I just tried Quote.com, thanks for the link. Its basically the same as Etrade (Etrade use Quote.com's service) but its faster. It also has the intraday charts WITH volume, which is something that Yahoo does not have.
Three things that I noticed that signified a lower range of trade for JBIL. A rally in the midday, a dip in the last hour today (12/15/97) and the earnings of SLR and MU are three of my primary reasons. I hope that you have closed out your options positions. I dont want to play that earnings game anymore, if you know what I mean.
There is only one reason that JBIL will head higher...MM inventory.
However, the board market, especially tech stocks, will be likely to head higher due to the inventory collected in the 5 day decline.
Talking about trades. If I had free cash, I would have made a bundle on CSCO options in the last three months. It had a nice pattern that I noticed. Back in July, it went from 60s (I bought at 62) to 71, then down to 64, then up to 80 (I sold my option and stock at 72), then down back to 72 in Oct 27 (I think), it rocketed back to 90s, and plummeted again back to 72 intraday and closed at 77. I found 72 to be a crucial number of CSCO. Too bad that I only played it once. I would not mind buying some CSCO call option, three months out at least.
I saw on TV that CSCO was 71 15/16 today down 5+ in the morning today. It was like deja vu. When I got home in was in the positive. I cant promise you anything, but I would buy and slash everything in sight if CSCO dips back to 72 or lower. If you try that and make some cash, you can buy me a drink when we go skiing. :)
I much rather like this intellectual conversation between two of us than the gang bash in JBIL (althought it has been fun). We at least get some points across and hold nothing negative about each other even though our positions are different (you short, I long).
Its so much like, "Um, I am cooler than you," and "YEAH, I made money and you did not, you loser" in JBIL thread. Keith and Fenton have made NO CLAIMS on why this stock will plummet. You, another short, just tell people that you make money and thats cool.
Are you still short on JBIL? What price did you short at? I suggest you to keep your short positions, but buy more calls than what you needed to protect the sudden upside.
Say, if you sold 100 shares short at 70, then buy 2 or more calls. 1 call is to lock in your profit, others for the potential upside. If stock head lower, you still make money on the shorts (considering that this stock can go down 6%+ a day).
My trading system have definitely improved in the last two months, and my analysis on the MM/S system have improved also. I am ready to try to out. When I started to recover and have some extra cash, I would trade a lot more. Some notes:
1. Dont margin too much. Leave some cash available for good buys and for safety reasons.
2. Buy when blood is flowing on the street. Volume and up/down % is the key.
3. Dont buy on the initial slide. Usually, stock head higher the next day and in near terms (MM unload). Then resume its decline.
4. Buy puts on the first few stocks that emerge during a correction like this one. IBM, CSCO and others that made new highs were doomed to head lower after the public attraction as "the market leader".
PS. I hope that your option exposure is not too large. I had quiet a large option position back in July and August. I lost 33% of what I made in July later in August. Use only your profits to make profits. I got quiet burned in the last two months in just stocks...and I learned greatly from it. |
