I was stopped out of the ECA aug 32 call position on Friday @ break even on the last piece. A bit frustrating after being up over 150% but 1/2 the position had been shaved @ +50% and did not want to turn a winner into a looser.
Tomorrow is FOMC and I have my ledger extremely light. I am at over 95% cash on my Day trading account. Have just been trading futures intra-day until the market gives me some solid direction. There are plenty of nice setups out there and I feel we will get the opportunity to trade those in the very near future. The rates should stay unchanged, lets watch for the wording and the Fed outlook to see how the markets react.
Pete
Monday, August 9, 2010
Friday, August 6, 2010
Major Index Review
Here are two video links of the Major Indexes, it was only supposed to be 1 video but my internet went down the last couple minutes.
Total duration of both videos combined is about 25 minutes.
http://www.screencast.com/t/NDJmZmQxO
http://www.screencast.com/t/NDgwMjNjOGE
Enjoy your weekend.
Pete
Total duration of both videos combined is about 25 minutes.
http://www.screencast.com/t/NDJmZmQxO
http://www.screencast.com/t/NDgwMjNjOGE
Enjoy your weekend.
Pete
Wednesday, August 4, 2010
ECA Position
I started a position in ECA today. I bought the Aug 32 calls @ .30 this am as depicted in the side bar ticker provided by Stocktwits. When I purchased these I had witnessed some accumulation in the name and also the 30 day Implied Volatility was below 30 with a 20 day Historic Volatility value of 33.
There is a downtrend in this name that is still intact, however I found that $30 seemed to be a good area of support for the time being and also noticed an inverse H&S pattern on the 30 day/ 30 minute chart. Understanding that there is only 16 days left to expiration, I shaved 1/2 the position off @ .45 later in the day and am looking for ECA to get a continued push up to 31.90 if it can clear the neckline on the inverse H&S that comes in at 31.50
With Oil prices north of $82 and the dollar sliding about 10% in the last 2 months coming to rest at the 200 SMA, I thought ECA would be a good Basic Material play for a short term push at a minimum. If 31.50 gets taken out I will look for 31.90 followed by the 50 MA at 32.05 and possibly a push up to the downtrend line around 32.25.
Break even at expiration in this position is 32.30. I do not plan on holding it all the way till expiration. I have shaved 1/2 the position and will look to take some more off into strength.
Depicted below is a daily chart and a 30 minute chart provided by Think or Swim
ECA daily
Notice the short term bottom at $30 and the green down trending line as discussed above
ECA 30 minute
Notice the Inverted H&S and resistance at the 31.50 level as discussed above
Trade well,
Pete
There is a downtrend in this name that is still intact, however I found that $30 seemed to be a good area of support for the time being and also noticed an inverse H&S pattern on the 30 day/ 30 minute chart. Understanding that there is only 16 days left to expiration, I shaved 1/2 the position off @ .45 later in the day and am looking for ECA to get a continued push up to 31.90 if it can clear the neckline on the inverse H&S that comes in at 31.50
With Oil prices north of $82 and the dollar sliding about 10% in the last 2 months coming to rest at the 200 SMA, I thought ECA would be a good Basic Material play for a short term push at a minimum. If 31.50 gets taken out I will look for 31.90 followed by the 50 MA at 32.05 and possibly a push up to the downtrend line around 32.25.
Break even at expiration in this position is 32.30. I do not plan on holding it all the way till expiration. I have shaved 1/2 the position and will look to take some more off into strength.
Depicted below is a daily chart and a 30 minute chart provided by Think or Swim
ECA daily
Notice the short term bottom at $30 and the green down trending line as discussed above
ECA 30 minute
Notice the Inverted H&S and resistance at the 31.50 level as discussed above
Trade well,
Pete
UNG stopped out
I got stopped out of my UNG sep 9 Calls for a loss of .02 yesterday. I did not like the fact that the pattern looked to be falling apart and Nat Gas was taking a beating. Today it regained some of the losses from the last 2 days. I wanted to take some risk exposure off, but will continue to monitor UNG in days to come. Today's piercing pattern got it back above the 50 SMA. If it can get above the 5 SMA I will look to possibly get long this name again.
Trade well,
Pete
Trade well,
Pete
Monday, August 2, 2010
Massive Action Hitting F Sep Calls
I am noticing massive action hitting the F sep 12 and 13 call strikes
Here is the chart. It traded between roughly 10 and 12 for the last couple months. Earnings gave it a nice push up and after bull flagging looks to be getting a nice push up and seeing massive action hitting the 12 and 13 Sep calls.
Here is the chart. It traded between roughly 10 and 12 for the last couple months. Earnings gave it a nice push up and after bull flagging looks to be getting a nice push up and seeing massive action hitting the 12 and 13 Sep calls.
Sunday, August 1, 2010
Stocks To Stalk
Hope every one had a great weekend. I will be stalking the following stocks for this upcoming week. Please keep in mind when earnings are reported.
I am still holding UNG Sep 9 calls with a cost basis of .21. Check out the nice setup on this one. Nice base pattern with a nice Cup & Handle
If the market gets a lift I will be looking to intra-day trade the following stocks. I will focus closely on these and if others come along I will try to post them on Twitter as I enter the positions. We are still in a sensitive area on these markets and they can rip higher or get smacked down just the same.
APC
BIDU
CBOU
CLF
CROX
CMG
CRM
FFIV
JEF
Having issues with ToS so unfortunately will not post the rest of the charts, but here are a couple more to watch.
MELI
NCR
OVTI
RIMM
RINO
RVBD
STRI
VECO
Continue to watch the ags., AGU, IPI, MON, MOS
I also like some XHB and the setups in that arena
HOV
DHI
BZH
LEN
JOE
Copper has been heating up again so keep an eye on FCX, SCCO and TCK which pretty much have their hands in everything and about 18% exposure to China.
Trade well,
Pete
I am still holding UNG Sep 9 calls with a cost basis of .21. Check out the nice setup on this one. Nice base pattern with a nice Cup & Handle
If the market gets a lift I will be looking to intra-day trade the following stocks. I will focus closely on these and if others come along I will try to post them on Twitter as I enter the positions. We are still in a sensitive area on these markets and they can rip higher or get smacked down just the same.
APC
BIDU
CBOU
CLF
CROX
CMG
CRM
FFIV
JEF
Having issues with ToS so unfortunately will not post the rest of the charts, but here are a couple more to watch.
MELI
NCR
OVTI
RIMM
RINO
RVBD
STRI
VECO
Continue to watch the ags., AGU, IPI, MON, MOS
I also like some XHB and the setups in that arena
HOV
DHI
BZH
LEN
JOE
Copper has been heating up again so keep an eye on FCX, SCCO and TCK which pretty much have their hands in everything and about 18% exposure to China.
Trade well,
Pete
Subscribe to:
Posts (Atom)
