Cosmic's MarketPlace Wrap - 2/24/10

[cosmic]

Got the poll right last night with a Bull stance. Market saw some nice churning consolidation higher, although will be interested in Dual's report on advance/decline.

Relative mild day, purchased some more URE on a quick dip to 6.67, and took advantage of the price arbitrage with the Mar 6 calls and sold those for .75 (still small TP available). Position remains fully hedged.

I eyed selling some puts on FAZ but didn't not take the action yet, I still think FAS will move higher, so FAZ lower, giving me a better premium opportunity.

No other changes but I long for SVA to either move or die.

Hope everyone made some money today and will do so tomorrow. Regulars, please post your results and Karma the person before you in your post here today ;D

Here's the RIFIN and Bond final charts:

[rockbo77om]

Blahh.... I wanna be karma'd

Kudos to t4D for STEC alert last night. That short float was just too large not to have some covering to above 10. In & out for 60c gain.

[Dualism]

The VIX broke through the 21.08 support twice and didn’t look back in its second try. The next level for the bulls to keep an eye on is 19.59. A break above 21.08 would suggest bears’ reassertion.

The overall breadth was 4845 : 2357 in favor of the bulls.

The T-bond futures closed practically unchanged.

Closed out 1/3 of FAS Mar 65 puts for $2.
Closed out APWR Mar 10 puts for .10.
Scalped CME for 66 cents.

With VIX closing down 4.9% and the financials doing well, my trading account got a lift of 3.5% today to carve a new high.

I stand mildly bullish for tomorrow.

Great move there on URE, Cosmic. So my exalt to you is reasoned.

[Rich]

Nice work, Dual! You too, Cos! Just got home so didn't change anything. Looks bad for shorts. Great!

Oh yea

[doglover]

Stopped out of LVS .20 gain no other trades.
btw i did my part and exalted Dual .

[commodityypro]

Such a hard market to trade here. I got the Pop right but not the drop. Ended up picking up some FAZ short to only then cover for small loss like an hour later. Markets basically closed where they were when the 5 yr auction results were posted. So looks like we are back to sell good news and buying on the bad news. New home sales report worst in a half a century and we get dow +80..lol Consumer confidence report worst in 10 months, rallytime!! lol We bears need some good news like a positive net adding of jobs, that should get us at least -100 on the DOW.. Stupid market.. lol

[brosin]

Feb 24, 2010 16:46:06 GMT -5 commodityypro said:

Such a hard market to trade here. I got the Pop right but not the drop. Ended up picking up some FAZ short to only then cover for small loss like an hour later. Markets basically closed where they were when the 5 yr auction results were posted. So looks like we are back to sell good news and buying on the bad news. New home sales report worst in a half a century and we get dow +80..lol Consumer confidence report worst in 10 months, rallytime!! lol We bears need some good news like a positive net adding of jobs, that should get us at least -100 on the DOW.. Stupid market.. lol

When market is ignoring/shrugging off bad news, it's a sign! (I responded to your long post on the Y board btw if you hadn't noticed - although won't be back till later after this post, so I'll get back with you later on).

Got back on the winning side of bull/bear, and bought some APWR today $13.23 & $13.15. Sold out of my small MSBT/IMGG positions for small losses so that I concentrate on APWR alone. Terrible day to start my experiment - it had a really slow day on extremely light volume. Lowest in awhile (I'd have to consult the charts as to how long it's been since it had under a million shares traded).

Bull for tomorrow.

Kudos to Dual for his call last week when we were at SPX 1108 - he said he anticipated a 10-15 pt SPX decline followed by a 30 pt rise. Looking spot on.

Be back later tonight.

[rockbo77om]

Commod, it's funny that most of your prediction is 'drop' or 'pop and drop' ;D When all you got is a hammer everything looks like a nail.

[sloop]

Bought 1000 AMZN at 118 holding everything I had yesterday. Sold APWR before market opened thinking we were having a down day.

[sloop]

I will also say this. this is a very hard environment to trade in. I feel like just siting it out for a while. All I seem to be doing is take one day and give back the next or vis a versa.....

[ask2lern]

Well I sold my 200 SPY 112 calls at 1.34 from 1.17 entry( I was early could have done a little better)............Bought SPY 110 puts throughout the day so now have 150 SPY 110 Puts @ 1.90...................Little bit of vix please!!!!!!!!!!!!!............I shared karma and got smited for it ........................I also went over and 5 starred cos's marketplace wrap on the old board............GO USA......been watching the hockey game too.........man is Sweden's goalie something or what................Live to trade another day.....................GLTA

[tajmahal9898]

unrealized gain of ~30K

realized profit of ~8K (short MU, long SLXP)

[torrentio1]

It was a boring market slightly up portfolio flat session for me.

I think the markets consolidate.

Hope all did well!!!

[commodityypro]

Feb 24, 2010 17:07:50 GMT -5 sloop said:

I will also say this. this is a very hard environment to trade in. I feel like just siting it out for a while. All I seem to be doing is take one day and give back the next or vis a versa.....

My sentiments exactly Sloop.

[ccash04]

Even though its overbought couldn't help myself and added more BIDU March 530 Calls my target is 530 area and then get out and possibly sell 530/540 call spread and buy puts. This reminds of the GOOG chart of last Dec. when it broke 600.

Finally dollar drops giving me a chance to buy the FXF (Swiss Franc) 92 March/June calendar put spread.

Looking at buying PCLN 210 March/April calendar put spread.

This 'news' doesn't seem like news everyone knows the housing market sucks and I feel like people still aren't very confident so it's hard to tell if all of the bad news is still baked into the names.

[sowolf]

I called Baby Bull last night (because of Bernanke), but looks like it turned out to be a Full Bull. Added 1K FAZ to my position this morning at 18.23 (should have waited till afternoon when it was lower). Tomorrow, I suspect the markets will give back today's gains and then some as we head toward the lower end of the trading range over the next couple of weeks (SPX 1040).

Currently holding 4K FAZ, and cash overnight.

Good luck everyone.

sowolf-

[ukarlewitz]

I think you are going to see a lot of days/weeks like this in 2010. It's set up to repeat the 1984 or 2004 market: big gains (last year) followed by chop as it all gets digested. This is why guys like Oscar are having such a rough time recently.

[timber]

it went like i thought actually.....tyh went well faz short went well and stec purchase went well ....bought tyh for the close and that went well....great day for me

[benvestor]

Decent day today. Voted on Bull, got a ok bull move. Missed that nice pop/drop/pop, was planning on a quik trade after Bernake spoke; But slept through alarm and bought some NETL around the bell.

Tried to get some ZLC but was too late..

NETL has been on a recent run, esp. in the last few weeks. Hoping for a little more upside.

Holding TYH, APWR, NETL, C, MVIS, DDSS.

I cant get away from C... its so swingy.. i love u C

[trading4dough]

picked up 30k stec for cdn account @ 9.50 with intent on 6 month hold

held all

lets see if im right and faz/drv/tza all paint new lows by the close next wed

[timber]

i agree t4d....new lows coming soon

[jack]

Kudos (and a gold star) to dual because of his concentrated study of the Vix instead of vixens and him giving us the benefit of that knowledge.

"Now dual...about those vixens..."

[bellevuetrader]

Still holding my FAZ. Fully loaded up the boat! Avg is $18.50. And quite happy to see futures down tonight