BAC DEMOLISHED!

Today is the last day of the quarter, and what better day to demolish the BULLS in BAC. What a disaster. Tomorrow may be different. BAC is suppose to have the CFC deal closed tomorrow. There is definitely some PAIR trade activity going on with BAC compared to the rest of the financials. Perhaps tomorrow the financials will bounce on short covering, or we could continue down until we get that PANIC, that everyone is waiting for.

Here's todays trades & P/L per request-


Went long NMX mid-day, averaged in a long, and got out for a small gain on a bounce.

Averaged into a long on C, thinking financials would bounce in the close, I was wrong and took a small loss on C.


I shorted Crude Oil for a 20 cent scalp, Should've held for the 2 dollar move. NEED MORE PATIENCE!

FRE- FREE FALLING

I love my girlfriends Pussy,,,,cat...

New Virtual Office hosts

With the recent news of DT closing down the VO, it looks like Tokyo Trader and WinCity are both in the runnings of opening a new Virtual Office.
WinCity's Virtual Office allows anonymous posters, is automated, and looks interesting. Looks like some of our trading Super Stars have already tested it out. Who is this "THE RAGE" guy, seems like I remember hearing that name somewhere before???

In other news, Evolution Trading is BACK!!!

Next Weeks Stock Picks Video

The T2108 indicator thingy says BUY!

If Crude holds up next week, I think these stocks are good longs-
FCL ,FDG, X ,CFX ,AKS ,BZP ,PBR ,CNX ,AGU ,HK ,ANR,WLT,NGA,RMIX

If Crude Oil Sells off-
Maybe buy some Airlines and brokers (AMR,NWA, GS, NMX)
Maybe short the energy plays(basically half of the stocks hitting 52 week highs right now, with the other half of those stocks being Coal and Steel stocks)
Watch GOLD!!!
GG, AUY
If market continues it's bearish trend and oil holds up, look to short brokers and banks until they all go bankrupt. Maybe short some tech, RIMM, GOOG. (RIMM is feeling the Pain)

Vitrual Office is Closed

It comes a year after I joined the Virtual Office, that we are saying goodbye. Like all great things, in time, they to, come to an end. Please join me for a moment of silence in remembering the VO, for all the good times we shared together. May our memories live on forever.

Russell Rebalance June 27

Hat tip to DT for posting the information about the Russell Rebalance today. This was the first time I traded stocks being added to the Russell index. Made some coinage on V and CMG at the close. Next time I should do better. I'll post a recap of the day later. Thanks to the guys at Wallstreak for keeping me company.
Visa

Chipotle

Cramer article from 1999, Daytraders

A TIME article from 1999, written by Cramer.
Title- Yeah, Day Traders!

"So you want a piece of me? Think you're such a hotshot e-trader that you should quit your day job to pit your wits against me and my fellow professionals, who swing around millions of dollars in stock a day without blinking? At one time, I would have laughed if you had even contemplated such a thing. You couldn't match my access to conference calls, information or quick brokers. You couldn't afford the $1,500 a month you'd need for a Reuters, Dow Jones or Bloomberg wire...."

PineApple

Fly- "fuck it pattern" good luagh.

More stock picks-
TGB, BOOM, GROW, TIE, PBR, UBB, CWEI (totally missed this one), UTHR, EXM.

Death to ZOLT. For you Jefferson.

Forget about stocks.....The price of Pineapples have gone up....We are totally fucked.

Airlines Screwed

Interesting to see some airlines with unusual option volume today and then seeing this headline after the bell. "Airlines pay $504M to settle price-fixing scam"

Stock Pick Video

I go over some picks from BlueDog, Ragin, Option Addict, and some of my own.
Enjoy!

Cock and Balls Pattern going Limp

Looking to go long around $118 on SPY. Waiting for the Dow to drop to 9-10,000.

This pattern was discovered 3 weeks ago!

Bear market

Today, bond futures rallied and the stock market tanked.


I haven't bought anything, yet.
Tomorrow or Monday the market could do a complete reversal.
Lots of Mutual funds getting rid of losers today, as it is the end of the quarter.
The market internals were very bearish today, and at no time did I get a buy signal, only short signals and short covering signals.
Mood= Frustrated
Why?- I tried picking a bottom and lost most of my profits today. All I got to say is follow the signals.

FOMC day is non-event

Well, bond futures are left unchanged. It was all noise as I expected. I have a bullish bias on the short end of the bond futures for the next month or so.



I'm wondering what momentum trade will be the first to pay the piper.
Ag's
Solars
Miners
Oil
Did I forget any?
Airlines haven't really moved the last few weeks, just like Oil has stayed in its range between $132-138.

Interesting how India's index is already at new lows. Today was one of PIN's highest volume days.
What emerging markets are kicking butt?
Russia
Brazil

I closed out my JRCC short and made about $700. I held it long enough, Gesh!
BullRinger is still bullish on JRCC. I think I would rather day trade it personally, then try to hold it long term. Maybe sell some calendar calls on it, as there is a good premium.


Still holding AMR long. My long position on LEAP was originally a short position that I reversed. As soon as I reversed, the next day it went down and hasn't looked back. I will probably cut this loser soon. I learned a lesson from the LEAP trade. Don't reverse positions on a bad trade just because you got stopped out. Close the trade and MOVE ON.

FOMC day

TraderMike has gone fishing, which is probably a good thing to do right now unless your like Trader Stewie and making money everyday like its nothing.
For me, the best opportunity lies within the 1-2 days after the FOMC announcement. I'm hoping I can get a good trade on Thursday or Friday based on a pattern I've seen in the past surrounding FOMC announcements.

I think the FED is going to keep rates unchanged.
I'm expecting Bond Futures to rally and the stock market to selloff on the day of the FOMC announcement. 1-2 days after the announcement, I'm expecting Bond futures to return to about where they were before the announcement. No matter what happens, I'm expecting bond futures to return to about where they are today 1-2 days after the announcement. If bond futures don't move much, then I'll trade something else. I'll be keeping an eye on the Euro, Gold, and Crude Oil tomorrow as well. Tomorrow should be real interesting.
YM-

ZF bond Future-

Nigerian Black Gold

An older National Geographic Article about Nigerian Oil.

"Oil fouls everything in southern Nigeria. It spills from the pipelines, poisoning soil and water. It stains the hands of politicians and generals, who siphon off its profits. It taints the ambitions of the young, who will try anything to scoop up a share of the liquid riches—fire a gun, sabotage a pipeline, kidnap a foreigner.

Nigeria had all the makings of an uplifting tale: poor African nation blessed with enormous sudden wealth. Visions of prosperity rose with the same force as the oil that first gushed from the Niger Delta's marshy ground in 1956. The world market craved delta crude, a "sweet," low-sulfur liquid called Bonny Light, easily refined into gasoline and diesel. By the mid-1970s, Nigeria had joined OPEC (Organization of Petroleum Exporting Countries), and the government's budget bulged with petrodollars.

Everything looked possible—but everything went wrong. " National Geographic



"Another night in Port Harcourt, a prolonged gun battle erupted outside my compound. Volleys from AK-47s, answered by the booms of pump-action shotguns, sent me running to barricade my door. The gunmen abducted four expatriates from Goodfellas, a nightclub nearby. (It was this incident that led the oil companies to cancel their tours.) A Dutch oil worker on contract to Shell, who makes $80,000 a year as a pipeline construction supervisor, told me he has to travel everywhere with an armed escort. "You must keep it in your mind that people out there may kill you," he said.

With every assault by the insurgents, the Nigerian military seems to answer with devastation. One evening, a gang of kidnappers dressed in army camouflage came by boat to a waterside neighborhood called Aker Base on the outskirts of Port Harcourt, stormed into a bar, and snatched an Italian construction worker employed by Saipem, an oil-servicing company. During the grab, the assailants killed a soldier. Within hours, troops swept into the shantytown and burned down every structure except a bank. Days later, stunned residents wandered through the charred ruins like ghosts; some 3,000 had lost their homes. " National Geographic

I thought traffic in LA was bad-

Crazy Week Ahead

Next week we have the primary focuses on Oil and the FOMC interest rate decision.


Here are some interesting links-

Top Mutual Funds

Saudi Arabia willing to increase oil production if requested

Trading from Dubai (EliteTrader)

Chevron Halt Oil Production (EliteTrader)
Interesting Picture in this thread-(Nigerians have Hyenas as pets- Thats Hardcore)


International Equity Index Returns

What's in Price (Lonely Trader)

The Time to Buy Financials' Is Still Not Now

Stocks Vs Japanese Yen (what happened to the Yen Carry Trade)

Mid-Cap vs SPY(red) divergence

Links

What’s next for US Markets and OPNewsletter (Jul +4.0%)

Using the NYSE TICK to Interpret Market Behavior

Sector SPDR PerfChart

Realistic Expectations of your Trading Results

Today is the Best day ever

According to the study, you should be happy today-
Formula proves today's the happiest day of the year!

My internet went out mid-day, so I was forced to work on my trading plan that I've been putting off for a long time. Perhaps I should come out of retirement like the ULTIMATE Warrior and start kicking ass in these markets again. Developing....

Ultimate Warrior coming BACK from RETIREMENT

This should be fun to watch. People just love this guy because he's crazy and buff. I'd have to say it looks like he's got a bit of a GH gut, but still looks pretty dam good for his age in this video. Checkout UltimateWarriorTV for his next appearance, some time at the end of June.



"The Ultimate Warrior who's most recently been seen on TMZ making some funny comments about Hulk Hogan and his son being in the pen is going to be returning to the professional wrestling ring on June 25th in Barcelona Spain for Nu Wrestling Evolution. The current heavyweight champ is a brotha by the name of Orlando Jordan who used to wrestle for World Wrestling Entertainment and held the United States Championship. This will be the Ultimate Warrior’s first time wrestling in over ten years and he's been pumping out wild ass video's talking about everyone he can't stand and how he's training and has been roid free since 1991." c/c-allhiphop

Beware Pay Pal Fraud

There are emails being sent out, saying your PayPal account is negative and there is a request to add more funds. I'm not sure it's even possible for your PayPal account to go negative. But they are sneaky by putting a valid web address for the PayPal user Agreement terms, which no one ever reads, and then there is a separate link (LOGIN LINK) that is the setup to take your money.



Here is the Scam Link-

100% LONG until Years End

The Media has found the people to Blame at Bear Sterns. Last time we played the blame game for the Stock Markets problems was January 21, I remember this day well....
Whenever we play the Blame Game, THE MARKET RALLIES HARD.
We also got strong selling in commodity related,,,everything. Makes me feel a little better;however, Crude Oil is still in its 10 day trading range even with todays 5 dollar selloff.
I agree with what Stewie sees in the markets here. Depending how the market shapes up here, I'm prepared to start trading Airlines Long, Ag's Short, Crude Short, Long Financials, Long Transports. The bounce in the airlines today still may be premature to call a bottom, I was kinda-of waiting until August to see if any bankruptcies in the airlines were going to be announced, but now may be the time to start trading this inverse pair relationship.

Crude Oil

China is raising Fuel prices is the latest Oil headline.



Another Price Spike setup.

Tapeworm,,,Where art thou?

Tapeworm, What happened to your Blog? Email me or something...

PS- I'm not trading today. Running on too little sleep.

Hey Traders, Did Anyone make money on JRCC or go short and lose money?

Update on Sim acct.

You'll notice from my positions that my 2 biggest losers are from trying to catch a falling knife(AMR) and a space shuttle that recently launched for the moon(JRCC). All the other positions are typical and making money or slightly in the red. JRCC looked like it was overbought- it's ran about $20 or up 50% in the last 2 weeks. AMR looked oversold- Down $2 or 30% from where I bought it. Overall, I plan on holding AMR for a few more months to see how things pan out. I may have to cut the loss on JRCC, but I'm looking to see how it trades after OPEX.

I love Cats

GS setup and JRCC

I've noticed this pattern before. A price spike prints, the stock pullsback a bit, and then the price travels to the high of the price spike. An interesting setup you may notice from time to time.


JRCC keeps going. Unbelievable run the last 2 weeks.


I saw the 2 key sectors setting up for a breakout to the upside, Oil weakening, and I got buy signals on all 3 charts. A good long setup on financials.


10 more of these days and I might be able to make as much as Stewie makes in a day.

Review Stocks closing at their Highs

The Picture is animated if you click it. (Blogger doesn't host gif images apparently)
ENER $76.86, closed today at $75.26
ASTI $13.02, closed today at $12.36
SOLF $21.59, closed today at $21.63
HANS $37.64, closed today at $35.67
OSTK $26.77, closed today at $ 25.94

Overall, if you bought at the close yesterday on these stocks, you probably lost money. However, the Dow was also down 108pts on the day as well.

Note- I removed the Herd St. Widget of my portfolio because it was slowing down the load time for this blog considerably.

CME and JRCC

I bought both these stocks a week ago in the sim acct.,
I bought CME around $388 and sold at $416,, its up another $30 today.




I bought JRCC around $40 and sold at $43. Its up another $10 today. (You'll notice I went short on it yesterday, and now I'm down $3 on it).




Can the pop in these stocks be attributed to OPEX this Friday? Fates Pilot found an interesting case.
"Consequently, we estimate that on the order of 12% (=37/310) of the daily absolute return of optioned stocks can be accounted for by option market participants re-balancing the hedges of their option positions."

DRYS

I was reading this thread on EliteTrader about this guy that was long and bullish on DRYS a few weeks ago. He let it go from his buy point at 94, down to a recent low of 71.

"05-28-08 09:39 PM
The trend had a solid reversal today and skyrocketed back to 95, and it looks like an easy shot back up to 115 and longer term 150 and above.

I bought 100 shares of DRYS at 94.26 by accident on Friday and watched it slump to a low of 85 yesterday. Today I broke even and then some and am looking to book a handsome profit over the coming weeks. The stock has a low P/E ratio of 6 or so and the fundamentals are absolutely sound and the technicals are also there with the elusive "golden cross" formation looming."

Looking to Logic for reasons why the stock should be going up-

"Ok, increased demand for coal.
Dry ships transport coal.
Increased demand for iron ore?
Dry ships transport iron ore.
Increased demand for grain?
Dry ships transport grain."

Turning Bearish on DRYS, BUT STILL LONG-
" 06-10-08 11:15 AM

DRYS is a fucking piece of shit stock, strong sell. It's sickening to watch if you're long. Probably a real delight for shorts. SHORT AT WILL, it's going down to 60.

TIMBERRRRRRRR

(disclosure: long 100 shares at 94.26)"



The Baltic Dry Index-

Solars are soaring, FSLR and SOLF BABY!

Stocks closing at their Highs

There are 5 stocks that closed at their highs today. Some of them have a considerable short ratio (ENER=19% ,OSTK=36%).
Lets see where these stocks close tomorrow.
ENER $76.86
ASTI $13.02
SOLF $21.59
HANS $37.64
OSTK $26.77

If you guys like these types of posts, let me know. Also, let me know if you like the animated pictures. I'll try to make them bigger in the future.

Selling Longs

In the Sim acct. I've sold most my longs because bond futures look like they have bottomed out and there looks to be resistance on the stock indices.



I went short some high flyer's as well-(JRCC, SOLF)- All the shorts closed red on the day-



OPEX week, expecting the indices to contract up until Friday-


I should have held my long 1 more day.


If you haven't done so already, ROLLOVER your futures contracts for the stock indices.

What Does it Take to Be A Successful Trader?

Great post by Lord Tedders on- What Does it Take to Be A Successful Trader?

"1) Started talking to a friend who happened to be a Futures Trader. He had some interest in learning Forex.

2) Went to a Forex Trading Seminar in Los Angeles with said trader - cost $1k.

3) Got 2 useful things from the seminar. 1) Learned how to......."

LEH panic

Overall, I made money on the day by going long YM (Should'a fuckin held from last night and would'a made at least 1k). Took a loss on LEH due to having my internet connection fail me at critical period.



DT, I made a video, but will upload it later, I have to go to work.

Update- I'm not putting up any cool video. I have copyrighted music that plays in the background that BREAK.com won't allow in the video. Also, I'd rather be more professional in my internet appearances from now on, instead of eating breakfast while trading and swearing like a sailor.