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The Market Speculator
The diary of a market speculator who trades stocks and commodities using technical analysis, chart patterns and trend following methods.
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Posted on Wednesday July 2, 2008 at 11:38 PM
I am still holding my SSO position. I bought at $59.96 and it closed at $59.66. Although today did suck, remember that the lows in the S&P still have not been pierced. I am still playing the bounce until my tight stop is hit. I am still holding PBR as well. The stock is sitting right at moving average support. We'll see if it holds. Today's WYNN trade is looking good. I went short at...
Posted on Wednesday July 2, 2008 at 09:11 AM
I went short WYNN today at $85.03. I only took a small position because I could a move up to the 20 day moving average. I would likely take a full position at that level....
Posted on Tuesday July 1, 2008 at 12:45 PM
Things are looking ugly and the sentiment seems to be quite negative out there. I bought SSO at $59.96 and PBR at $70.15. Note to anybody playing a short term bounce. You must be willing to take a small loss. I do not make these types of trades without a low risk stop on place....
Posted on Tuesday July 1, 2008 at 12:45 AM
As noted at the end of last week, I have positioned myself for a bounce. However, these plays are short term and I will use the bounce to deploy a number of short play. Here is the plan for the S&P. This chart annotes SDS, the inverse S&P short ETF. Looking at the S&P from an inverted perspective, via SDS, it's obvious that the bears are in control and strategic shorting is the best way to...
Posted on Sunday June 29, 2008 at 11:38 PM
Below are two sector lists. The first is the best performing over the past year, while the latter lists them over the past month. The sectors that show up on both lists are the ones I am most interested in right now, since it seems to be where most feel safe parking their money during the current market....
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