Nice to see markets finding its footing......
All indices were oversold since previous Tuesday run UP....
Six days of selling brought the bargain hunters/traders on the long side......
Still it is a traders market......
If you do NOT take profit.....there IS a very good chance you will lose all or most of it from overbought conditions.....
We ARE range bound....so play the lower & UPPER end of range.....till August !!!!!
LDK came up with all the details of their convertible.....as expected by me $300 became $400 million @ interest rate of 4.75% payable 2013...conversion price IS $39.29...nice premium to current price....deal will close April 15 !!!
In my portfolio :
BRCM UP 69 cents
ESLR down 1 cent
RIMM UP $2.34
SEED UP 19 cents
TOL UP 72 cents
@ 11.20 AM the following are green :
AAPL,V,LDK,C,DELL,VMW,POT,CTRN,ICE,YHOO,CCJ,IGT,
WYNN,LVS,SOHU,NMX,FSLR,ISRG,SNE,AMZN,IFN,GOOG,
QLD,XHB,EWY,EZA,XRT,EWM,WFR,X,DUG.
BLOG does NOT give buy or sell.
Saleem
22 comments:
Hi Saleem,
I sold SOLF for even and kept ESLR. I traded MTL for a $5 per share gain. I am SOHU, V, ESLR and SSO. Hope we close green.
Hi Doug,
Good move.....there IS such a thing as LAGGARD based on recent tape.....
MTL..made your day !!!
Try to take a quick profit in SOHU..as Chinese olympic related stocks are in a tailspin lately???
Just my 2 cents......
Saleem
Thanks for the insight to SOHU Saleem. I had traded it succesfully earlier this week but I bought back in @ $51, so I'm a temporary bag holder. I am really just hoping for even. Do you think I have another shot at $51? Thanks for your thoughts.
Hi Doug,
IF SOHU moves...then it IS a piece of cake......
Chinese stocks are all acting weaker????
So watch it close......
Sometimes it is WISE to move ON & benefit from market leaders..imho
I have only one dead beat ESLR...rest are healthy ..so far !!!
Good luck on your take on SOHU !!!
Saleem
Thanks Saleem.
bought XLF May 24/22p Vertical Spread for .38
SALEEM--RIMM news:
RealMoney by TheStreet.com
Chart Convergence Shows Possibilities for RIM
Thursday April 10, 11:04 am ET
ByAlan Farley, RealMoney.com Contributor
My teenage daughter came to me last year asking for a new wireless phone after her old one took a ride in the washing machine. I gave her a choice between a Blackberry Smartphone and an Apple iPhone. To my surprise, she immediately chose the Blackberry without a moment of hesitation.
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I inquired about her decision because I assumed my teenager would jump at the chance to own an iPhone. She responded matter-of-factly that she and her friends hated the iPhone because the touch pad keyboard made instant messaging a pain in the nether regions. Frankly, I hadn't thought about that limitation because I've never seen one in real life.
It looks like the market agrees with my daughter's sentiment. While Apple has bounced firmly off the January low, it's still struggling to regain the bullish tone that supported last year's rally above 200. In the meantime, Blackberry-maker Research in Motion is firing on all cylinders and outperforming just about every other stock in the tech universe.
Can this juggernaut continue its winning ways in 2008 and complete a round trip back to the all-time high at 137, or will the forces of gravity gain control and take the wind out of its rally sails? Let's look at the long-, intermediate- and short-term charts to see how the patterns are setting up.
Research in Motion - Monthly Chart
Click here for larger image.
Source: eSignal
Research in Motion came public in the late 1990s below two bucks (pre-split). It entered a strong uptrend immediately, rising above 29 just before the bubble burst in 2000. The stock topped out at that price level and entered a bear-market decline that retraced 100% of the prior rally in the next two years.
Price bottomed out at 1.39 in November 2002 and recovered with the broad market. That uptrend lifted the stock right back to the bubble high, in yet another 100% swing. This seesaw action finally ended with a tight trading range that lasted for two years before giving way to a vertical breakout and rally to new highs.
The breakout marked a continuation of the first leg in an uptrend that began near 20 in July 2006. The reversal off the parabolic 2007 high, as well as the volatile correction in the first quarter of this year, points to a consolidation of the dramatic gains posted during the period, as opposed to a long-term change in trend.
Research in Motion - Weekly Chart
Click here for larger image.
Source: eSignal
The weekly chart highlights the 17-month rally and broad V-shaped correction. Notably, price has spent approximately the same time interval rising off the January lows as it took for the pullback between 137 and 80. In a perfect world, this Rorschach symmetry should now place the stock right back at the 2007 high.
But it's still trading about 19 points below that level. This shortfall indicates that price is now vulnerable to a downturn that retraces a subset of the three-month bounce. In other words, the failure to rally back into the 2007 high within the symmetry window predicts the correction off that high needs more time to resolve.
Also, note how tough resistance has developed between 121 and 124 in the last five months. This barrier tracks a Nov. 9 gap-down day, in which the stock fell over 11 points. It looks like supply from that event, i.e., trapped shareholders, is keeping a firm lid on this recovery attempt.
On the flip side, accumulation is still building, and relative-strength indicators are turning higher. With these counter forces in play, we might see a pullback that drops price down to the 106 to 109 support zone where buyers could step in aggressively and finally lift price back to the 2007 high.
Research in Motion - Daily Chart
Click here for larger image.
Source: eSignal
It's easy to see resistance just above current levels when zooming into the daily view. The pattern also confirms that price hasn't pulled back to stabilize gains posted in the last four weeks. Finally, note how the stochastics have built a topping pattern that's now rolling over. Taken together, these elements support the likelihood of a short-term decline.
If the stock rolls over, look for price to test lower levels for at least one to two weeks. Given the bullish pattern since January, any selloff lasting longer than that time period will raise a few negative signals. But frankly, I see no reason to believe the next pullback will presage anything more ominous than a healthy consolidation.
I like the convergence of 50-day moving average support, the rising trendline and the March 24 gap as a low-risk entry zone for traders and timing-conscious investors. Once again, this marks out the 106 to 109 level noted on the weekly chart. It looks like a great place to buy Research in Motion for a profitable run up to last year's high, and beyond.
Dow Jones lists LDK as a choice stock!!.
US HOT STOCKS: Yahoo, Wal-Mart, AMR, Millennium Pharma Rise-3-
9 minutes ago - Dow Jones News
Genentech (DNA, $78.45, $0.74, 0.95%) is expected to report first-quarter earnings of 82 cents a share after the closing bell, according to analysts surveyed by FactSet Research. Hot Topic Inc. (HOTT, $4.51, $0.11, 2.50%) said its March same-store sales fell 3.5% from a year earlier. Analysts, on average, had expected same-store sales to fall 4.4%, according to Thomson Financial.
IAC/Interactive Corp., (IACI, $20.97, $0.23, 1.11%) the New York electronic-commerce specialist, will open a number of targeted Websites as it prepares to spin off many of its older businesses in a restructuring, The Wall Street Journal reported. The sites will focus on groups including blacks, kids and regular followers of the news, and on topics including personal finance.
Ikon Office Solutions Inc. (IKN, $8.80, $0.96, 12.24%) raised its fiscal second-quarter guidance early, citing higher-than-expected sales from its equipment division. The company said it now sees per-share quarterly earnings to come in between 22 cents and 24 cents, up from its previously issued forecast of 16 cents to 19 cents.
Ista Pharmaceuticals Inc. (ISTA, $2.08, $0.06, 2.97%) said it's received a subpoena from the U.S. Attorney's Office in Buffalo requesting the production of documents regarding promotional, educational and other activities relating to its Xibrom drug. The company said it plans to fully cooperate.
LDK Solar Co., (LDK, $31.30, -$0.13, -0.41%) priced an offering of $400 million of notes. The Xinyu City, China, producer of solar wafers said it would use the funds in part to enter forward contracts under which it would buy back $200 million of its American depositary shares. It said it would use 75% of the remaining proceeds to build a polysilicon-manufacturing plant, 20% to expand its wafer-production capacity and 5% for other purposes.
Hi Madmax,
Thanks for the updated analysis on RIMM...
For some reason..I am unable to open anything from thestreet.com on my PC....
I am also unable to go to their website...I am a member...but no luck for 60 days now!!!
Saleem
SALEEM
I have had similar problems,
I keep tring different things to get to web sites some work others not!
I can't open some files. Others are OK
SO it is a PC thing. I have two PC because they are differnest enought that I can rely on one if the other is tempemental
I hope you have a fantastic day!
I got more TOl at $23.35 today as it is past due for a run up! I know that GS is in trouble now that I own it again. I got 25 shares of AAPL at $150.70 today--yes
If AAPL could break out of it range -- I see $200.
Good luck to all
Madmax
Hi Madmax,
Thanks for your suggestion re street.com....that is the ONLY site ..I am having problem for the first time.....
I do get their email twice per day ...but can look 2 their headlines ONLY.
Good luck on TOL & AAPL...both very good stock...
Saleem
Saleem,
Just wanted to drop a note to say that I got out of SOHU at $50.89 so an .11 cent loss. not bad. I also sold SSO. I am now V and ESLR. I did add to my V position.
SOHU has now backed down so I am glad to sell before the weekend. If it goes to the $48's again, I may buy but I will not chase it above $50. If you have any ideas to put some money to work, I would love to hear them. Good luck the rest of the day.
Hi Doug,
Very SMART move on SOHU....it is now $48 to 50 range stock.....I am NOT sure even ..if it will maintain that range????
Two suggestions for you @ current price TOL & CROX......
Saleem
Thanks much Saleem. I appreciate you discussing SOHU with me and the thoughts on CROX and TOL. I did dip back into SSO to see if I could pick up a little on the rest of the day. It retraced and I bought it @ $70.01. Talk soon and thanks again.
Saleem,
I want to get on the right side of flow going forward, if we are expecting continued volatility. So I am wondering what you think about this: If the market goes into the close strong, what about buying some SDS or TWM for tomorrow, being that it is friday and it seems a lot of traders don't like going into the weekend long? Could I get burned with more short covering tomorrow or do you think that today may have already done that? I would just like to buy on down days and sell on up days and vise versa for short indexes. Thanks for your thoughts.
Hi Doug,
You should do the opposite.....
Buy QLD......
We have come UP today..day 1 after 6 straight days of selling.....
This IS a begining of move towards the HIGH end of range.....
Time to go full speed LONG !!!
Saleem
thank you so much for sharing your insight with me. I know that IH thinks we go up, I just am still a little skiddish/afraid and tend to not have nearly the conviction that you have. Having been burned in the past pretty bad, I still lack trust in the market. I truly appreciate you discussing this with me. I will start watching QLD going into the close.
p.s. I can also stay with SSO as I have the position now at $70. Talk soon.
Hi Doug,
Try to look ahead .....and play the range of market first and stocks as second focus.....
Yes...your S&P long is good !!!
Confidence comes with reading the market the way it IS...NOT the way it WAS.......
Saleem
Hi Saleem,
I did buy QLD just before the close. I am SSO, QLD and ESLR. It will be interesting to play the market tomorrow as I have never held two index etf's at once before. I hope ESLR gets some volume and a kick up tomorrow. I would like to leave it with a profit before the weekend if I can. thanks for your time today. It is much appreciated.
Hi Doug,
Your trading style suits you....
ESLR ...you should be exiting with profit...Is it going to be F,M,T or wed.....that IS yet to be seen!!
Keep trading & locking 90% profit & 10% loss...NOT a bad ratio !!!
Saleem
Hi Saleem,
I will hold ESLR until I get something good out of it. LOL. Thanks for the conviction regarding ESLR and waiting for a profit exit. I did sell V. I know it will be a good stock for sure. I just am going to wait until it starts to break out and confirms its direction and then I will start a position. But for now I want to try to take things off the same day if I can. Best wishes tomorrow.
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