Market Chasers

Round up for the evening: January 21st, 2009

January 21, 2009 – 11:53 pm

Here is a video listing my thoughts for the evening.

Today was great for my bullish stance. I am still bullish for a short while but I am still very, very skeptical of any type of rally. I take it as an opportunity to set trailing stops or tighten up my stops to lock in profit. As you guys all know, Apple came out with very surprising quarterly results and the share price skyrocketed after hours with just shy of 11 million shares exchanging hands. The should provide the tech secret with a bit of wind beneath its legs in the morning and hopefully, the entire market as a whole.

The VIX fell off a cliff today. I mean…GOOD LORD. It seems as though the VIX always seems to find a bit of support in the low 40s though. So what does that mean? It means volatility, uncertainty and a lower move is looming. The matter of when it happens is still a mystery but we still need a catalyst.

Here are a few names to watch out for tomorrow, or early next week.

Southern Company (SO): Long. watch the video for reference of this chart! Huge support at the 500 day moving average. Stochastics are in oversold territory and the MACD is rolling over.

Silver Wheaton (SLW): Short.

New York Times (NYT): Short. Break of a triangle formation. This is a great short for a few economic reasons as well. First, the newspaper is a dying form of media ever since the internet came out. Pair this with the fact that The New York Times currently has debt coming out of their ears and are basically on their knees begging people for investors, and the outlook is pretty grim.

Mastec (MTZ): Short: Wait a few days on this one.

Capital One Financial (COF): Long. Huge hammer formation today right at a Fibonacci retracement line. Be careful with this one though.

Bally Technologies (BYI): Long

British Petroleum (BP): Long

5 Responses to “Round up for the evening: January 21st, 2009”
i was wondering what trading platform you use.

could u make a post about how u got started in trading? did u start with a mock account? what were some biggest mistakes u made? what are ur major losses which u’ve learned from?

By AM on Jan 22, 2009
this sucks i was going to short MSFT possibly the worst company ever the stock hasn’t done anything in a decade always misses earnings why did they have to report before the bell lol i picked off AAPL at 80.20 yesterday going into earning for 1 reason only on every conference call there very cautious for guidance on upcoming quarter so analysts don’t expect a big number out of them i only play AAPL going into earnings for a trade only never disappointed me another great trade is to short oil going to inventory report like i said in a previous post too many supplys and they will be increasing more and more

By john on Jan 22, 2009
COF reporting earnings tomorrow i would be very cautious on this one as well

By john on Jan 22, 2009
@ AM
I use prophet charts.

I got started trading just because it was very interesting and somewhat of a challange. Think of investing/trading as a puzzle. I have used mock accounts, but those were way back when I was a freshman or sophomore in high school for an economics class (of which I won, huzzah!). Some of the biggest mistakes I have had is ignorance, not sticking to my game plan and most importantly, greed. Another big one I have made in the past is leaving to large of a gain on the table. When you are up 15% in two days, screw technical analysis and slap a trailing stop on your position. The one loss where I learned from my mistakes basically describes what I listed above about leaving too large of a gain on the table. When I first started options trading, I held some Bank of America options. I went from almost a $1500 gain in two days, to a $700 loss.

By jmoon on Jan 22, 2009
@jmoon has happened to me as well just look at todays market down 260 or something to down 40 on the dow any gains u make take them off cause this market will crush ppl if they hold for too long

By john on Jan 22, 2009

Round up for the evening: January 21st, 2009

5 Responses to “Round up for the evening: January 21st, 2009”

Post a Comment

Recent Comments

Recent Post

Pages

Archives

Categories