVX and the AKX and the MMK and the MRB.. AMEX listed stocks are right here, even if energy isn't red hot. What do you think?
best,
Elliot
Corvallis, OR
DXPE is nice. I can not buy it though because it has a history of whipping me in and out of it right at the tops and bottoms. I have to avoid this one. Bad history.
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MRB was purchased 11/17/2005. Some shares have been sold but the majority of my original purchase is still working for me.
AMEX is undercovered and underrated!!!!! Let's keep it that way. :)
AKN and BVX are both risky and I am not investing a lot into BVX but both charts should produce some gains hopefully.
I love the AMEX. But hopefully no one will talk about it. Notice I never mention it. I want to try to keep this one secret.
Great luck Elliot. I wish you the best.
Elliot,
You a Beaver?
Panko Crusted Ahi
I know how painful that is to be told they just ran out!
Hey, Josh, speaking of the AMEX, what do you think about CMT and PAL?
Josh- Saw your post on Rev's blog- You said it. I am ready to switch to your style. I thought it was worth a repost here:
"My friends say the same thing all the time. When they read my blog they wonder how I can handle so many. I was long over 200 stocks at one point last month. It is easy when you have a sound trading plan. I make no moves intraday and review all positions after-hours. It allows me to get the best stocks without missing them. I am not good at picking the ONE best. Normally when I buy ONE stock it is the wrong one. But if I have a HUGE win/loss risk/reward ratio favor why not buy all of the good ones. By taking all the good stocks that finish great chart patterns and cutting the losers fast on the ones that dont work, I am able to let the winners run and sell the losers to have more capital for the next batch of leaders (if there is a next batch). It isn't for newbies, but it works for me and Rev."
I am an experienced trader, I was even a sell side analyst under one of the guys who writes for realmoney. I am sick of feeling too much pressure from having concentrated positions, and not managing to let my gains run as well as I could.
I am right a lot and I only do ok trading in what turn out to be great stocks a lot of the time. I am looking for swing ideas to last me a couple months or as long as they can keep going up. I am tired of overtrading and want to make some big money, and I dont see how I can if Im always nervous over having positions that are too big.
LOL, market speculator. I love it. It was crushing last week, when they ran out! LOL. However, yesterday, there was NO problem.
Five panko crusted ahi's made their way into my belly last night. And I wonder why that athletic tone of mine is disappearing. :-)
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CMT is just beautiful. If this thing can breakout without running too much before I can establish a position this would be a "stock on radar screen." It needs to get that 50 dma over 200 dma and base before I would want it but the long term chart is very very nice.
PAL is a good chart but it is too choppy and has too much distribution and red in its chart. Still an excellent stock in an uptrend; just not a stock I would want to go long.
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I am glad to hear it. I think you will do better. I was an IBD trader and still use ONLY IBD in my IRA. However, my cash accounts outperform my IRA, because some of the stocks I pick just don't do that well.
When you buy a lot you have tons of advantage if you have a killer win/loss ratio. Then with a per share broker like Interactive Brokers, you can partial out of positions. This ensures that you get some gains incase the stock reverses, while at the same time keeping you long the BOOM, ASF, MFLX all the way up.
There have been some long term winners I have sold recently and if you look on the chart you can see why I sold the rest out. GMXR RES PRLS.
I fell into this method. I had no clue ten years ago that I would be holding 200 stocks in a raging bull market. 20 seemed impossible to follow back then.
I wish you the best and I think if you keep reading Rev and/or me you will get a great feel for the market.
I read him at the end of the day and am amazed at how we are almost always on the same page. That isnt by choice, that is by us both listening to the market and not pundits.
Great luck out there!
Funny about the GMXR and the RES.
I liked it since a meeting with RES management in Atlanta last year when the stock was at 14 when I worked for Chris Edmonds. I was pounding the table on GMXR at 18 there even tho it had "had a big run". If I had taken down some and just held it, Id be in great shape.. That's what I am looking for, to be able to see that, put some stock away and capture what I see, not act on what I think. facts vs opinions
Be in control as they say.
I am always on the hunt for new ideas, and have plenty. Practically speaking, would you build a portfolio right now a couple of stocks a day if they provide decent entry points? with a full position=1-2% of portolio?
Today I started out with a little BVX.
Thanks a million
Elliot
If you have a lot of money, 1% of each position is what I shoot for. I will vary, depending on how great the chart pattern and fundamentals are. In bear markets, obviously, you will have up to 3-5% in a position in the really good stocks going up in a bad market. It is dynamic, however, as you probably guessed.
If you find great stocks breaking out of great bases in strong sectors climbing the industry group list, I say YES. Buy it.
I normally would say be patient but the bulls/bears have come down so much that there is still probably plenty of rally left for the markets.
Make sure you don't chase, don't buy just any breakout, and stay disciplined. If they don't work, cut the loss imediately.
If you do this I am sure you will start to see a big difference in your port.
I also recommend having a per share broker. If you trade on a flat scale, this method is not cost efficient. IB, Tradestation, Cyber, etc...is the way to go.
You are very welcome,
Elliot
q
What time do you start there in Maui?
Everything is done after hours. Some trades--like killing OVTI and NSTK yesterday--happen intraday. But all my work is done after hours.
Do you know what I am going to do right now? I am going surfing. There is a south swell hitting in my backyard. When I get back, I will scan my charts and update my blog and InvestorsParadise.com. On Sunday I will place my orders for Monday morning.
So, basically, intraday, I sleep, surf, or play poker. That was a lot of commas.
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