Let the Games Begin
Thursday, January 10, 2008 at 07:50AM A Capital One Warning, weaker than expected retail sales, and an anticipated speech from Fed chairman Ben Bernanke later today has sent the market lower this morning. Sweet.
I hope someone jumped on the ILMN trade with me yesterday. It's up 20% this morning on news of reaching a settlement on a patent dispute. I'll take it.
ICLR looks pretty decent, if you like flag breakouts, and all time highs.
In the meantime, I hope the market gets crushed. I'll be looking for a few more ideas worth trading today, and will post them in a few hours (well before market close).
Stick around.
Reader Comments (29)
OMG breaks below triangle?...Dammit.
Holy %^$#, congrats on ILMN. I was wondering what the trade was on that yesterday, and I'm still not sure, but it would have been a great one.
Anybody looking at SHLD? I'm taking down a put since it looks like a retest of that century mark.
Hilarious video. Congrats on ILMN.
Bailing on MRX puts. May still go down, but I can't take the heat. Anyone?
Sledge
SupermarioVA,
I was watching SHLD for a while, missed it on the break below 100, now on the retest, I got into a put.
EEM coiling up into sym. tri. Heads up.
I like SHLD, will pick some up. Got long this morning on TGT.
Jon F are you long SHLD?
I am short SHLD. It's on a strong downtrend and I like it's retest off of 100.
Shld looks like a good bounce off descending trend to go short.
Re. EEM any concern for low Tval/ high IV on options?
Tom in SC
I agree, crush the market! Although later with Bernanke, he will probably try to be encouraging. I think I am finally getting this, diversification, position sizing, entry timing, action, taking profits. I feel like the fisherman.
O Raimeo, Raimeo, wherefore art thou Raimeo?
For all the clarity you think you offer....I cannot really see clarity...........how do we know you are short or in puts or calls besides what you say? can you show the portfolio from time to time........
Tom in SC,
I guess I'm so numb to IV these days, it doesn't hurt like it used to. Looks like for EEM it's averaged around 40% for the last five months or so. Theoretical Value is roughly 30% overvalued, depending on the month you use. These two figures are fine with me, but may cause others to hit the brakes on this trade. These days, seems like most t-vals and IV's are like "scattershot". I don't give T-val that much weight, but IV I tend to pay more attention to. But hey, I'm learning as I go like everybody else. Looks like I picked the wrong week to stop taking amphetamines!
Peace,
Sledge
Susan:
Bernake will try to encourage, and the market will over-react as usual. What fun!
Anyone in PBR? Your thoughts?
Sam, you are right. Oh yes Bernanke, give me some fun.
artejay,
An ounce of common sense is required.
Jeff,
ILMN has certainly brightened up my day.....Thanks!
Looks like we are going up!
Bernake released the transcript of his speach 30 min early. What a goofball.
Jeff
Would you fade this rally?
I posted this but it didnt seem to show. If you look at the main indices, we are really due for a bounce. We have been sliding downward for quite a while. Depending on your timing, you can stay short, or maybe plan for a few days of bounce.
Where can I see a copy of it Sam?
Susan:
No clue. Bloomberg said it was out. Perhaps they have it on line
JTK,
Great question. My instinct is "$%@# yes, of course!" But I am watching this price action carefully, as we were due for a little rally, and depending on how severe, will determine when and how hard I fade here.
Stay tuned...
Clean Cups
Jeff, I read your Forbes article and appreciated your detail. The only thing I didn't care for was the comment someone else left wanting a perfect volume pattern. If the stock market was perfect anyone could become rich with it. I wanted to offer to compare your portfolio with his but thought better of embarassing the hell out of him! Thanks for all you do.