Nibble some GOOG!!!! It has bottomed or close to it.
GOOG closed @ 448.23
I made out like a bandit on my puts bought on Wednesday's market rise. Thursday morning, the market essentially gapped down hard all the way to the Tuesday low (where i covered most of my shorts) and proceeded to rally hard. Whenever you have a serious gap down plus a serious rally afterwards, you have to be slightly bullish or at least neutral for the very short term.
I have been accumulating a small position in GOOG around the 440's. The next support is 430 and then 400. I plan to add more if it dips near those support levels.
If you're interested in GOOG, you can also buy near-the-money March or April calls. Start small, and add to it if it goes down further to support levels. In the event that GOOG rallies hard, you can make alot of money on the call options. My plan of attack from this point on is to keep on accumulating dips on big market drops because i believe when GOOG does reverse to the upside it will be fast and furious. When that will be, i don't know but i suspect (hope) it will be next week if not tomorrow. I don't expect a 2000 point overnite crash (although that would be nice) on the DJIA because mega overnite crashes only occur in October.
Good luck...
I made out like a bandit on my puts bought on Wednesday's market rise. Thursday morning, the market essentially gapped down hard all the way to the Tuesday low (where i covered most of my shorts) and proceeded to rally hard. Whenever you have a serious gap down plus a serious rally afterwards, you have to be slightly bullish or at least neutral for the very short term.
I have been accumulating a small position in GOOG around the 440's. The next support is 430 and then 400. I plan to add more if it dips near those support levels.
If you're interested in GOOG, you can also buy near-the-money March or April calls. Start small, and add to it if it goes down further to support levels. In the event that GOOG rallies hard, you can make alot of money on the call options. My plan of attack from this point on is to keep on accumulating dips on big market drops because i believe when GOOG does reverse to the upside it will be fast and furious. When that will be, i don't know but i suspect (hope) it will be next week if not tomorrow. I don't expect a 2000 point overnite crash (although that would be nice) on the DJIA because mega overnite crashes only occur in October.
Good luck...
posted by beanie11111 | 2:04 AM
113 Comments:
Beanie,
Does that mean that the correction is over?
Thanks.
Dimitry
Dimitry,
i don't think so. I expect at least one or two more huge down days.
We may end up down on Friday simply because traders are scared to hold too many long positions into the weekend.
Beanie,
I was asking in a broader sense - what I would like to know is whether this correction will not dramatically progress further.
If we are bottomed I would like to use volatility dips to add some long position today.
Thanks for advice!
Dimitry
Any comments on NVDA ?
Dimitry
Looks like we got another down day. This would make the market very weak.
If we go down:
ICE is a good short.
AAPL still a good short.
Dimitry,
NVDA has support at 28
Hi Beannie and the others:
I would like your advice about some stocks you think are worth to buy taking advantage of the correction to hold it for a while.
Regards
G83
Sorry Beanie, wrong on call to buy GOOG.
I am waiting till March 16 to start any buying.
I am currently building my Alternative Energy porfolio. Gonna nibble some names now and add more shares several months later.
I already own some ESLR.
Will be adding some SOLF, PEIX, BLDP, and ALTI this month. I want to own the names with big revenues. ALTI may have little revenue right now but their recent contract should cause a revenue explosion for the company.
If alternative energy becomes a big theme, some of these names will be at least 10-baggers in a few years.
oh man, all markets down again. lol
GS is headed to 185 at least. Closing below 200 is negative.
Hi Beanie,
What's up with the upgrades and pumps from morgan stanley on APPL yesterday? Was it because of the pumps that caused APPL price to go up so much? So, you're still think that we should short APPL?
This comment has been removed by the author.
Don't buy anything right now. Futures selling off badly.
stocknewbie,
yes
Even though the futures are down hard, not many people are selling stocks in premarket.
now that is very odd... lol
Well, looks like my GS puts (yes, I finally bot them Gosu) may come in here a day late. Glad I waited. Meanwhile, my Bear puts should get a little bit of juice from this insider trading deal they were busted on. I loved the comment from the Morgan Stanley side ... they were "outraged" that something came out of their house... reminds me of Casablanca... "shocked, shocked!"
Beans, I just finished re-reading Jesse again (Reminisces of a Stock Operator) and I think you might need a refresher. Buy GOOG even though you think we're in a declining market? You might want to rethink. What Would Jesse Do? Not that.
He liked to quote and even older timer than himself, Baron Rothschild from the 19th century, on how he'd made his pile: "I always bot too late and sold too early." Wise words.
Gosu, thanks for the link to IB, but I cannot get the demo to work... do you think it's because I already have OptionsExpress loaded up and there's a blocker installed?
Test, test. Just lost a big post, and I'm p-ssed. $%*@#& Blogger.
Um, oops. Nope, it showed up after all. But I DID get an error message!
No really, I swear!~
GOOG:
i suggest you folks to buy near-the-money calls today on this stock when it sells off.
jakejint,
i like the Jesse Livermore read but i seriously don't think he is a great trader. He has very poor money management skills, the mark of a truley successful trader. He lost several fortunes and died broke.
Dell is downgraded this morning.
A.
Beanie,
NYX April 85 calls are @ $3.40. What do ya think?
Bob
Nibble on NYX yet?
Solar Play...ASTI watch for new high on heavier volume...also JADE under $10 is a gift....
Happy friday and carpe diem!
NYX is a good buy here
82
buy NYX!!!!!!!!!!!!!
Beans, no question Livermore was an inveterate gambler, and perhaps a little too confident in his abilities. Its not altogether clear that he died broke, however, as he makes mention of establishing trusts for his wife and kid (s?). I mean, if you die with a zero trading account, but your family is well taken care of... I dunno, for a trader that might be more like "dying in peace." lol.
No matter, his maxims hold true today as much as they did 85 years ago when the book came out. If you're an investor you might be able to argue averaging down in a bear market... but a trader?
SMSI:
man, this stock keeps on going higher. Navellier calls it the next 10-bagga
die ICE die!!!
ICE getting Killed!!!
any thoughts on ACY? Looks like it's heading to 20? Any thoughts?
Did I hear that correctly - GOOG an accounting scandal? Stock down 5 dollars on last 15 mins.
Like I said ASTI new highs on heavier volume ...listen and learn gave you a gift under 4 bucks two days ago...
GOOG:
you didn't like the sale?
ASTI is putting a HUGE smile on my face! :)
As I had said before, I really like the technicals on ASTI.
beanie, ice still a short?
beanie.has NYX bottomed? or is this just a bounce?
also what is you target for next couple of weeks on NYX? thanks buddy.
lol @ huge smile..double down on any pullback tight floats are like tight pussies they feel so good when they pop...!
Whom does this market think it's fooling? Ain't no way anybody's going to want to be long over the weekend.
(Cept maybe NYX! lol)
SLD my 1000 shares of NYX @ $85...
thx for the $2,500 in an hour beanie...
Happy Hour has begun...Cheers!
anon,
NYX is going higher next week. High 80's is my target
I suggest you folks go long towards the close. I expect a big rally on Monday.
ICE:
The stock is gonna pull a NYX, where it gets taken to the shed and beaten.
NYX done being beaten and is going higher.
The is I think a BIG difference in the stock exchanges:
ICE, CME and BOT are primarily commodities and futures exchanges. The volume and commissions on those are stupendous.
NYX and NDAQ are primarily stock exchanges. The bid/ask spreads are tightening and the major brokers are coming up with their own software systems for stock trading.
I'm done loading up and I'm going to call it a day. Take care everyone hopefully next week gives us some better trading opportunities.
anybody NOT making money today?? :)
GOOG and ICE breaking down?
Anyone see a bounce?
Doing okay with everything I've shorted save the one Kiss-o-Death Tim Knight rec, CAL. Not very often a stock comes back from a full head and shoulders break like that, but leave it to Tim's power's of resurrection...
ICE:
Its subsiduary Nybot only grew 18%. Remember what happened to NYX when Euronext announced they grew 8%? NYX was beaten to death. Now it's ICEman's turn! lol
die ICE die
Looking at the GOOG weekly chart (or should I say "weakly?").
Could be talking a $350 long term target before all is said and done. I've never bought a LEAP put before, but I may look into it on this one... Jan 08 $400's mebbe?
Should we be thinking about covering ICE and longing it toady?
As I said in the morning:
gosu said...
Sorry Beanie, wrong on call to buy GOOG.
I am waiting till March 16 to start any buying.
Fri Mar 02, 07:54:00 AM EST
GOOG down 6 dollars for the day.
goog is involved in some accounting investigation - buried in some filing.
JC
Beanie,
Are you still recommending to long GOOG ?
Thanks
Dimitry
ICE breaking lows from yesterday..had a strong afternoon rebound to close over 150..
breaks lower from here I'm in...
Dimitry,
i am still playing GOOG they way i said i would play it on the original post. I have a small position at the 440's. Looking to add at 430 and then 400, if it gets there.
ICE will be going down all day.
Take 1/2 profits towards the close
ICE:
actually, be smart and take 1/2 off the table if you shorted at 150
ICE likely gonna eventually see 135
Stock market is a great leveler. I can't believe just last week, every body was going ga-ga over ICE at 164.
Note to self:
1) Sell Goog to Beanie at 440 break
2) Sell more Goog to Beanie at 430 break
3) Cover w. Beanie on $400 Puts @ Goog $400.
4) Look to sell more Goog to Beanie at $400 break.
Just giggin witcha, Beanz.
That is the funnies thing I heard today..Jakegint.
LMAO.
http://money.cnn.com/2007/02/20/magazines/fortune/lottery_winnings.fortune/index.htm
On the lighter side...
GS about to crater
Breaking news....
ICE is now officially dead.
ICE to be buried next to Anna Nicole Smith....LOL
They should rename ICE to "DANIEL". ROFLMAO!!!
You guys are hysterical! :-)
Any long plays out there?
Goog has busted $440...
Who bought? (ggg)
ANY opinions about BIDU,RIMM
DELL should have crapped - What happened
GOOG, BIDU, RIMM or any other stocks. Please be very careful in what you buy today or the next few days for the long term. Go to http://finance.google.com, you will see that all, I repeat all sectors are very very weak. If we break the 1375 barrier on S&P, the next support level is 1325 or below. Nasdaq is already below 2400.
I would suggest you wait at least till March 16, 2007 (options expiration) to see which support levels market can hold.
holy cow! lol
GS lookin weak now
short PCU!!!
We are due for a rally next week. Monday we going higher is my opinion.
BOOM persuing strategic alternatives
http://www.thestreet.com/_dm/newsanalysis/stockpickr/10341886.html
GOOG:
c'mon people, buy some GOOG please
hey if you're afraid of GOOG, then just buy 1 or 2 contracts March 450 calls. It's at $6 now.
ok?
We are not in a bear market!
So don't get all gungho shorting stocks.
I currently own zero shorts, and own a few long positions.
Good luck and i'll see ya monday.
hI BEANIE,
Which positions are you long on -
do u guys think ice has bottomed at around 140 ? i see some resistance there .. with a 205$ upgrade should it bounce back up to 150$ ?
News...
ICE has been buried.
Lots of people are afraid to hold long positions over the weekend. Those who want to sell have already done so by now. Monday should be an up day.
Look at the decline in the market in the last 15 mins. Down 50 points in last 15 mins.
It doesn't look like all the people who wanted to sell were able to.
You dumb phuck, you said to short Google when it goes under 450 a week ago, now you say it's bottom. So did you short google at 450? You better squeeze your balls cuz Google's going to 415.
ICE @205 when DOW BACK TO 12,800. In the meantime, ICE ( more downside) test 50 day and below.
Whatever stocks went down, These stocks are not coming back up. It’s going to be a tough slog back up to the Feb. Highs. Switch to smaller price channel, mentality.
I just can't imagine a relief rally coming, to take out Feb Highs, anytime soon.
If you see any double tops, over the next month or so, I think they will fail to break through.
z-stock
Eric Bolling recommended sell on GOOG just tonite. Why do these guys go against the Beanie (like they recommend buy on ICE while Beanie says sell sell sell and short it gigantically)? lol (Actually, the man may turn out to be right about GOOG). We'll see...
We will very likely bounce the first half of next week, unless something really bad happens this weekend.
All the bears came out of the woodwork and they slash and slash and slash. Doug Kass, Barry Ritholtz, and their ilk, they all came out. Even the permabull Larry Kudrow were being clawed.
The Dow dropped about 5% on the last 4 trading days alone.
But the initial huge drop took place on Tuesday was when Alan Greenspan opened his mouth, which sent shockwaves around the world. Something in the negative alignment of the stars have caused mr. Greenspan to wake up one day (and decides he wanted to kill the markets?) and say the word 'Recession' ('possible but not probable' - that is essentially not saying anything because it's like saying one can possibly get run over by a reindeer but it is not probable, or it is possible to die in one's sleep but not probable...etc.)
Amazingly, just one comment by a retired Fed chairman renders Ben Benanke impotent. lol
Remember Mario Bartiromo and Ben Benanke??? lol
beanie can you suggest some swing trades and do you think the we have more downside potential?
i bet they are gonna kill bin laden this weekend. news of a major strike is breaking. if, so, its off to the races.
We are not headed into a bear market. More likely, investors are pulling out of frothy markets like China and other non-USA countries. The money has to go somewhere else, and likely it'll be invested in the best stock market in the world ===> USA.
The US market is growing at 3% or less.
The Chinese and Indian markets are growing by about 10%.
The mega cap US companies with best stock performance are companies with major exposure to the BRIC countries (Brazil, Russia, India & China) - Boeing selling all those planes to exploding airlines in China and India, etc.
If the emerging markets go down (like the 10% decline in China), if the emerging markets stop "emerging", the US stock markets will have anemic performance.
2006 was a good year for US stocks, S&P gave 16% plus but it was only because China gave 100% and India gave 42%.
If in 2007, China is down 20% along with other emerging markets, there is no way US stock markets are going to have nice performance.
The last 4 years have been led by a lot of "old economy" stocks - energy, mining, materials.
The prices of all commodities have doubled and tripled, primarily because of exploding demand from emerging markets. You take away that exploding demand, you are left with declining prices for commodities and lower profits for all old economy companies.
I am not a perma bear and don't make money by shorting stocks. But I think that for US markets to give strong performance, we need to strong performance of the emerging stock markets.
The world couldn't be more flatter.
Of course, I haven't touched upon:
1) The sub-prime blow out.
2) Declining US home prices
3) Microsoft's announcement for anemic vista sales.
Let me be the first to predict that we`ll see a huge rally starting on Monday. Hope everyone covered their shorts!
Mike
Mike,
Your guess is as good as anyone. I scheduled limit buys and sells; It'll be a battle of shorts and long tomorrow. But I plan to buy more AAPL on every dips below 84. I'm staying with large caps for now.
Regarding sub-prime blow out:
1) Click here for chart of New Century financial. The second largest sub-prime lender in US. Down 75% in one year.
2) Also this story on criminal investigation in New Century Financial.
I agree with Mike. Technically, the Nasdaq is bottoming just above its 200 day MA. That should be a great support area. The markets also tend to do well during the first week of the month. I'm buying. Brett
The Alternative Energy Revolution is Coming.
Oil companies can no longer stop it.
http://www.insidegreentech.com/node/796
gosu:
you mentioned that if emerging country markets don't do well, our markets won't do well..
what about 1999, 2000 when our markets exploded..we didnt need emerging markets to help us back then so why now? just my opinion.
Gosu, check out NFI dividend, CUT 75% WAS 19% NOW 5%. NFI doesn’t expect to PAY any income taxes through 2011.
RSI 20 buy ALERTS BBH*** JNJ***** MER*** LEH IBM*** ODP RAI SBUX*** UPS AMGN
I SEE 102/103 ICF bottom and I’m in.
I see CVX at 63/65 I’M IN.
Z-STOCK
QQQq at 41. I’m in…. And GOSU may be right. Little up / more Down ….style market till MAR 16TH.
ERTS,
Going to 46..sell sell sell!
1999, 2000 - was bubble market. Remember?
Jan 1999, Nasdaq close = 2505
8 years later,
March 3, 2007, Nasdaq close = 2368.
Get the picture?
JIM
BOOM, (bullish) stuck in $29.65 (50 day) to $32.00 (20 day) price channel. Dips below 50 day, You are in trouble. Stays above 50 day sell at $32.
z-stock
The US stock market is levered to foreign economies not their stock markets. Just because the Chinese and Indian markets are in a bubble and are due for a correction doesn't mean their economies will do the same. If the chinese economy slows to 7% from 10 things will still be OK.
Dow futures down by 57, Nasdaq by 10.
Be careful with your buy orders.
GOSU good call on dow futures. Those numbers Hold up tonight, look for gap down start on Monday.
Dow futures link
http://money.cnn.com/data/premarket/
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