We discuss today’s action, and how today’s confirmation candle of a close below the Bear Stearn’s low may not be a reliable signal. That makes tomorrow’s close critical to keep our call for a bounce in tact and save this market from a technical breakdown. We look at oil, the dollar, QQQQ, LEH, FNM, FRE and more.
Game Plan
10
Jul
11
Jun
Tuesday’s Game Plan
StockTock has a bullish bias for the market in the short-term.
We will look to accumulate an SSO (L) position below 1335 if there is weakness in early trading.
09
Jun
Monday’s Trades
Put on an 18% TSO (L) position under $23.50 as it appears to be due for a techincal bounce. It did see some accumulation near the close.
06
Jun
Friday’s Trades
Covered SDS (L), QID (L), and SKF (L) positions after 2pm. Left some money on the table as I expected a bounce off of 1370.
Put on small short position in oil using the USO ETF as oil appears to be forming an exhaustion top.
04
Jun
Today’s Trades
* Managed SDS (L) and QID (L) positions. Took 1/2 off during light pre-market trade near support and put back on at higher prices as MA pattern emerged on the ES intra-day.
* Put on small 14% long position in oil using the USO ETF as oil may be setting up for a bounce.
Tomorrow’s Plan
* We are positioned for a move lower in the markets, but have enough cash to add to the position on strength. This market has been volatile so we are prepared for a small rally if it comes.
* I prefer the SDS to the QID because the NASDAQ is much stronger. This may bite me later because perhaps it has the most to fall. But I think exposure to financials is most important. Considering SKF position.
* We have a tight mental stop-loss on the USO (L) position.
