Folks, I'm gonna wrap it up here because I have to run out and get some shish kebabs; you're just gonna have
to manage on your own into the close.
I am going to the US (the Deep South specifically) tomorrow to spend the next two and half weeks on holiday. I will
still post things from time to time, but it isn't going to be as hyperactive as it has been lately. If you re-read all 95 Trading
for Dummies lessons you'll understand exactly what I do and won't need me around yacking.
A final view of the poor old dog as it dies... that 6.60 cover of half looks darn silly now but that's the way it goes. See you later, guys.
Posted at 6:57 PM, GMT
I'm 7.12 p-stop on 750 shares going into the close, so if the worst happens I'll still be ahead a couple of bucks. And I can
stop the Down Bad Doggy chant.
Posted at 6:51 PM, GMT
OK, the old girl took a dive and I covered half below 6.62 and will carry the rest into the close.
Posted at 6:46 PM, GMT
As far as NGEN is concerned, it eventually resolved down out of that triangle I pointed out, which would have been
a very profitable play for anyone who was paying attention. There's a good reason thousands of people drop by, including
my good friends from ny.frb.org, gs.com, and most intriguingly rba.gov.au (seems the Australians like my line drawings).
Posted at 6:38 PM, GMT
The view from the Captain's chair... I keep on typing in NGEN instead of NENG. There have been many times in my trading
career where I inadvertently bought or sold something because I scrambled the ticker symbol.
Posted at 6:35 PM, GMT
Folks who want to lose less money could move p-stop to 7.12, but I'll stay at 7.21 and the big losers will stay at 7.41.
If it drops to 6.62 I might just take the money and run.
Posted at 6:21 PM, GMT
OK, I'm back to breakeven (not including commissions). Thrilling, isn't it? ;-)
Posted at 6:16 PM, GMT
So far 7.08 has acted as a nice wall, as I expected, but the dog isn't dying and people are asking, Chairman, isn't
this a good time to invoke the old time stop? And the answer is yeah, probably, but I'm going to sit tight, as usual.
Posted at 5:55 PM, GMT
Interesting... GSS, the top-performing gold stock I follow, is selling off hard and painting quite an ugly weekly bar on the chart.
Warning shot for the gold bulls?
Posted at 5:16 PM, GMT
Remember the stop is 7.21 if you want to lose less money, 7.41 if you want to lose more.
Posted at 5:06 PM, GMT
NENG clearly wants to bounce, the only question is whether 7.08 will stand in its way... if it doesn't I'll probably get stopped out in the
Posted at 4:57 PM, GMT
Check out Dave Jennings' Market Street Newsletter... interesting and thoughtful commentary.
Posted at 4:55 PM, GMT
Looks like it wants up, the question is how high?
Posted at 4:19 PM, GMT
The view from the captain's chair.
Posted at 4:16 PM, GMT
This might be one of those cases where you get driven out as price snaps back after that large gap down crunch, but we'll see.
Posted at 4:11 PM, GMT
You could be up at 7.41 p-stop if you wanted to give it some more space, assuming you sized your position small enough.
Posted at 4:08 PM, GMT
P-stop 7.21 NENG
Posted at 4:02 PM, GMT
CVTX coiling nicely but the lack of action yesterday makes me dislike the chart.
Posted at 3:49 PM, GMT
That NENG is going to be a fairly wide stop if filled so I'm gonna do small size, maybe even smaller than usual since I'm a bit
preoccupied here getting ready for my trip. I'll be in the US for the next two and half weeks and have to get a few things settled
Posted at 3:33 PM, GMT
Tone is actually pretty good, but I'm looking below NENG.
Posted at 3:22 PM, GMT
Eyes on these guys among others: AAII, CVTX, EGHT, ESST, NENG, PLAB, PNRA.
Posted at 2:54 PM, GMT
Pretty inactive pre-open, CVTX and ESST about all on the radar... I can't see what's going on in CVTX since it looks like no
data is being reported from yesterday. Did it trade? Guess not.
Posted at 2:18 PM, GMT
Check out the typically brutal action in the T-Note futures around the time of the Fed announcement. Reaching up to pick off the stops
above the previous highs before tanking it is killer, and par for the course when playing with the big boyz.
10-Year Treasury Note futures (ZN), 10-minute Chart
Posted at 12:16 PM, GMT
Jim Grant, nonestablishmentarian and long-suffering holder of silver, praises the white metal.
"The dominant global monetary asset is, of course, the dollar. But what is a dollar? It is a piece of paper
(or an electronic impulse) of no intrinsic value. The dollar is money by dint of government fiat ... You can't just print
silver: You have to dig it up. And you don't just dig it up, either. You have to find it. And without the necessary
prerequisites (land, labor, capital, environmental permits) you can't just find it. Hence, relative to the great
and growing supply of dollar bills, there isn't a lot of silver to go around."
Posted at 11:57 AM, GMT
Laszlo Birinyi gets sentimental and says he'd go long the NYSE and short the NASDAQ, if he could.
Posted at 11:52 AM, GMT
Gary Shilling hates to be the bearer of bad tidings:
"... I foresee a profits decline next year with S&P 500 operating earnings down 9% to $49 per share and reported earnings
down 13% to $39. What a blow to investors who believe S&P's estimates of $62 per share for operating earnings next year
and $56 for reported earnings."
Posted at 11:42 AM, GMT
Jim Griffin marvels over the latest productivity numbers, but has a few quibbles:
"The numbers themselves shouldn't be taken as gospel, of course. There are measurement issues. One has to do with the
technologies that permit -- or require -- so many workers to put in hours at home in addition to those spent at the
workplace. Another question is the accuracy of measurement of foreign work hours embedded in the huge share of US
consumption and investment that imports have won. If we can't measure properly the number of hours worked in order
to generate output, we mis-estimate productivity."
One of the only things of value that I learned in business school was that "all government statistics
are flawed at best and bogus at worst."
Ralph Peters wonders about dollar weakness:
"Some say it is low US interest rates that have caused foreign funds to stop coming to the US. If that was the reason,
why is the yen strengthening with near zero short term interest rates? There is the US budget deficit; again, Japan has
nearly double our deficit as a percent of GDP. There is criticism of the US current account deficit, but the Australian
dollar is hitting new highs with an even larger current account deficit as a percent of GDP."
Posted at 10:49 AM, GMT
John Blossom writes about the Associated Press in the Internet era:
"While the rapid evolution of Google News is not yet sounding the death knell for traditional news aggregation, it certainly
raises some powerful questions about what it means to provide objective compilation of quality news sources in a world that no
longer relies on specialized feeds to provide news aggregation."
-- via PaidContent --
Posted at 10:30 AM, GMT
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