Speaking of financial, anyone here still holding C?

I was holding some batch of C when it start dropping to 42 same price as JPM, then I switch them out to JPM instead.

C now below JPM price, but looks like C is moving up again after bottom at 36's and if it looks like about to break above $40, I'll switch them back. I think this baby is about to make its upside move again.

Closing update for June 14th

Dow 12076.11 +123.14 +1.03%
Nasdaq 2678.72 +39.03 +1.48%
S&P500 1287.87 +16.04 +1.26%

The bulls came back and took back Dow 12K but I don't think we're out of the woods yet.
Still got plenty of supply to chew through here on this oversold rally.

Took my shot at AAPL July/June calls spread. Let see how high it can go.

Guys,

More opportunity tonight.. big puke again. Overnight Greece fears.. China fears..
and the big one is debt ceiling and economy slow down again. Going to be a roller coaster.

Watch that support line:
Dow 11917
SP500 1165
Nasdaq 2630

Also, watch big IPO, online music service: Pandora (ticker: P) will debut, expect price to be $15~$16 (est. $2 bln market cap).

AAPL will be in tight trading range between now and end of the month.
I'm holding on my July calls spread too from around 326 area. I've sold June 340 calls which will expire this Friday.

Let's hope 325 hold and bounce up only after the quad witching this Friday.

Had to bail on my AAPL calls spread at around 328. Both Dow and SP500 lost the Monday lows.
Definitely downside here.

Watching March low for support:
Dow: 11555
SP500: 1249

---

Added on June 16, 2011, 1:08 amSame as C. so much for 40s.. back below 38 again.
37 better hold here for C, otherwise it will be 35-37 range play for next leg down.

I'm still holding on my JPM. Watching that $40 support area.

This post has been edited by danmooncake: Jun 16 2011, 01:08 AM

Closing for tonight
Dow 11897.12 -178.99 -1.48%
Nasdaq 2631.46 -47.26 -1.76%
S&P500 1265.42 -22.45 -1.74%

It was really ugly day. A lot of bulls got trapped yesterday if they've bought into the surge yesterday.

KVReninem,

Did you short?

Anyway, I think you must have meant it fell through support 11900? 11900 was not the resistance.
Resistance is at the top of the current price not below the current price.

12000 was the support yesterday but it gap down at open. The bulls tried to bring it back up but couldn't hold on.
2nd leg down went below 11950 by the 3rd hour of trading.

Anyway, I'm seeing there is minor support around the 11800 on daily chart over 3 months, and real support will be 11500-11600 area (March low). If March low gets taken out, look out below! We could easily lose another 500 pts to 11000. At this level, it would equal to last year April-July correction (approx. -15%).

Bears in control for now! Good luck to all.

This post has been edited by danmooncake: Jun 16 2011, 04:44 AM

Yes, those options will decay especially when the market goes against you in the other direction.
Given even one day, a roundtrip back to the same price, can also decay. Therefore, one must be very careful when playing with options. That's why sometimes you've to play both sides (both calls and puts) and hedge with the underlying stocks as well.

Initial Claims: 414k drops 16k
Housing starts: up 3.5% (May) vs 1.9% (Apr); Units Sold: 560k (May) vs 541k (Apr)
US Housing permits: 8.7% (May) vs 1.9% (Apr)

Short term buy signal is in.. but, I'll sell the rally or pop.

This post has been edited by danmooncake: Jun 16 2011, 09:25 PM

Dow up 70 pts, SP500 up 7pts. Time for me to unload here.

I'll reload again when it dips. Going to take a few more days for this work out.
Nice trading range at the bottom of this support area.

Remember, tomorrow quad-witching day. More bargain sales - I hope.

Closing for Thursday
Dow 11961.52 +64.25 +0.54%
Nasdaq 2623.70 -7.76 -0.29%
S&P500 1267.64 +2.22 +0.18%

Don't be fooled by the green shoots in Dow and SP500. There were some massive algo selling to trigger stop losses during the last 2 hours. Basically most of them recovered. The next trading session is going to be really interesting.

I'm playing AAPL bulls calls spread again: Bought 320 July Sold 330 June when AAPL was around 320.
It was huge bargain. Looking to sell in the pop again perhaps the next trading session.

After Hours:
RIMM drops 15% after yet another disappointing quarter.

This post has been edited by danmooncake: Jun 17 2011, 05:38 AM

You are correct. DJ isn't much the barometer anymore. That's why I use the SP500 more than Dow 30 index.

One thing I missed on my reading couple of days ago when I say we need to watch SP500 at 1250 (March low),
well, we have to bump that up to about 1255-1258 area because the 200MA line has crept up!

I almost forgot about this important line (200MA).

SP500 was essentially flat today and it dips to 1 pts closer to the 200MA line today. Very dangerous!
This is very critical because if SP500 pierces through that line, it is going to trigger MASSIVE sell off, one after another.

This is essentially the same for all other stocks. When their line drops below the 200MA, it WILL trigger the sell off.
That's why you could be seeing most of the stocks are still in red while the major indices are in green.

Nasdaq today FELL below that line, that's why it is red. Dow is much higher but if SP500 falls, Dow 30 won't be far behind.
Remember to use stops to minimize risk.

Z: The computers are in control here. It doesn't matter if the stock (like AMD) been upgraded or not.. once sell order in place and if it part of an index (Nasdaq), it will go down like the rest of the dominoes.

Once the 200MA gets taken out, it will be like last year.. it will take approx 4-8 weeks for consolidation.

Be prepare guys!

It has been like this for the past weeks... all rallies are sold into or just fade away by end of the day.

Yes, it may not make sense because AAPL now is below their stellar Q1 and Q2 earnings.
Their forward PE is incredible cheap!

IMO, long term investors do not have to worry too much, just keep accumulating it when it dips.
But, if you play with options.. watch out!

This post has been edited by danmooncake: Jun 17 2011, 10:24 AM

IMO, I think RIMM mgmt got to go. They saw it coming yet do nothing much about it. Quarter over quarter declining sales but the outlook given for next quarter is so brim that as if this company going to bankrupt. Stock prices have decline below March 2009 recessional level. How can this be? This is on the sell block on many funds now. More downgrades coming soon.

Anyway, tonight is quad witching and the situation in Europe is much better with comments from French president that the deal is coming and with Euro market in green, trigger'ing green shoots in Dow futures.

So, we'll get a nice pop at open. I'll be selling into the pop and take my profits here.
I am still going to trade this market for now. Watching that resistance at 1276-1280 level.

Good luck to all.

---

Added on June 17, 2011, 9:43 pmDumped all my AAPL calls spread right at open around 329. Get ready for another reload by closing when they sell into closing.

This post has been edited by danmooncake: Jun 17 2011, 09:43 PM

I've dumped all my AAPL right at open to take advantage of the pop. Now looking at reload opportunity.

Looking at around low 321~322 area.. for possibility. MM are in control today with option expiration.
I think they're going to pin this below 325 to make sure June expire worthless.

---

Added on June 17, 2011, 10:22 pmI got my AAPL 322.. reloading some here.
Keeping an eye out for 320 as well.

---

Added on June 17, 2011, 10:30 pm
Adding at 320.50.

---

Added on June 17, 2011, 10:43 pmKa-ching.. I'm out 323... good enough for this weekend!

This post has been edited by danmooncake: Jun 17 2011, 10:43 PM

MM computers in control here.. not fundamentals trading now. Remember what I said about that 200MA, well, it is below it now. We got more downside.

For Greece debt, watch news from Europe on Sunday. I don't think Europeans want them fail but Greeks don't care less,
they just protest and keep fighting whatever austerity plan they were given. Always wanting something for nothing and I think the Germans are tired of bailing their big fat asses.

This post has been edited by danmooncake: Jun 18 2011, 12:08 PM

I'll probably take some if it gets to $25. Looks like a take over candidate from here.
Both trailing and forward PE now drops to less than 5.

Tonight, we got Greece fears again.. so market will dive at open.

Buy the dip, sell the rips opportunity here. Good hit and run opportunity here.
AAPL @ 316. TCK @ 44, LVS @ 37.50


This post has been edited by danmooncake: Jun 20 2011, 08:22 PM

Good evening folks,

I missed trading yesterday because of work.

Looks like Dow and SP500 hit the short term bottom here (lows Dow 12K, SP 1255-1260).
Also need to stay cautious here after 2-3 days of green, watch for the news from Greece (vote of confidence)
and also Bernanke speech tomorrow.

Short term - should be good for more green shoots tonight.

I'm up over 202% on my AAPL $320 weekly calls!! Just bought this at market open.
Freaking awesome! I'm cashing out now.

Since we're waiting on the Greece thingy, I'm not waiting for SELL the news.
I'll re-buy if it looks safe later.



This post has been edited by danmooncake: Jun 22 2011, 02:32 AM

Market got more juice!

Dow 12190.01 +109.63 +0.91%
Nasdaq 2687.26 +57.60 +2.19%
S&P500 1295.52 +17.16 +1.34%

Playing AAPL option is not for the faint of heart here.
AAPL is nice trading range (310-365)... it moves like a clockwork over the past 6 months.
It is still in a downtrend (since Jan highs).. but when it is below 325, it is buy. But, keep selling (go to PUTs) when it is
around 345 or higher.

It moves very fast especially the weeklies. The trick here is to buy in small batches,
and load up as underlying price moves up.. I found by using the 15m chart with
20ema and 50ema line works best for AAPL during intra-day trading. As long as price remains over
the 20ema, 50ema, you're good to go. I never keep overnight when playing weeklies options.

For swing trade over several days, monthly options, better scale in using wider spread and
always sell the front month or out-of-money options to offset the premiums.
When playing front month, I never keep over 5 days and if still underwater by 5th day..
that's means it working against you. I would cut loss.

I'm just for trading AAPL options now and waiting for more opportunity to load up on the commons.

I guess that's the same for any other stocks. You must know its price pattern and trading range.
Once you got a good handle on its underlying price action, you can manage the options part later.

Now, we'll see if the market can break up the resistance level or not.. SP500 - 1300, Dow 12250.
By the way, the summer of fear isn't over yet.

This post has been edited by danmooncake: Jun 22 2011, 10:51 AM

That's usually your broker. Use the real time chart offered by your broker.

Anyway, I'm back in AAPL for another trade today.

In 325 for calls spread.. looking for 4-5 pts out today.
Everyone waiting for Bernanke speech. I'm hope to be out by then.

Got to day trade this market until sentiments improve.