That 'X' - multiple times... wonderful stock ticker for conviction 'orgy' buy!

Anyway, look at the market.. bulls gave up for now. Bears roaming around.
It certainly looks like being short is the new long here.

Oh darn..I'm slightly under water now with UCO. Need 9.86 to break even.
I think crude should go back up above 70. I'm going hold for a while since we're already at lows.

Should have kept my SDS. Oh well, can't win 'em all.

Update 1:45am
Folks, bulltrap part two here. I've jumped to VXX @ 27 to ride this down a bit.

Update 2:30am
Goldman Sachs said the upcoming Financial Regulations going to take up to 20% hit all banks profits if implemented!! If so, time to get out or short financials folks!

Update 3:20am
Took some profit in VXX 29.10.

Closing update:
Dow 10510.95 -114.88 -1.08%
Nasdaq 2317.26 -36.97 -1.57%
S&P 500 1120.80 -16.14 -1.42%

Another day - another bull trap here. Bulls got no more love anymore. We are getting very close to the 200MA here and if this blows thru another trading session or so.. a big trap door will open. We definitely going to drop below 10K, perhaps with a leg down to that fateful 'glitch' day on Dow 9800 or S&P 1065/1070.

Be very careful and stay cautious here.. Try stay in cash as much as you can (for longs).
Shorts - once the trap door is opened, you know what to do.

This post has been edited by danmooncake: May 19 2010, 05:15 AM

Yes, those calls options are worth quite a bit if we go downhill. Heck,even this Friday in-money calls are doubling already. Crazy volatility there.

I'm sure the bulls may want to pump it back up but the big boys in control want to push this down to 200 MA and lower to shake off the weak hands.

You can buy VXX just like an ETF or stock during trading hours.
It has indirect play for VIX.
http://www.ipathetn.com/VXX-overview.jsp

Yes, if you've an approved margin account for option with your broker, you can trade options.
Be careful with playing with options. It is highly volatile and lose everything by option expiration if you're not careful.
It can be very profitable too. I usually use it during extreme bear or bull market or if the price of the underlying stock is too high (eg. like AAPL or GOOG) etc.

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Added on May 19, 2010, 7:51 pmLooks like another downhill Wednesday night..

Continue to ride the VXX tonight till we get to SPX 1100, then I'll buy some (meaning going long).

Update 9:50pm
Looks like we got a small bounce back from the early drop but VIX still remains high. I'm still keeping my VXX unless it drops to 27.


This post has been edited by danmooncake: May 19 2010, 09:51 PM

Getting closer guys, be patient.

Ok, SPX 1100 is here. I'm out VXX for now (31.24), nice profit.
I'll watch for the uptick.. I'm going get some me SSO (2x) or UPRO (3x) for small bounce play.

Update 12:10am:
CAT hit my buy price $59.50..added some to my long portfolio here.

Got some LVS @ 20.90, for swing play here.

C - holding the line here @ 3.8..not going down.

Looks like I just missed STEC by a few pennies.. hey STEC come back down to $12.

This post has been edited by danmooncake: May 20 2010, 12:23 AM

Yes, if you're waiting for March 2009 low.. going to have to wait for a few more months.
We need more than Europe issue to take us back to Dow 6500.

Now, just enjoy sight seeing..if you riding this train. It is going to make some turns and climbs higher first before the big plunge towards the end.

Update 1:21am
Still red... but
Dow gave back 120 pts (10,446).
SP500 gave back 15 points (1115).

Closing update:
Dow 10444.37 -66.58 -0.63%
Nasdaq 2298.37 -18.89 -0.82%
S&P 500 1115.05 -5.75 -0.51%

Not as bad as it first did during opening.. SP500 finally touched 200MA and bounced back up 15 pts.
Dow however closed with a very inauspicious number (10444.37).

Dow still yet to see 200MA, perhaps tonight or Friday evening.

This post has been edited by danmooncake: May 20 2010, 05:30 AM

I think you'll do all-right with those two. They're quick and fast. For 3x bear S&P500, try SPXU. But, I find SPXU not as accurate.

Also, check out VXX which is the $VIX that I've mentioned. $VIX goes up, means SELL!

If both S&P and Dow cannot hold their 200MA tonight, we will see a HUGE leg down.
Yes, being short is the name of the game and the new LONG!

Have fun being a bear! Growl!!

I'm here.. riding VXX again and selling covered calls.

Update: Futures just drop another quarter leg after jobless claims came in worst than expected.
http://finance.yahoo.com/news/Jobless-clai...n&asset=&ccode=



This post has been edited by danmooncake: May 20 2010, 08:43 PM

Possible a good buying opportunity for AMAT - they've good numbers after earnings yet they're taken down
with this wave here.

This post has been edited by danmooncake: May 20 2010, 09:07 PM

The German legislatures trying to "control" the market by banning naked short selling and saying the market is "out of control".

The answer from the market to them is: SELL!

If AAPL breaks down to 235, buy the $250 JULY calls. It will likely double when we get back to $250.

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Added on May 20, 2010, 9:48 pmOpen an account directly with a US broker.. much cheaper, better tools and more direct trading.
Don't go through those remisier.. that's old skool.

This post has been edited by danmooncake: May 20 2010, 09:48 PM

VXX shot up 15%

Congratulations!!

I'm holding some till Opex tomorrow and I'll close out my position.

You're doing fine. Keep playing the VXX, or TZA during downturn.
TZA made 10% today, VXX made 15%, SDS lower but still got 5%

We're rebounding back slowly..then hit the short button again when SPX near 1100 again (by going long on those above).

BP got to my 52 weeks low price.. $44. Made a small buy here.

Wait another day.. everything will be much cheaper if we dive to SP 1040 or Dow below 10K.
But, let your shorts continue rip. VXX going higher!

Closing update:
Dow 10068.01 -376.36 -3.60%
Nasdaq 2204.01 -94.36 -4.11%
S&P 500 1071.59 -43.46 -3.90%

Holy molly!! More than 3% pull back on the Dow and S&P.
This blood bath is going to continue. No end in sight yet at the moment.

Tonight is going to be like a major hurricane season.

Not only the Greeks are protesting like nobody business, premarket added the
more bad news with jobless claims. Mid day trading, Sheila Blair (US FDIC chair) told the press
more bad banks added to the FDIC govt taken over list - normally this isn't an issue but now it has
caused more fears.

I'm holding on my precious shorts to ride this down a bit more, probably till another -20 to -30 points on S&P and I'm out for bounce play. Dow will most likely see 9K again tonight with OPEX day if no good news coming out from Europe by today.

Good luck and safe trading!

This post has been edited by danmooncake: May 21 2010, 04:44 AM

This bear is indeed vicious.. seems more powerful than the one appeared in February.

Yes, I'll get getting some July or Aug 250 calls depending on which one is more attractive for this bounce play.
I think S&P 1040 should be the floor here. The big boys will get their 15% cut there. They need to send
in the PPT to pump this market back up.

This post has been edited by danmooncake: May 21 2010, 09:40 AM

Yes..still holding. Down about 8% now.. not too bad.