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Colorado/Scotland, United States

Saturday, 14 March 2009

Weekly recap

I have been getting questions regarding the market and stocks. Therefore I felt I better update my thoughts for those of you who wanted to know.
Yep, taking some pain on my AMT,CCI short, but not a whole lot, still have plenty of ammo if needed. Also I have profit in the bank from prior trade from these 2. I must say my patterns for these 2 are in jeopardy of being invalidated. If thats the case I will take my losses and move on, but not there yet.
SBAC, just initiated the short very small. Looking for $25 to go big, See previous post regarding SBAC chart.
CBRL, very short around $25. Will be watching for a weekly close below $24.20 next week otherwise I will take some losses and wait for next entry near $29. I love this chart for a short. I will be patient and any losses taken will be made back at higher levels I assure you.

Longs
DRYS, nothing much to say low risk, high reward trade. Will keep you guys up to date.
FXI, holding strong for now.
SYT, bought some and had to take a loss on half my position. Still holding some though on a short leash.

I had like 10 trades in a row that were all to the good side and then I went LONG SYT.
I will be looking to short SPY near 76.50 at 30dema and stoch should be above 90 as well. This will be a short term trade looking for $3 or 4$.
Again, I hear so much chatter about this being the bottom, I just dont see it. Price criteria is being met or close to it, but time criteria has not yet been met, in my mind. Everyone trying to pick the bottom and be a hero, where is the fear? All I know is that is a futile game. My indicators will tell me within 1 or 2 months that the market has bottomed, it has nailed the last 2 tops and bottom.
Yes if your time frame is 10 years or more adding equities at theses levels is very prudent, but buy in quarters. Some in the first quarter, then some in the next quarter, you get the point. I would be buying agricultural and conglomerates with alot of overseas exposure, as the dollar will be making new lows in the future.
On a further not I can not really find anything to get excite about on the long side. I am trying desperately, but to no avail and that is telling me something. Where is the leadership? I think when the next bull does start its going to be ag and construction stocks.
The likes of GVA,URS,FLR,ACM,JEC all look very promising and are forming some sort of bottom, but the process is not finished and thats all we need to know at the moment.
Any further queries you guys know how to reach me. Thanks again for all the nice emails. We will continue to be better than most everyone.

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