Going to make some tweaks and commentary:
1. Change ET stop loss from $2.92 to $3.32. In other words, if the position hits $3.32, liquidate it all.
I'm figuring that one or more of the following happened here:
a) Softbank is finally done unloading its 3 million share batch it received from the ETrade-Japan deal.
b) Shorters are done unloading, and are now obviously covering.
c) People, institutions, etc., are going long the stock. Heaven forbid!
Anyway, if all of these are incorrect, I forsee a retest of the $2.90 area. If one of these are correct, then I seriously don't expect ET to hit this 10% 'trailing' stop loss. Either way, this account protects the profit.
2. My MDY order still stands. Note that there are going to be some funky things going on in the market this week:
a) Greenspan on Tuesday - my verdict is no interest rate increase, and the markets will sell off because there was no interest rate cut, and then it'll bounce back again because it's.. "hey, if Greenspan didn't drop rates, it means the economy is better than we expected".. and then everybody on the NYSE floor dies of either a heart attack, or they all go psychotic with paranoid schizofrenia. As if they weren't already.
b) SEC certification on August 14th. This is going to be complete rubbish - all of corporate america will of course sign the bloody forms, since they're all meaningless. Investors will give a "yay!", and bid up everything to the roof. Mainly because once those CEO and CFOs ink the paper, all of corporate america is honest.
I haven't heard as much bullshit in my life as that. But, there will be a temporary 'up' effect. I just don't know how long that "up" will be lasting.. which brings me to my next point:
c) Options expiration.
I'll let the reader do their own research.
My take: Markets close up between now and Friday, after that, they'll tank. |
