Thread: sniper's Account Talk

Looks like a pullback today. Major swing, looked like the breakout was for real, then BAM! the bears step in and swing it -100 (and counting) in the other direction.

Keeping my eye on this one, watching for it to possibly test the 20 day SMA next @ 13,100.

OCZ pick a few days earlier seems to be ignoring the market, it's got a mind of its own. Opened a short position on facebook yesterday out of spite because they forced the "Timeline" template on everyone. It's more a small, fun play than a technically sound one, but it's winning so far

Holy FFFFF, as i wrote this OCZ just ripped by 40 cents, what the hell is going on haha.

I've been considering a short position in facebook because of all the shares being made available in bunches over the next year or so. Wish I knew about that sooner!

Originally Posted by bmneveu

I've been considering a short position in facebook because of all the shares being made available in bunches over the next year or so. Wish I knew about that sooner!

haha, i was actually thinking of shorting it at its IPO date, but I didn't have the guts at the time, would have been really profitable! I doubt the forced move to timeline will make that much more of a push down, if any. I may cover it soon and settle for 4-5%, it was just a gesture to say FU to facebook haha.

settled for a 3.5% gain on the FB short, that play was more for fun than anything. OCZ stopped out at 5.55, i'll take a 20% trade anytime

DOW meeting 20-day SMA, a little pullback was to be expected, still holding my C/S position

20-day SMA held tough today, let the bull market continue

bounced nicely off the 20-day, formed a hammer. may see a bounce upward tomorrow

dow8-22-12.png

Why I sold OCZ, went back to chart reading basics lol (not really, just saw it on stocktwits and thought it was hillarious)

With an over 100pt selloff, I was expecting volume to be much higher. if the volume ends lower than yesterday's, it might be a sign that the pullback is running out of steam

dow8-23-12.png

djind chart shows a possible cup & handle trying to form (i believe i was looking at the 9-month chart when spotting it)

still holding c/s, possible exit it 12,900 support fails. hopefully it doesn't come to that, though!

I gotta admit, this was a nice picture but lol. Anytime you see headlines like this you can guess the next day is gonna be green

This week was a bit of a pullback week, finishing negative from monday to Thursday, then finally a relief rally of 100 pts on Friday. TSP account had a loss of 0.65% for the week.

The DOW recently was riding a rising wedge, so I was expecting a short term pullback, but holding my position in the C/S funds, predicting that the longer term return from waiting it out till the end of the month would prevail. Time will tell if that call was the right one!

8-24 Dow Analysis.png

The breakdown of the rising wedge rebounded shortly after crossing the 20-day SMA, on a 100 point low-volume rally. While low volume rallies usually concern me, this one actually was a good move because it didn't put the DOW in an oversold condition, indicating that this rally still may have room to move upwards. The DOW Transportation Average (IYT) closed flat today though, which does raise a concern.

8-24 Stochastics.png

I have to admit, it's taking some discipline to stick with the system and not react on gut instinct or emotion. A year ago, I probably would have moved back to the G fund after a 100 point loss, and especially after reading doom & gloom headlines like this from CNN.com, believing everything I hear on the news. Instead, the new system has me react mainly based on chart trends, eliminating (as much as possible), trades made due to the human emotion factor.

Where will the market take us next week? Who knows. A fed report is expected next Friday, and there has been a lot of speculation whether this will be the QE3 investors have been waiting for. Rumors of it possibly happening soon likely caused the rally today, and it may continue until the 31st. Correct me if I'm wrong, but 'holding' your position on the 31st, is that a lot like holding a stock through it's earnings report? I may be a chicken on this one and take a defensive posture on thursday (50-60% position in stocks) if the rally is strong up until that point. Reason being, if there is a lot of optimism riding through next week, there is a much greater potential of disappointment, and a disappointing announcement by the Fed could turn the market ugly in a hurry.

As for now, I'm maintaining my position of C/S. Have a good weekend all!