SemperFi Journal - Take II - Page 10

Thanks Bob.  Good luck to ya.

I think you'll be alright Bob as long as nothing bad happens over the weekend.  Pretty good support around $32 this week.  I almost put another order in around $32 today when I came home for lunch, but figured I would just play it safe and go into the weekend with cash.

 

Just sitting down and looking at the S&P and a few stocks to watch next week.  I'm really thinking about just taking next week off, but that's always easier said than done.  My first glance at the S&P you can see a possible channel forming again.  The funny thing is the top of this channel, which was also part of the recent wedge and the top of the resistance line from this summer, ends up around 1250 years end.  I'm going to say we respect this top resistance line the rest of the year, which the 200 DMA should hover around through the rest of the year.  I'm also thinking that the old support of the wedge will act as resistance until we meet the top of the channel.  The bottom resistance TL of the channel ends up around 1180 years end.  Again the 50 DMA may hover around this line as well serving as strong resistance.  Will this play out?  Probably not, but just something I'm throwing around in my head until something else develops, or we form another wedge.

 

 

LNG.  I so want to short you, but I feel you want to rip my face off.  I don't know why I keep looking at this one.

 

 

CXO pulled back after hitting resistance and is now breaking down out of the wedge.  I think it can at least go down to the 200 DMA.  I was short this one earlier in the week for 100 shares averaged in at $100.  I really need to let my trades play out.  So hard to hold for more than a few hours these days though.  Only thing about this one is, if we get a pop in oil and the markets, up she goes.

 

 

Another earnings pop for MRVL.  Nearing the 200 DMA and recent resistance line.  A break of these two and cooperation from Mr. market and I say this one could possibly get back to $16 pretty easy.  Also possible inverted H & S and 50 DMA trying to cross the 200 DMA.  See what this one does next week.

 

 

AKS and X both near recent resistance.  If your looking to short any up days next week, I might would keep these on the radar.

 

 

 

FSLR beat down bad.  If oil stays around $100 a barrel, solars might start getting some attention.  Nearing resistance and recent support in the low $40's.  I really have no love for solars for the near future, but I wouldn't mind playing a short covering breakout either.

 

 

SCCO trying to break the long down trend.  Let's see how this 50 DMA holds up.  If it breaks I say the top of the channel which may act as support now might be a good entry around $27.50.

 

Looks like we tested the 50% fib line on the S&P chart. The first channel I drew is shot though, so I'm just going to draw that resistance line a little lower. I also saw a chart similar to this in the main thread. May look at getting into a small position of MRVL at the open. See if this 1180 - 1190 holds first though.


Edited by SemperFi - 11/22/11 at 8:55am

Went long MRVL for 300 shares at $14.23.  Probably going to set a stop around $13.95 and see what this does today.

Edited by SemperFi - 11/22/11 at 9:34am

Stopped out of MRVL earlier today at $13.95 for about a $90 loss total.  I new I should have just taken the week off.  I wanted to take a stab at MRVL today on a pull back, hoping that the markets would bounce some.  Didn't work out today.  I am going to take the rest of the week off for sure now and let this market pick a direction now.  Good luck everyone.

 

Start - $4,000 - Current - $8,061.67

Going over a few retail stocks mentioned by In the money to see if something might be worth keeping on radar tomorrow for black Friday.  Depending on what the market does tomorrow, nobody may want to hold over turkey day.  ANN is right at resistance in a wedge and may have closed outside the wedge today depending how you draw the line.  If it breaks outside the wedge, it may find support around $21.50 and may try to test the support of the wedge on Friday that would then act as resistance.

 

 

BBBY is in a nice uptrend.  See what happens around the $58 mark around the bottom of the channel tomorrow.  A break of the channel and the 200 DMA may be a good entry point.

 

 

COST breaking through a few support lines and trying to retest those.  Pretty good resistance in the mid $80 level as well.  I may just keep this one on the short radar if we get any good pops on it.

 

 

Not seeing much on RL.  If it somehow got down to the 200 DMA or the lower support line tomorrow I would probably scoop up a few shares, but probably not going to happen.

 

 

Again, just going over some plays if you are interested in playing black Friday.  This is also hoping we put in a low for the week tomorrow, or overnight, and get a pop Friday on light volume.  Let's see how the next few supports on the S&P hold up tomorrow.  As stated by some we may get a big sell off at the open, triggering some stops, and then a low volume melt up and short covering into the close.  Good luck.

 

 

BBBY looking the best of the retail stocks mentioned above today.  Bounced off $58 almost to the penny pretty well.  Really tempted to take home a few hundred shares at the close for a hold till Friday.  RL also pulling off the lows pretty good too.  Need to wait and see what this market does first though.

Went long BBBY for 150 shares at $58.55.  Stop set at $57.55 and limit sale set at $59.55 good until canceled.

Wow.  Front page.  I'm honored and a little surprised.  Thank you SJE.  That being said, this has not been my best week.  I've been fighting the trend all week and I know better.  Broke a bunch of rules this week and I bought some more BBBY at the bell just to top it off.  Another 125 shares at 58.28.  So I'm all in and on margin.  See what Friday does.  Hope I'm not banned from the front page after this week.  LOL.  Everyone have a safe and enjoyable Thanksgiving.

A few stocks nearing recent support and something to keep an eye on if you think we're near a temporary bottom and ready for a little retrace or you just want to do a little black Friday shopping.

 

 

 

 

 

Sold BBBY just now for 58.47 for about break even.  BBBY just not getting the pop I wanted it to this morning and I want to get out some today.  Down about $100 for the week.  Next time I have a feeling to just take the week off, I'll listen.  Good luck everyone today.

 

Start - $4,000 - Current - $8,051.10

Well, some positives for the day.  We closed right at the 61.8 fib line and we closed with an inverted hammer.  Could be setting the stage for some window dressing next week, but that was another ugly close.  Reverse from here or 1145ish next?  That's the big question.

 

Thanks Mike and Bob.  Here are a few stocks I'm keeping on the radar to short around recent resistance if the S&P can get back to 1210 - 1215.

 

 

 

 

 

 

 

Looking to take a starter position in WRC short.  Got an order to short 100 shares of WRC at $48.29.