Things I don’t care about: AENY & GGWPQ both have nice breakouts. I like to avoid trading OTC stocks unless they pump & dumps.
HEAT – Chart is overextended, but it is up on earnings. No easy play.
TWLL – Nice breakout on upgrade and increased guidance. Long on green.
VM – Nice breakout at $5.30. Long on green, likely to be a snoozer though, because it is a NYSE issue.
NLST – You should know this by now. Short on green/red or a break of $4.
Disclosure: No positions in any stocks mentioned in this post. I have a disclosure policy and you can find all my disclaimers there as well; those disclosure & disclaimers are incorporated by reference into this post.
#1 by johnc on November 19, 2009 - 9:29 am
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VVTV had some disappointing earnings… could possibly break $3 today which has held for like 3 months now.
NLST – good short if it doesnt break yesterday’s high
#2 by Preston on November 19, 2009 - 10:07 am
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TTIL nice breakout, volume picking up.
#3 by TheHawk on November 19, 2009 - 11:59 am
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Just curious: anyone have any macro thoughts on where the economy stands? It seems like so many people expect another major market correction, and yet, thanks to more printed dollars, the market just keeps going up and up.
I personally think we’re in another bubble, albeit a bear market rally bubble.
#4 by Reaper on November 19, 2009 - 12:59 pm
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Economists and pundits are worse than chance at predicting the economy or the market. I don’t see the point in playing guessing games.
#5 by Lakelife on November 19, 2009 - 12:58 pm
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Not sure if printing dollars is the cause of an upside in the market. I thought the tons of cash moving into equities fueled this years rebound.
NLST is a fun watch.
#6 by Preston on November 19, 2009 - 1:17 pm
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Problem is we could all debate the economy, market direction and the dollar and all have very different opinions, none of which really matter anyway.
Personally, I would rather rape a rabid gorilla than talk about any of those things.
When I was following some other people that’s all they would talk about is that sort of stuff, I just wanted to trade and they would debate shit that I didn’t understand and I thought I would never be good at this stuff if I have to learn about everything they would talk about. I was really frustrated because I’m not that smart and I need things simplified for me to understand. That’s why I like this site so much, along with Michael’s mindset to keep it simple and to the point.
#7 by Reaper on November 19, 2009 - 1:20 pm
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That sounds difficult with a rabid gorilla; I’ll stick to rabid monkeys … or just to trading.
#8 by Lakelife on November 19, 2009 - 1:27 pm
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Nice call on TTIL
#9 by Preston on November 19, 2009 - 1:28 pm
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Oh ho, I thought you used gorilla, my bad.
Very honest review of Tim’s stuff, I just watched the video. Another thing I could’ve added in the above comment is honesty, maybe the best trait of all.
I waited until today to write this so I wouldn’t explode with hatred for stocks, but I lost 50.00 on a second trade of NLST. I tried going short and got whipsawed out. Another very good rule is never go into a trade while steaming over a previous trade in the same stock. You have told me that before but I had to do it for myself to fully appreciate the value of it.
#10 by Preston on November 19, 2009 - 1:31 pm
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Thanks lakelife, but the move has been to gradual to get in IMHO. But I hope you did.
#11 by Lakelife on November 19, 2009 - 1:35 pm
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I was in at 1.62 after looking some things up. When it dipped to the 1.40′s…and I thought it was over for me. I set up a limit at $1.70 went outside to rake the leaves.
Well, it looks like it filled.
I don’t like the 22,000 average volume on this stock to get back into it at this time.
#12 by Reaper on November 19, 2009 - 1:51 pm
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BONT so beautiful … can’t believe I missed it. Perfect breakout, on earnings too
#13 by Preston on November 19, 2009 - 1:59 pm
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Yeah BONT is perfect, I just got back from lunch with some clients so I have not been watching like I normally do.
Did you just miss finding it (BONT), or you had it on watch and just didn’t play it?
Have you noticed the pre-leader longs have kinda disappeared, I haven’t been able to find any great ones lately.
#14 by Reaper on November 19, 2009 - 2:01 pm
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I saw BONT in IU chat but it was already at 11.60 … I don’t know why I missed it in pre
#15 by Preston on November 19, 2009 - 2:13 pm
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yep, my scan missed it in pre because the volume wasn’t high enough. It traded with very low volume (under 7000 shares which is where my scan picks up)until the market opened. That’s why I missed it.
#16 by johnc on November 19, 2009 - 2:26 pm
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im thinking DOW will rebound, in the coming week. Current action doesn’t prove anything.
Just another correction. but if it breaks any of the Long uptrend lines then i’d consider a turn around possible. Still bullish though. DOW 12,000 is where i’ll get curious. The high of 99′ up until 06′.
http://stockson.blogspot.com/2009/11/once-again-another-retrace.html
#17 by Preston on November 19, 2009 - 2:31 pm
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HA. MBCI comes up on my 10% gainer scan. That’s the one that fried of my wifes had borrowed money from the bank to invest in, it was around 1.30ish then.
They should’ve sent the money to me, or at least half of it when I told them to save their money, I hope they listened to me.
#18 by Preston on November 19, 2009 - 2:37 pm
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http://goodvibe.typepad.com/gv/2009/08/dream_on.html
john, if your interested in different views for market direction, I consider this guy to be an anomaly for doing that type of stuff. He really is very good, and a humble good natured guy as well. I just couldn’t get into market timing, to technical for me.
#19 by Preston on November 19, 2009 - 3:23 pm
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HW possible breakout to watch for tomorrow