http://www.investopedia.com/terms/g/gtc.asp

IMO, the best way to trade is to open a DIRECT account with a US Brokerage like most of us here do.
With the local broker, not only you pay fees but you're paying immediate exchange rate on spot. This is insane.
Keep your money in USD until the rate is favorable to you and repatriate later. Stop feeding the wolves in Malaysia.

This post has been edited by danmooncake: Jul 14 2010, 09:35 PM

Profit taking in progress... aiyo. come on C, cross to 4.50$

That's correct but C now is a BUY for any pull back to low $4.

BP can sell soon? more upside? Anyway how many stocks do you guys usually buy?

for me, depends on risk aversion, capital, news and holding power.

If you have a capital of USD5,000, u work out how much u can buy. Diversify, or buy ETF.
If the share price, take C as the most popular stock discussed here.

C @ 4.20 x 200 -->$840
if drop, buy again say
@ 4.00 x 200 -->$800
if drop again, average it. REVENGEEEEE @ 3.80 x 300 -> U$1140

So that like putting all your money in C. Total shares : 700, value at USD2,780...

I'm sure u can figure it out.

Are you holding BP?

Closing update:
Dow 10366.72 +3.7 +0.04%
Nasdaq 2249.84 +7.81 +0.35%
S&P500 1095.17 -0.17 -0.02%

Despite great earnings from INTC yesterday, market is very reluctant to go higher. Strong resistance here at the 50MA. Sold off rest of my longs and holding cash now.




This post has been edited by danmooncake: Jul 15 2010, 04:42 AM

according to our theory, if stock remains one place with good news, the dip will come soon.

US states governments are actually broke now. California reduced staff salary to minimum salary. Some states do not pay the bill.

most of the US citizen feel that they are in recession. yet all earnings from INTC or YUM are actually a result of their oversea business at China, etc.

Of course the opposite side is good earnings which drive up the stock prices. Yet JPM and C results will be out soon. If we have one big earning dissapontment, then the stock will dip a lot.

What do you think?

This post has been edited by epalbee3: Jul 15 2010, 08:18 AM

Yes that's why asking you guys haha

If you're in positive territory, nothing wrong with taking profits!
Profits always good, no matter how small. Just don't be greedy.

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Added on July 15, 2010, 10:26 amIs that your theory?

Anyway, from what I can see.. the SPX is 85 points from the low, 55 points to the target for January high, 125 points to target for April highs.

The technicals are indicating stocks becoming a bit over-extended after moving up for more than 5-6 straight days, demands are slowing, and market due for a pause or a small pull back. Whether we will roll over or now, dunno yet. SPX printing doji now but we need more data points to see clearly the direction. If SPX breaks down 1088, then it will be sell signal.

IMO, so far, earnings are not done, and US companies are reporting very good results which makes their valuation cheaper (whether internal or external). The US economic news aren't stellar but they're not negative. Slower growth doesn't mean zero growth here.

Bulls may not want to give up yet until market gets a bit more higher - which will make valuation less attractive, then we will get the bigger sell off later.

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Added on July 15, 2010, 8:42 pmUpdate: July 15 8:42pm

All right.. looks like still a bit bullish tonight.

JPM and Marriott results are good!

Initial Jobless claims also good this week: 429k vs. 454k (last week)
Except for PPI for June: -0.5 vs. -0.1 (prior, looks like deflation here)

Update: 9:40pm
Traders to continue to sell at the resistance level here at SPX 1095 and Dow 10400 despite better results from JPM and Marriot and also initial claims. Waiting to see if we fall below 1088 and close (then I'll short) or if bulls can come back later at closing (like yesterday).

This post has been edited by danmooncake: Jul 15 2010, 09:45 PM

Sold off my last batch of C at $4.14.
Waiting for below $4.

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Added on July 15, 2010, 10:12 pmHeavy selling going on in C. Has treasury started disposing again?

This post has been edited by mH3nG: Jul 15 2010, 10:12 PM

No, just profit taking after so many days of up. General indices are showing sell signal.
Wait for C to dip to $4 again and watch for uptick before buying back.

According to the above theory, it will dip another few days.. let's see if this is true..

This post has been edited by epalbee3: Jul 15 2010, 10:28 PM

haha BP went up again just place GTC at 50 for 200 the rest keeping

$50? Good luck to you.

BP surge on rumor that that they will cap the well soon. That's it.
I'm staying away from BP. If it goes to $40, I'll short it.

Thanks. Just saw it breach 37 lolz

me? I will short BP. If you work in O&G, u will know that the cap is not the final answer. the pressure build-up is so strong, it will break the cap.

we are talking about 1800m underwater pressure.

Closing update
Dow 10359.31 -7.41 -0.07%
Nasdaq 2249.08 -0.76 -0.03%
S&P500 1096.48 +1.31 +0.12%

Market dived in the early session after worse than expected PPI numbers but came back in late and near closing as good news from BP capping came thru, GS settled their case for $550m, and also passing of the FINRA law.

Not much change from yesterday but the volatility was good for day trade. Didn't partake tonight - too busy.
Tomorrow OpEX day.

This post has been edited by danmooncake: Jul 16 2010, 06:07 AM

haha,.. then my theory haven't started yet.. so according to the theory, if the market remains stable despite good news, big and continuous dip is followed.

for OPEX day, see the direction of momo first, then you decide which way to go.. just for the day..

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Added on July 16, 2010, 8:01 amIf you see Google quarter report which did not meet the estimate by analyst, tonight should start with a dip..



This post has been edited by epalbee3: Jul 16 2010, 08:01 AM

Well, some people expected GOOG to fail because of being kicked out of China last time. Not sure if this has any effect on its revenue.

Let see if the bulls can pull another assault on SPX 1100 and Dow 10400 tonight.

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Added on July 16, 2010, 10:24 amBP has more problems than that cap. There are mountains of lawsuits now piling up and the expenses to clean up the gulf area could potential wipe out BP's revenue for the next ten years.

This post has been edited by danmooncake: Jul 16 2010, 10:24 AM

The mother bank finally "WON" the SEC battle.

They will need to pay 550 million dollars or a little over 2 weeks income to settle and close the case. GS shoot aftermarket nearing 6.5%. If market is good, we can see GS to 155$ in no time.