HokieDoc1
14 posts
msg #59869
- Ignore HokieDoc1 |
2/22/2008 1:07:53 PM
Big Block trades negative on DNA (genentech) awaiting fda ruling of Avastin for treatment of breast cancer.
Puts at 72.00 awaiting the news.
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nikoschopen
2,824 posts
msg #59871
- Ignore nikoschopen |
2/22/2008 3:09:32 PM
All the indexes are trading in a relatively narrow range. I would personally like to see the LOD taken out, but so much for wishful thinking. Nonetheless, we will eventually need to revisit the January low to face our own inner demons, no?
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deanengle
33 posts
msg #59872
- Ignore deanengle |
2/22/2008 3:41:30 PM
3 good option plays for 2-22-08 are CBEY , UNFI ( have made 60 % on this one so far today ) and LTM. These stocks each had a significant drop today as a result of earnings disappointments. Therefore these are what I would calla "dead cat bounce" and they almost always make money.
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nikoschopen
2,824 posts
msg #59873
- Ignore nikoschopen |
2/22/2008 4:02:07 PM
02/22/2008 15:33 *DJ Ambac Bailout Plan Could Be Announced Mon Or Tues -CNBC
According to CNBC, a consortium of banks will get together to devise a plan to save Ambac.
What a joke! Ambac being rescued by the troubled banks that got Ambac into all this mess in the first place? This doesn't make sense.
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maxreturn
745 posts
msg #59875
- Ignore maxreturn |
2/22/2008 4:10:35 PM
Niko...MAN am I glad I held onto my long position in DRYS! You've been daytrading the markets for quite some time. Have you EVER seen anything like this to the long side? Although I don't trade intraday I check the indexes 5-6 times a day. I have never seen a vertical rally like this. Drops yes...but not rallies.
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maxreturn
745 posts
msg #59876
- Ignore maxreturn |
2/22/2008 4:11:41 PM
Deanengle, thanks for sharing. Would you mind getting into the details of your strategy a bit?
Regards
Max
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nikoschopen
2,824 posts
msg #59877
- Ignore nikoschopen |
2/22/2008 7:34:40 PM
Quote from maxreturn:
Niko...MAN am I glad I held onto my long position in DRYS! You've been daytrading the markets for quite some time. Have you EVER seen anything like this to the long side? Although I don't trade intraday I check the indexes 5-6 times a day. I have never seen a vertical rally like this. Drops yes...but not rallies.
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Truth be told, I got buried in the rushing stampede. I was pretty damn sure the market was heading lower and took on some significant short position. (#@%$&@%^%$^!!!)
With the exception of "surprise! surprise!" rate cuts by the Fed, this kind of hysteria doesn't manifest itself very often and certainly almost never in the last 20 minutes of the session.
But the very nature of this rally is suspect in my opinion. As I stated above, to rely on those same troubled banks that you insure to bail you out is outright ludicrous. How the hell will that change anything for the credit crisis that many of these banks are facing that, in turn, was the catalyst which led up to Ambac's current problem?
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maxreturn
745 posts
msg #59878
- Ignore maxreturn |
2/22/2008 8:53:24 PM
Niko...agreed. When the rally started I looked at my trading partner and he, seeing the vertical nature of the rally stated that the Fed must have announced another surprise cut. I said no way...the market lately has not been in the daily free fall mode which would prompt an emergency cut. When I saw the news story on Ambac I thought...that's it? You gotta be kidding me! Truth be told...I too was thinking about buying SPY puts when the low was taken out on low volume late in the day. But ALL too often lately seems the support/resistance levels are barely taken out just before major buying/selling takes the market higher/lower. Glad I waited. Sorry you didn't have a good day :(
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johnpaulca
12,036 posts
msg #59879
- Ignore johnpaulca
modified |
2/22/2008 9:04:54 PM
Niko..busy at work today, crazy day in the markets I had a peek this morning and saw a lot of red...gunned down on CRM, made good coin on my today's long..WFR and DO. I also made good coin on ESRX which I bought earlier this week. Were you referring to WFR and DO as head and shoulders or all the stocks I have been posting???
P.S Because of time restraint I will stop posting trades on SF soon, I will be heading into my busy season at work...I will be skulking in the background.
e-mail: john-paul@myway.com
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EWZuber
1,373 posts
msg #59884
- Ignore EWZuber
modified |
2/23/2008 1:45:22 AM
I have been posting for several weeks on a Raging Bull forum that for the COMP to have any hope of preventing a massive bear attack, the Weekly Chart pattern support for the COMP at 2306 must hold at EoW.
I am certain in my own mind that todays rally was orchestrated by big money and used the 'news release' as a signal to start buying.
The COMP was headed firmly into LT Bear territory just 45 minutes before the close. I had no sooner commented on RB that the Weekly Chart was most certainly going to close below Weekly Chart pattern support, then the 5 minute chart went parabolic with huge buying volume.
The COMP closed at 2303.35, close enough to 2306 to maintain Weekly Chart pattern support. That was no accident!
Blantent corruption, IMO.
A close anywhere near where the COMP was before the 11th hour rally would have brought on selling in the following weeks that would have put the index below critical support at the 50 MO.MA and into a full blown Bear Market with support at 2000, 1800 and lastly the 2002 low at 1250.
What they are trying to do is hold the COMP above the 50 MO.MA at 2250 at the end of the next couple months long enough for stochastics to become oversold and make a final bounce up off the 50 MO.MA in an oversold condition.
Monthly Chart Stochastics have not been oversold enough to allow for anything but a consolidation pattern so far.
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