Sunday, February 28, 2010

MONDAY'S PLAY

Same as Friday's. Play the gaps. But since many of you are wanting me to give you the direction (I can't of course).....here go's. I called my contact at GS and he gave me the Algo code for the trading day.

1) Trade up quickly to take a run at the 50dma.....choke and puke and start dumping like a wino eating a bucket of 3 day old KFC. Hit 1092...stagger out of the bar for a couple of days then on Thursday nite drink 2 liters of swill and crap your brains out Friday after the Jobs number and collapse on 1040 Market Street.

2) here is the tricky part....Walayat says that March 6 market takes a beating for awhile then recovers so all I can tell you is that 1) may start on Friday. But I don't see a lot of upside this week for the market. DO NOT get heavy long this market right here ...you could get clobbered.

3) Be aware gold may have seen its bottom but it and the miners CANretest the lows set last month so you must be wary of getting too far on the long side of the miners boat here. I still advocate holding a position in the miners and staying long term in it. As Immred said you can overtrade if you let GS prod you. AUY EGO ANV SLW GG SSRI JAG GFI ...

4)As I stated in December this will be a traders year so you must be nimble but don't outsmart yourself ....If we get a pullback the next two weeks to 1040 I will increase my miners core slightly....Hold 50% cash in case things get Jiggly. and always pay attention to the 20DMA and 50DMA. gl gang

No reason for me to comment on this link .....it speaks for itself..bravo Jesse

http://jessescrossroadscafe.blogspot.com/

13 comments:

  1. SGY continues to do well, and LCC performing excellent, what a nice gain since it hit 2.90 toward end of last yr.

    joe

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  2. Crazy reversal on oil...

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  3. not crazy sammy ....we will see which course they take here.....my guess and joes was that oil wouuld get one last beat down before the spring ramp......I am playing dto but not heavy.....if you are long oil then hold on it will be back to glory. After the boyz load up on cheap oil then to the moon alice.

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  4. I'm neither long nor short...was actually hoping they ran oil to mid-$80s so I can pick up some DTO on the cheap haha... Guess that's not gonna happen. I figured some relief in Greece would boost the Euro, and see oil rise in the near-term. You see oil higher over the next couple of months? The supply/demand picture is very dim, it's hard to believe these crooks can run it into the $90s or higher...

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  5. Red,

    SGY did just fine from 15 last week to the close today. PBR is doing fine as well. Nancy hope you bought and made some money from SGY.

    joe

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  6. I don't trade the miner gaps like you folks do but I read your posts and took a stab today using options although my execution surely leaves a lot to be desired. I saw SLW gap down this morning so I bought some March 15 call options at .60 figuring it may reverse, like many miners seem to do each day. Now, the poor execution... Could have sold them for more than .90 but still holding them. Closed at .77. Maybe a gap up tomorrow will give me an even nicer exit.

    -C

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  7. maybe but if your goal is to trade the gap then you should have closed it....I use a dual strategy where I trade gaps and swing around a core.....Hey..its what works for you -C....gl

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  8. Joe trades gaps without a core because he can....AND because he DOES NOT need to hold a core ....he made his money last year and is only on this blog for our edification.....

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  9. kli, you usually do not encounter whales who care about average people like Joe does. I am not surprised at all about what you just mentioned, he does not even need to be in the market let alone taking the time and helping us. He is exceptional.

    Jim

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  10. Joe knows we are all fkd and it stays with his philosophy of contibuting ....If he can help us and we can help it all snowballs.......gotta do what ya can....

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  11. Weirdos are crawling on the SKF board, usually a sign for big market move. Probably related to lunar cycles like the way the crazies start jumping around in the nuthouse when a full moon is out.

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  12. What is likely target for sgy? Earnings were good,so that didnt really gap, looks like if if clears 19, it can skyrocket. Anyone care about Delta Petroleum?

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  13. SGY will rocket with oil sector move...if it plays out according to plan....GS should take down oil one more time for the clear out then SGY will move with it...just keep your eyes on it

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