Unloaded 1/2 C @ 4.15 for 7.5% profit.

Sold 1/2 off TM 79.30.
Will buy back later if we get pullback.

Stocks prices are high now, time to look at your holdings and shave off those tops or sell those non-performing stocks.
Wait for better re-entry later.

Closing update: 4:22am
Dow 10733.67 +47.69 +0.45%
Nasdaq 2389.09 +11.08 +0.47%
S&P 500 1166.21 +6.75 +0.58%

All 3 major index hit the all year high tonight.

FUQI -> China jewelry pirate ship hit number one decliner on Nasdaq. -37% -

To be safe, don't play for bounce for now 'coz stop will be taken out quickly with mounting bad news
yet to come in. I can't find any shares to short either - seems to be hoarded by institutional investors for now.
This company is now mounting lawsuits and being investigated. Most likely to hit sub $10 by end of this week.

This post has been edited by danmooncake: Mar 18 2010, 05:10 AM

Go ahead and try it. But, I can't find any shares to short.

I can see intermediate support at 11.75 but it could break and drop below it tomorrow.

Next support would be around 8.5-9.5, and another level is: 5-6, back to pre-2009 price.

It is oversold now and if you play it right, it could snap back for bounce play (perhaps up to 14.80) - just like STEC.

If this drops to 10 and hold, I'll play the long game. I re-read their earnings announcement and
re-instatement of their earnings may not be that bad.

There are lot of companies that have accounting errors never recover to their pre-accounting
errors price because of tarnish to investors confidence but the snapback could be wonderful buying opportunities because buyers fear have created massive gap that needs to be filled.

Good luck!

This post has been edited by danmooncake: Mar 18 2010, 07:44 AM

Good luck Hong lun! We all learn from this crazy market every day.

Good idea to start small.

The S&P, Dow and Nasdaq have top out today. You know what happened when we top out last time in Jan?
We had a 2 weeks correction. When the majors pull back, everything moves along as well.
If the market opens red, this thing could gap down at open.. probably below 11. Use caution.

I'm in FUQI - 11.80, SL: 11.65, trying to scalp some here.

Update 9:48pm: Out FUQI: 12.25 just scalped: $200+ only.


Will try again if it dips below $12 later.

This post has been edited by danmooncake: Mar 18 2010, 09:51 PM

Ha! Deciding when to sell is always much harder.

Today, the econ data came out better than expected (jobless claim, cpi, philly data).
The market is moving slightly higher now.

Here's what I'm doing with all my long stocks. As the market moves higher, I'm shaving some off the top and adjust my position. I'm not ready to go short yet, just lighten up on my position and let the rest ride up if it goes higher.

If we do pull back, I'll be long and buy the pull back for now. The bearish fear seems to be gone for now (VIX is so low).

Good luck!

---

Added on March 18, 2010, 10:10 pmThe only way to test is to do some paper trade with its recommendation and see what happens.
Let us know if it works out for you.

I've tried two popular ones like stoxline and american bulls with actually BUY and SELL recommendation.
Both have hits and missed. It doesn't work well for leverage ETF.

This post has been edited by danmooncake: Mar 18 2010, 10:13 PM

Scalping.. huh?

I'll re-enter if we drop below 12 again..
Hoping to see it one more time dive to 11.70. I think there's support here.

Looks like it is.. they're slowly accumulating..

I'm moving my queue up - 500 shrs@11.90, come mon back down and gimme gimme gimme

This post has been edited by danmooncake: Mar 18 2010, 11:08 PM

Closing update:
Dow 10779.17 +45.50 +0.42%
Nasdaq 2391.23 +2.19 +0.09%
S&P 500 1165.82 -0.39 -0.03%

Market went higher and higher..

Yes, look to me it is.. we could be at this level for a few more days if the bulls are on mad stampede.
I've lightening my load here in case we pull back.

My order for FUQI got filled 11.90 yesterday and got stop out tonight at 11.60.
Back to even after some gain yesterday. Market wants to pull back now. I'm staying out till this settled.

But, I went short on China - bought some FXP: 8.16 at open.

This week we got all a few problems surfacing - ie. Greece, US health care and possible trade wars with between China/US. Market of course will take excuse to sell.

If some of you didn't go short last Friday, tonight got still got chance for entry at premarket.

Just wait at least 2-3 days or 2%-5% dropped off the DJIA/SPX before picking up going long again.

Last week - was the chance to bounce but it didn't happened. Clearly, no support at that price: $11 or higher.
This week, most likely single digit until it find its base. Better wait to see what happens as the market itself
doesn't look good.

Damn.. FUQI recovering fast.

The dips are being bought..

Now re-accumulating C. Bought another batch at 3.89

Started a small position for TCK: 37.95
Still holding FXP since last week - I think China is bearish. Looking to exit near $9

Waiting for more pull back for ERX and TNA.

ERX:34-35. Yes, I'm thinking if it drops to that level, I'll start a position.

C: 4.05~ 4.20.. I'll thinking selling again.

Wash, Rinse, and Repeat until it breaks out of range.

I'm queuing 10.50. Difficult to catch this snake.
Looks like 10 is the bottom but if it is not for market reversal, this thing already in 9.50.