Monthly Archive for July, 2011

Getting close

Published on July 31, 2011, 7:29 pm in Trading. Closed Tags: , , , .

Traders are on the edge of their seats waiting for the official word….will they or won’t they?

Politicians and diapers have one thing in common. They should both be changed regularly, and for the same reason!

On Friday, the S&P and Russell tested their 200 day moving averages….and successfully bounced off it.
S&P July 29 tests 200MA
Futures are giddy Sunday evening and anticipating a resolution to the debt-crisis as they pop 20 points (ES) at the get go. Still a very news driven market. :-(

We’re going to start off the week with ISM Manufacturing numbers along with Construction Spending. But remember there’s a big employment report on Friday!

I bet on a resolution on Friday so I’m long the Russell and financials. Now here’s hoping that this evenings happiness lasts at least until Morning!

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Weekend Reading 7/30/11

Published on July 30, 2011, 7:47 am in reading. Closed

“The debt talks failed again. Now, President Obama wishes he was born in Kenya.” — David Letterman

A physicist on Wall Street: How algorithms shape our world.

If you don’t know how to email, well, you better…..Nearly 3,700 post offices slated to close.

And now the post office spin….Postal Service Takes Next Step in Optimizing Retail Network.

Nobody likes anybody! Congressional Performance.

The value of time: Einstein on Wall Street, Time-Money Continuum.

US debt crisis: Wall Street warns feuding politicians.

What happens if the ceiling isn’t raised? Five questions for the Fed and Treasury!

Geek alert! Microsoft’s MS-DOS is 30 today!

OK, now that it’s passed…..Here Is What Happens Next.

“President Obama urged the American people to call Congress and demand that both parties work together on a compromise. The calls are 99 cents for the first minute, and a trillion dollars for each additional minute.” — Jimmy Kimmel

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Same sh!t different day

Published on July 28, 2011, 10:28 pm in Trading. Closed Tags: .

What else can you say? The Waiting is the hardest part!

So you think C-SPAN comes up with the highest overnight ratings? Everyone is waiting for some action.

The markets hung around breakeven for most of the day, reaching its highs around noon. After that it was a grind down into the close. You would think the Jobless claims numbers would have given the markets a bit more oomph.

On the last trading day of July we have GDP numbers and Chicago PMI….oh yeah, and everything about the debt-ceiling. Can’t wait until that sh!t’s all done!

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Wasting time

Published on July 28, 2011, 8:14 am in Trading. Closed

While there is no progress in congress, there is not much to look forward to. The only trade is betting when a debt deal will be made. And if a deal is made this weekend, then we’ll just sit and wait for the employment numbers next Friday. There’s just no much to do in the markets….just sitting on the dock of the bay.

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Volume lagging

Published on July 26, 2011, 8:51 pm in Trading. Closed Tags: .

Another slow day. You would think with all this debt crap it would get a bit more volatile. Well, as earnings season winds down, and more and more traders take their summer vacations, it could get to be a boring time…even with all the crazy debt news.

Markets hung around even most of the day…until the latest press release or news conference. This really sucks!

I keep watching and trading very short term with small positions. I traded IWM calls today to the long side and made some small gains. Happy with that because it was positive and took only a couple trades for a few minutes. Sure, it wasn’t a home run, but enough for lunch and dinner….and a six-pack. :)

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Debt ping-pong

Published on July 25, 2011, 9:55 pm in Opinions and Trading. Closed Tags: .

Millions of people have charged more than their credit limits. Besides the astronomical size of the U.S. credit card, I just don’t get why this is such a big deal. I’ve gone over the limit before and I’ve paid it off…eventually. Once you go over your limit, you can’t use your card any more. So in this case, wouldn’t that be a good thing? What I really hate is all this fear-mongering by the government and embellished by the media…or is that the government public relations department?

The markets opened with a big gap down and during the day we almost closed that gap. Unfortunately, the B&B show (Barack & Boehner) came on during the afternoon and the markets bled the rest of the way. Now that everyone is done bitching, maybe they can say “Let’s make a deal!” Should see it in the next couple of days.

So today was a day to do nothing….no volume at all. Let’s start the week on Tuesday and take it from there.

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The debt bet

Published on July 24, 2011, 10:52 pm in Trading. Closed Tags: , .

So now traders are playing the raise the debt ceiling bingo. Tonight it looks like a big no…or at least the uncertainty is pretty scary! The ES futures opened 18 points lower. That’s real scary. Is it time for a crash? Let’s see what Monday brings.

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Weekend Reading 7/23/11

Published on July 23, 2011, 9:37 am in reading. Closed

“In the last month, President Obama’s re-election campaign raised $86 million. But the bad news is, to get re-elected, he has to come up with $14 trillion more.” – Jay Leno

On the Anniversary of Dodd-Frank: Wall Street Fights Back and American Families Fight to Survive!

Ron Paul says: Default Now, Or Suffer A More Expensive Crisis Later!

Thoughts On The Debt Ceiling by Leigh Drogen. He’s a good follow on StockTwits.

Don’t be so sure a compromise is inevitable…. Dicing with debt and the future.

Follow that Jobs! On Succeeding Steve Jobs.

So, what’s happening in China? Caterpillar Said WHAT About China? and 18 Facts About China That Will Blow Your Mind.

Thirsty? Nasdaq Plans More Water Indexes.

No jobs from the construction industry, but also no jobs from no selling! Are Unsellable Homes Holding Back Job Growth?

Rates have to go up…eventually. Vietnam’s Inflation Accelerates to 22%, Highest Level Among Asia Economies.

Like having a baby….Where Did the 9-Month Cycle Go?

“A report says that a growing number of Americans are worth $1 million. The bad news: last year they were worth $5 million.” — Jay Leno

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Try, try again

Published on July 22, 2011, 10:53 am in Opinions and Trading. Closed Tags: , .

We’ve got yet another bailout on Greece! What is this? Number 10? While the U.S. markets had their run-up on Thursday, Asia and Europe caught up overnight. It’s Friday….a hot summer day….no eco reports…will anyone be trading today? Sounds like a day for cold beers and a lot of sweating (who wants to drink beer in front of an air conditioner?).

Working on this week’s reading material. Have a great weekend all!

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C’mon get happy!

Published on July 21, 2011, 11:05 pm in Opinions and Trading. Closed Tags: , , , , .

After a day of rest on Wednesday, the bulls continued their Tuesday run…impressive…and on higher volume! US exonomic reports were not that good, but all we care about is what’s happening to Greece and the Euro….and that news was good. So the markets might as well go up.

And tomorrow we have no economic reports, so the markets will have to hold itself up or get crushed under its own weight. Well, we do have some big earnings reports though, from GE CAT SLB MCD VZ among others. And we don’t know what kind of news or rumors may come out. So, it’s trade as usual…carefully and with a plan. C’mon Get Happy!

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