Just a reminder. During the "no work permitted" Jewish holidays, the market for equities, forex and others will significantly drop in volume. Significant drop in volume could dramatically skewed price movement.
The Jewish holidays for 2009 could be found in:
http://www.chabad.org/calendar/holidays_cdo/aid/614415/jewish/2009-Holidays.htm
Cheers !
PersianCat (Millionaire-in-progress)
Monday, February 23, 2009
Dow Broke below Nov 08 low
The Dow had broken its Nov 08 Low and is poised to test the Oct 2002 Low at 7197. In the meantime, S&P 500 is still testing the Nov 08 Low.
At the moment, the major indices are showing signs of being grossly oversold. Based on the intraday price action, I am not comfortable in leaving any swing bearish plays. My Bear Call Spreads on SPY and QQQQ as well as my Puts on SPY had done very well. My positions are all closed for now (by Friday last week). I was locking-in my profits. I am waiting for the market to retrace some what before I short again. In the meantime, I will possibly play intraday trades if the setup is right.
Cheers !
PersianCat (Millionaire-in-progress)
At the moment, the major indices are showing signs of being grossly oversold. Based on the intraday price action, I am not comfortable in leaving any swing bearish plays. My Bear Call Spreads on SPY and QQQQ as well as my Puts on SPY had done very well. My positions are all closed for now (by Friday last week). I was locking-in my profits. I am waiting for the market to retrace some what before I short again. In the meantime, I will possibly play intraday trades if the setup is right.
Cheers !
PersianCat (Millionaire-in-progress)
Thursday, February 12, 2009
Winds of Change
Obama stimulus plan had been approved. Yet the market's response was pretty muted. I supposed the winds have changed again. It's time for shorting. Have placed some Puts and Bear Call spreads.
PersianCat (Millionaire-in-progress)
PersianCat (Millionaire-in-progress)
Saturday, February 07, 2009
Next Market Stimulus - Obama Stimulus Package?
The market had climb up nicely since my last posting. Notably, it climb up significantly higher yesterday despite the worst unemployment figure since the last 17 years ago. My long positions are doing well thus far. I still have Calls on SPY and QQQQ as well as Bull Put credit spreads. The targets mentioned at the last postings remains valid.
The market is actually anticipating the approval of the US$800 billion stimulus package by the U.S. senate - long overdue. How exactly the market reacts after the approval remains to be seen. At the moment, the momentum is still there and we could expect the market to continue its climb. Like I said before, I am expecting a short rally perhaps up to end next week, if not earlier.
I was always asked, what stock should I play now. Typically in a short rally like this, it should logically be stocks with good fundamentals that can withstand the current economic crisis. However, this short rally also gives the opportunity for the weak stocks to pick itself up before continuing with its downtrend. If for whatever reason we could not find a stock to play, then just focus on SPY and/or QQQQ as I do now.
Cheers !
PersianCat (Millionaire-in-progress)
The market is actually anticipating the approval of the US$800 billion stimulus package by the U.S. senate - long overdue. How exactly the market reacts after the approval remains to be seen. At the moment, the momentum is still there and we could expect the market to continue its climb. Like I said before, I am expecting a short rally perhaps up to end next week, if not earlier.
I was always asked, what stock should I play now. Typically in a short rally like this, it should logically be stocks with good fundamentals that can withstand the current economic crisis. However, this short rally also gives the opportunity for the weak stocks to pick itself up before continuing with its downtrend. If for whatever reason we could not find a stock to play, then just focus on SPY and/or QQQQ as I do now.
Cheers !
PersianCat (Millionaire-in-progress)
Wednesday, February 04, 2009
The Mini Rally has started
It seems that the mini rally that I am expecting is starting. The market rally somewhat with better than expected pending home sales (frankly, I personally feel that the home sales figures are no big deal). The market just need an excuse to rally. Even those with worse than expected earnings rally too. The rally is expected to last a few days.
This mini rally moves in tandem with the upward movement in the Euros and the Pound (for those trading Forex).
The main target for this rally:
This mini rally moves in tandem with the upward movement in the Euros and the Pound (for those trading Forex).
The main target for this rally:
- Dow = 9090
- S$P500 = 944
- Nasdaq Composite = 1666
Cheers !
PersianCat (Millionaire-in-progress)
