Well, after having listened to Jeff and Eric on the market cast they seem fairly certain we are headed higher and the market isn't very worried about he subprime and credit issues. This makes me feel better about my bullish bias in options, and the fact that I am looking to get into AAPL. This trade has me in a dilemma, the much lower risk entry is at 175, however it was basically trading in a range after gapping up in a flag type setup and it broke out today. It seems to me, since it has lagged GOOG and RIMM, that 200 is more likely than 175 with it breaking 190 today. It has the release of the iphone coming up in Europe as well.
It is a bull market but part of it seems wreckless to me, I would hope people aren't just forgetting what happened in late July as they suddenly realized subprime and housing was a problem.
Oh well, it isn't my job to anticipate the market, I just have to react and diversify to try and minimize how the market impacts my positions.
Speaking of positions, today my account gained back 3%, who would have thought following rules would have actually worked! Like I knew it did in the first place but decided to lose a lot of money to remind myself.
Anyways, all my positions were up or flat, even one put play worked today, as it should!
At the end of the day I got into TSL, it broke above some resistance on above average volume, so I got long, as both a play on china and solar, with FSLR blowing up this could be an alternate play.
Had I been watching AAPL during the day I would have likely been inclined to take it down, but I was working, lame. The problem now is I am almost fully invested with my whole account. This isn't really a problem for me, but from a standpoint of possibly needing some emergency put insurance I may have to hold off a little.
We'll see if we get a follow through up day tomorrow, not much economic data until next week and I'd like to see a good two day rally.
Happy Trading!
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4 comments:
Guess who got emotional about TSL and got in at the open...
UGH!
Oh no, I was going to post that you may have saved some money not getting in :-( A finish below 62 is my exit, its basically right there.
I think all these positions are setting up to crap on me. I can't buy any damn SPY puts either!!!
I took a small position, so a decisive close back into the pattern (I had a symmetrical triangle drawn) is my exit, somewhere at or below $61ish...
We'll see!
I wonder why they think the market is not concerned with the subprime stuff. Everyday it seems like a new company comes out with a larger loss than what they had previously said...which by the way is fraud..if you know how much you are losing and hide that to the shareholders and then come clean--what is the difference between that and what Enron and other companies did.
We are talking Billions here. The Feds cut rates and the market went nowhere.
If we are supposed to react to the market and not predict it-isn't it telling us that the subprime problems are a bigger burden that what they are letting us believe?
I know you are the messenger on what the marketcast said, but I am just thinking outloud.
Dan
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