Daily Market Watch - Week of 4/20/2009

[Dr. Dave]

Thanks for the welcome -

I used to be part of a great chatroom that watched the markets all day - mainly stock and options traders... driving me crazy now that its gone.

I'm watching futures trading at the moment - ES is dumping - there were a lot of stocks dumping the last 15 mins today. The NQ is holding steady and up from the closing lows, its at a 2 day s/r area - I bet cause of the AAPL earnings report. eMini dow is down too - of course its late though.

Asian markets pretty even -

You can watch this 24/7 - and sleep through the real market - so I think I'll jet.

Definately not playing SIRI again tomorrow.

[billhart22]

I respect that title, I am almost a Dr., but left....oh well..anyway...I am just a M.S. (not to be confused with Multiple Sclerosis). (Anatomy and physiology)

I haven't pursued any options in 30 years...I will be gearing up on them in the next week or two, as there is a lot of viability with them if you have a clear indication of what will be.

Futures are even more intense. If you can play them accurately with insight with diminution and aggregation and an extremely fast interface, then it can be a profitable. I personally am not set up for futures properly.

You obviously are a very mature trader. I can tell from your speech and I appreciate that.

I thank you for being here. It is time for me to step up and belay the more fundamental grounds that I keep. I may be out of my propinquity but I am willing to test it if I have a surer indication of what I am doing.

I am a simple man, lol!

Thanks for being here!

Bill

[Dr. Dave]

Hahaha - thanks - the screen name though came from another guy on this board - Ramsey - he's the guy that got me into SIRI last week. He posted how his friend "Dr. Dave" came over and we did the trade together, so for a joke I created the screen name. Technically I guess I have a ph.d in biochem.. but if I'm not called Dave, it's more like numbnuts or jackass or something - where one should really be my screen name.

I was on the SIRI intraday board because the title kind of implied that's where the intraday or shorter time frame guys would be rattling off targets, strategies, direction/momentum - which should include some market or even intermarket analysis... but there's not much mention of the general markets over there, which freaked me out. SIRI may be a penny stock now, but its not on the sheets. When I did my SIRI trade the other day, I immediately set my 0.01 trailing stop at 0.60 cause I was also watching 19 other things taking a dump, which meant, targets are gonna get hit once, and all 4 of mine were between 0.57 and 0.62. I'm glad I got up early.

I actually don't trade futures, just watch the trading so I have a feel for where the market is headed - though, it is kind of a waste at this hour, like watching afterhours trading - it'll change by morning - let's look for fun though shall we...

NQ is running into resistance at 1340...
Not good for SIRI

In asia, the KOPSI ended strong - looks like Hyundai news - maybe reported -
that's good for SIRI

Rest of asia pretty green - should look at Nikkei, since they have toyota, nissan and honda - wow - nice intraday rally, that must have been a spillover from Hyundai.
Again - good for SIRI.

2/3 goods

Anyway - I do dabble in options, but use a service, I haven't learned the greeks well enough to go at it on my own.

I like TA/pattern/swing trading - I guess I've been in the game for about 10 years, tried everything except real day trading. I'm trying to really master the TA stuff - I find it fascinating, and if you get a good setup, it can work well. I've finally learned patience - I'm not in a zillion things all the time, or even in positions all the time, and for SIRI, I"m waiting for the next trade setup, if it consolidates - I'll be somewhere else until something materializes again. Right now, there's only one play for my strategy, but its two the downside, and I can't short it, and it has to materialize too. So currently, I can't read it for a long play, like I did for the trade, and just looking at the NQ vs. the asian markets - they don't coincide - so that's that - no trading SIRI tomorrow for me!

How long have you traded SIRI?

[billhart22]

Dr. Dave -

I acutually don't have any SIRI right now and haven't had any for quite a while. I will wait for a good pullback. I got into it last Thanksgiving when I decided to get back into the stock market. I have been in and out of the market since 1970.

Options are really interesting to me and so is technical analysis. I have done a lot of T/A until the market took a big dump. I think that it is for the first time "stable" enough to start charting again. The last couple of months has been an abomination for charters and T/A. There hasn't been anything to base any analysis off of.

I am not a swing chart trader though, as I don't short and really don't have the desire to add more risk than is all ready at hand.

I principally am in to dry bulk shipping stocks and have believed in them for a long time and sometimes take some side trips and do other things. It bores the crap out of me to just sit and watch.

I have not taken the time to check foreign markets, even though they are really interesting.

So all in all, I try not to be just another brick in the wall.

Bill

[Dr. Dave]

I used to trade DRYS, DSX and EXM too -

In fact - when I saw the pennant form for the 2 day SIRI trade I made, I looked for more - the first group I looked at was dry shipping.

I found one on NAT, the day after I found the one on SIRI - and saw that it may be following that big boom on DRYS (to $7.30) and the others. But it was a day later - and I was watching the market (as I was looking for the SIRI sell between 0.57 and 0.62) - the market tanked on monday as expected, so luckily, I showed restraint and patience, like I did for SIRI and didn't get into the pattern before the break out - well, NAT broke south with the rest of the market - so I didn't lose my SIRI gain. Funny how when you plan your trade, and trade your plan you can come out ahead

I see NAT reversed... but I'll be patient again, and consider the pattern as busted.

Looks like SIRI could form another pennant, or drop down out of a rising channel - so no trades (since I can't short it) on SIRI for me again today or tomorrow.

I do like the new shipping index - I used to look at the Baltic Dry Index $BDI at stockcharts - but $SHX is much better - since it has candlesticks and whatnot.

I shorted AAPL today - I should have waited for confirmation tomorrow on the hanging man candlestick - but I have a good trader with me. It moves slow, so if it closes up over today's high, I"ll cut out. MSFT reported bad numbers- have no idea why anyone would buy that. Its up in afterhours trading. AMZN came out ok though - last I looked at afterhours for AAPL, it was flat. People have to remember there were a lot of folks averaging down at the end of last year that are breaking even at these levels... so I'd be cautious on the buys.

[Dr. Dave]

NQ is having trouble at 1350 - wasn't that last nights number?

[billhart22]

I worked today, so I don't have a clue what went on with the market other than earnings reports and a bloody red portfolio, lol.

Once Bumbo's government acts on its commitment to turn preferred shares into common shares with voting rights I think the street will come unglued.

The dry bulk shipping stocks were up 8 straight days...I haven't even looked to see what happened yet. It was very disappointing. The good thing about dry shipping stocks is that they are not U.S. owned and they just adjust according to contract pricing.

A month or so ago, they would take anything that would ship for a low rate with a guaranteed time commitment on a contract. I have not delved into this at all yet, but the contracts were for 90 days for example and some may be expiring or the contracts may have contingency clauses where they can bail out. I don't believe right now that they just took a dump. There is a specific reason for it. The reason is not always a bad one.

They are very independent of other stocks and may be adjusting to new circumstances. One thing is for sure though...and that is they always recover...that is the beauty of them.

Looking back chart-wise over a year and years it is not uncommon to make sudden shifts. The sudden shifts are a very real part of their games, so consequently, I just take it at that.

I have no worries with them. They are a world indicator and usually perform before the market does.

As far as other stocks, I haven't even looked today other than the fact that they were red. I am not worried about any stocks now in the least, unless the government starts converting shares of preferred to common here in the very near future. Then again, with the dry shipping stocks, they can circumvent the U.S. and ship to the new financial king - China, or other ports of call.

Have a great one,

Bill

[billhart22]

Just in case anybody lost some money today with GWGI, here is some news from the pumper. He is going to help save your ass if you can figure out waht time zone he is in. Info@dubaipennystocks.com Please read it thoroughly and interpret it the way you want.

Traders,



Today was truly a very wild day for GWGI. After opening up and trading to 30 cents, it reversed and ended the day down 40 percent.



We have been getting hundreds of emails. Some thanking us for the trading alert yesterday, and others not happy…..which we totally understand.



We have had a strong track record up to this point and have produced a lot of great trades.



I will do anything to protect my traders, so we are working tonight trying to compile information.



I believe nothing has changed with GWGI. They still have had 2 massive discoveries, and are in one of the top oil and gas areas in the world.



Rumors today were everything from profit taking to short selling. It is hard to find out exactly where the major selling came from.



I will step in tomorrow and buy GWGI at 10:30, this will give anybody who wants to buy the stock time to purchase.



I think it could be a great bounce trade, but I am not telling anybody to buy it, you have to do your own homework and risk assessment.



We are often paid to represent companies; however we were NOT paid to profile GWGI. We are not stockbrokers or financial advisors, so I can’t tell anybody to buy, sell or exit at a certain price. We just provide what we think are solid picks and we will continue to work as hard as possible for our traders.

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That was from 24-7 StockAlert.net...............which I have no affiliation

[Dr. Dave]

Gotta love the pinks huh? too crazy for me.

I agree, I like the shipping stocks too, high beta, and on a good swing, you can bank.

[trippingthespeculatingpos]

yeah thats wh i only find stocks for pennies that are still in major exchanges, rare time where u can find those stocks, ie siri lvlt tmr tmr is looking pretty strong today btw