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Random Thoughts

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Everyone has their own risk profile and time horizon so it's sometimes tough to talk trading with a broad audience. Different strokes for different folks and all.

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  • Fear the Turtle! My last Buzz post yesterday talked about my "rolled down" stops above S&P 1540 and, assuming Snapper stayed in his shell, overnight gap risk. Sure enough, shortly after that post, the shell game kicked in.

  • As I watched a slew of financials (C, JPM, MS, GS, BX) tickle the downside switch out of this morning gate, I faded (read: sold) 'em anew for a quick trade and a fresh look. I slapped on fresh (and trailing) stops so you know, for schnitz and giggles.

  • Everyone has their own risk profile and time horizon so it's sometimes tough to talk trading with a broad audience. Different strokes for different folks and all.

  • With that said, for the fresh batch of exposure that I put on near the opening, I'm eyeing S&P 1556 (recent highs) as a level for my short-side try. It's uber-tight, which is what I want given the snazzy NYSE breadth today.

  • Tricks of the Trade: Stocks (sectors) that don't participate with gap opens typically suggest supply.

  • Meanwhile, take a look at China as a flag pattern has emerged to keep the heretofore double top company.

  • I'm told there was a hedge fund up an estimated 136% in the month of June (or so they claim) after a lot of credit was re-marked. The problem is they can't find anyone to take the other side so that they can take their profits.

  • When her systems fail, do you think she yells "I've fallen and I can't get up?"

  • The bulls are offering that the CDO pessimism is overdone and, while riskier deals (mortgage related) are being walked away from, credit markets will continue to fund other LBO's.

  • That was some sticky deja vu last night, as per my opener.

  • Note that the BKX 50-day is about to cross the 200-day, a "death cross" signal. Professor Jason Goepfert has proven to be a nonsensical term but, either way, watch BKX 111.70 as a level of lore for the piggies so sore.

  • Houston, we have lift-off! Lest you wonder what's fueling the world, it's the all-time high debt levels.

  • I'm a Mog. Half man, half dog. I'm my own best friend!

  • BlackandBlueStone? Yeah, something like that. Blackstone (BX), the private equity giant is off another finski (5%) at an all-time low.

  • As long as we're looking at that corner of my (eight) screens, keep an eye on Bear Stearns, (BSC) which is trying to put on a brave face. I'm not involved but it is a psychology proxy of sorts.

  • "Did y'all see the trend day in Baidu.com (BIDU) yesterday to the 200 strike? Did you see how it stopped this AM at 205? How about the move in Goldman Sachs (GS) to 210.03? (see the chart in my column from yesterday) That is the beauty of The Power Surge Set Up. It's Pin the Tail on the Equity Donkey and is the tip of the iceberg of how the derivative tail wags the market dog." Professor Jeff Cooper on this morning's Buzz.


R.P.

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