Wednesday, July 15, 2009

Lunch w/ Qman on Stocktwits TV - Edition #2 (7.15.09)

Episode#2 of Stocktwits "thingamajigger" - that needs to be patented...LOL!

Challenging market when neutral. Not sure if many are catching this move. If so, kudos and bottle up these wins!

Strategy - let the tape move in and out of positions. Let stops work. Have a plan for each and every trade. Know your stops. Portfolio naturally moves back to cash. Not an immediate re-deploy of capital. Stay out of emotional fray. Let the tape move back in. All about position management...trades not turning into investments.

Thesis is Longs will/could start to set up. Identify entry and stops.

Let trades be 100% mechanical, but not always the case. Always know where stops are and where profits points are.

Charts - same position as 8 days ago, but feels different. Coming back into critical overhead resistance area. Emotional capital trapped here.

Semis - shining star on huge gap. Could be a evening star.

Its ok to wait and be patient.

S&P going back into right shoulder. Let it play out.

BJS - hit first profit target and took 1/3...raised stop to entry. Will be out of trade before it reports earnings.

MA - still in, but painful. Stop 175. Watching emotional level. About $5 underwater.

PCLN - stopped out at 110.

QID - not so graceful exit here.

ARO - short stopped out at open.

XRT - still short. Within 4 pennies of stop.

Mentioned buying strength, leadership from reading Howard Lindzon's book, seen at Amazon here: http://bit.ly/2IDWa

Mentioned checking macro idea's/emotions at the door. Look at longer term charts. Example of auto-parts index at new all time highs. Break down trading in time frames.

AAP - looking at Weekly. Multi-year consolidation. If it breaks out of consolidation, with high volume, then will buying. Would set stop around 40.50 from early June. Need to adjust size accordingly. Give it a long enough leash.

GHL - financials are leading. Moving sideways. Previous attempts. Stopped on each occasion. "Longer the base...higher in space."

Remember, this is marathon, not a sprint.

Questions

GOLD. Likes the GOLD weekly.

QSII - watching for a long time. Weekly moving sideways. Breakout early 2009. Consolidating recently. Watch Daily chart for a prudent point of entry.

ATML - referred to MCHP - all the semis are ripping. Looking similar as this group is leadership. Watching LLTC. Trend line from February.

GOOG - broken out of big weekly train. Not a buyer or steeping in front of freight train here.

SMH
- not chasing here.

CPRT
- could have some catch-up ability. Stick with other car names mentioned.

FITB - looks good. If play, place stop below 50 day.

Overall Strategy - wait, watch, let stops work and start to move in with prudent points of entry.

Monday, July 13, 2009

Qman's Stocktwits TV Inaugural Address 7.13.09

Shaking off the nerves and the newness of the future of financial innovation.

S&P = bear sandwich
Current approach - switch to neutral - reference from weekend Tape Talk. See it here: http://www.tickerville.com/index.php/site/comments/all_eyes_on_875/
Still looking short, but not acting on it yet, i.e neutral.

Head and Shoulders...blah blah blah...too perfect?
TA101 will put your head on a platter in this current environment.
Still need to prove this pattern

Mentioned the QID and where to place Stop to avoid the obvious areas.

Stopped out of AMZN short today due to TA-101 stop.

Seeing some lower highs in big cap tech names. Wedging into overhead resistance.

Currently short ARO, stop at 35.80. Look at weekly, huge "V".

Stopped on XLF today. Meredith Whitney and GS upgrade set the tone for today.

Seeing some commodities starting to bounce, follow-thru.. Long some DBA here.

Looking at BJS - Weekly - double bottom. Could be a significant higher low.

Watching ACI - daily not showing much. Weekly chart - could be another higher low.

FCX
- if commods get a bounce, it could run. But, Qman looking at it as a possible short. Needs to get over right shoulder to confirm as a long.

MA - currently short - topping pattern - 175 major overhead resistance. Just hanging around right now. Be sure to check earnings.

PCLN - currently short - significant lower high in Weekly - look at Daily, and you will see the infamous H&S.

Potential short of XRT. Stop above 28.40.

Ran out of time for any questions. Tune in Wednesday, for Episode #2.