Pass The Baton

The only difference between today and yesterday is that the commodity sector really had a nice pop, but the financials rolled over again. I was short GM (took it home) WYNN and long some SKF. The WYNN trade as well as LVS, which I didn't short, really played the first half hour of trading and then traded sideways for most of the day. My best play was LEH as I borrowed in pre-market( you're not gonna take me down Cox)and it just traded like crap all day long. I can't wait to see the "new" shorting rules these bloated bureaucrats have concocted that will be released in two weeks, I just can't wait. Between new restrictions on shorting(only guessing that's what it will be) and my cap gains rate inevitably going up, I will most certainly have to change things a bit. Trading on insider information is out, maybe I'll start another hedge fund and get paid 2 and 20 even if I don't perform. When they change the rule in a couple of weeks we will have to watch CNBC "shut down" again and pay homage at the alter of Jim Cramer. After all, it was his idea, right?

Soooooooooooooooo, where do the financilas go from here? Probably bounce tomorrow I bet. My gut tells me there is a giant Shaquille O'neil sneaker that's going to drop soon. I want to be short.

Better Look Over Your Shoulder...............

because their gaining on us. Those V patterns rarely fail I have to say. What goes up fast has a tendency to come down fast. The usual suspects worked again today, XME,CLF,UYG all showed weakness. They really picked on the financials though. I posted IBM today and it showed phenomenal relative strength all day. Keep it on your radar for when the market starts to rally again. There could be a $150 number on the horizon for that one. WYNN and LVS had a combined $15 point giveback today, that thought was posted this morning as one to watch. I covered the last portion of WM this morning and it was another phenomenal day in my pit.

I will be watching for some long trades if we open lower, I think the XME'S of the world are overdone on the downside and could be ready for some short term rallies. Their charts are horribly broken, and I think they go lower, but they could be good for a bounce.

Archives

I was looking through some oldies this morning and came across some fairly recent posts that have been jackpots.

LVS -originally posted as a short on 4/16/08 at $67, then again on 6/21/08 at $55 and 7/1/08 at $45. It closed Friday at $34. Not bad work if you can get it for about three months.
WYNN- took a 10 point dive as well.

Of course there are some losers too, but at first glance not to many.

In my world, I miss some substantial moves,admittedly because my time frame is shorter than most, but if you are longer term, and I don't even mean that long, maybe two,three months, you would have made some huge money with some of the ideas posted here. Do your own homework and keep in mind these are the deepest thoughts of a twisted mind. LOL

Not Puking Yet...

but getting there. I'm still short all my financials and put on LVS and WYNN this morning as shorts. VIX at 25.35. Still not enough.

Throwing Craps

I meant to post this on 6-21 because that is when I put these two dogs in my "drafts" to post later that day. Well, I forgot and never got it out. Too bad because they dropped a combined 11 points in a week. Sorry. My bad. I really wanted to tee these up, but if it's not in front of me I tend to screw up. I think they both go much lower. So does IGT which doesn't have a chart.

LVS- Butt Ugly

LVS- this one has broken Jan and March support. It also violated June 07 support. The next test will be support back in July,Sept 06 around the high $50's