Skiracer's stock slopes

[skiracer]

QQQQ. Just bought 10 contracts of April 17 $45 put @ .95. If QQQQ goes up tomorrow I'll buy another 10.

at least the april 17 puts give you a little more time element. good luck. i like it the other way especially if the technology sector strengthens. if the SMH EFT and the technology sector in general strengthens, which i think it will along with the markets in general, then the Nasdaq goes up and the QQQQ's along with them. on the other hand if technology weakens then so will the Nasdaq and the QQQQ's along with both of them. but the markets in general could still go up with the Nasdaq going down but that's a stretch.

[wooish]

I was bidding on ADAT today and was really close in getting it filled @ around .98 but it never did. I've never seen a stock so strange. This thing doesn't seem to move on any news (bad or good)

[skiracer]

I was bidding on ADAT today and was really close in getting it filled @ around .98 but it never did. I've never seen a stock so strange. This thing doesn't seem to move on any news (bad or good)

i have to agree with you on that one wooish. I'm back in at $1. it shows some movement and then it weakens. Unless the market makers are holding it down while the people holding those warrants get their shares but that doesnt seem realistis because the warrants are good at $1 regardless of where the stock is selling.

[Peter Hansen]

Bela

BELA what do ya make of CNAM? Could ya run a quick chart of CNAM it exploded out of the gate today!

[wooish]

Kirk

KIRK's been up over $3 since I picked it in the contest couple week ago. This baby just keeps going. I'm waiting for pull back so I can accumulate.

[skiracer]

pete,
sorry that i didnt post a chart on this stock but i did take a good look at it's chart and at the fundamentals. it's a relatively new chinese company involved in dealing metals in china. the weekly chart shows it in a rangebound mode for the last 6 months or so fluctuating from $3/50 to $3.14 and then this big spike up. on the daily it has formed a decent double bottomed cup base and handle and then this huge spike up out of that base which i can only see arose out of it's signing of a 100 million contract for scrap steel with the chinese govt. after i saw your post this morning i watched it's time of sales chart occassionally today and every so often i would see a big block get sold off into strength which leads me to believe the people on the inside are selling into the recent strength on the news of this contract. personally i wouldnt touch it especially after this spike up the last couple of days.

[Peter Hansen]

pete,
sorry that i didnt post a chart on this stock but i did take a good look at it's chart and at the fundamentals. it's a relatively new chinese company involved in dealing metals in china. the weekly chart shows it in a rangebound mode for the last 6 months or so fluctuating from $3/50 to $3.14 and then this big spike up. on the daily it has formed a decent double bottomed cup base and handle and then this huge spike up out of that base which i can only see arose out of it's signing of a 100 million contract for scrap steel with the chinese govt. after i saw your post this morning i watched it's time of sales chart occassionally today and every so often i would see a big block get sold off into strength which leads me to believe the people on the inside are selling into the recent strength on the news of this contract. personally i wouldnt touch it especially after this spike up the last couple of days.

Bela Thanx .......as always I value your advice .

[riverbabe]

adat

i have to agree with you on that one wooish. I'm back in at $1. it shows some movement and then it weakens. Unless the market makers are holding it down while the people holding those warrants get their shares but that doesnt seem realistis because the warrants are good at $1 regardless of where the stock is selling.

dead money IMHO. Am making my green elsewhere. But, go ahead, make your day, prove me wrong!

[billyjoe]

Ski,
At what point in a chart is there a tipoff that a stock is too extended? Thanks

----------billy

[skiracer]

Ski,
At what point in a chart is there a tipoff that a stock is too extended? Thanks

----------billy

elliot wave counts will show that after the 5th wave up there is usually the abc corrective pattern to follow which is always a pullback. after the 1st,
3rd, and 5th waves i always expect the 2nd and 4th waves to be down waves or corrections to some degree. but when a stock has gone straight up and the RSI is above the 70 line deep into the overbought area that is a clear indication that a correction is coming. whenever i see a stock way above the 70 line on the RSI i shy away from it at that time because that is what that indicator is meant to illustrate. that the stock is overbought and profit taking and selling off are right around the corner. and anytime you see a stocks chart showing that it has been trending up and has doubled or more it leaves plenty of room for the natural course of capitalism to take place and that is where those who were in early will be selling into any strength and taking profits because they know better than those who are buying high that it is time to take profits. it's what separates the wheat from the chaff and is a natural course of events billy. stocks do not continue up forever. so elliot wave counts, RSI indicator, MACD line crossovers, stochcastic lines, moving average crossovers to the downside, and just looking at the chart and knowing that uptrends always turn down at some point and buying into a big uptrend after a stock has gone up for quite some time or in a short timeframe is dangerous and putting yourself at risk to get caught in the ensuing selloff. buying low and selling high is the key. buying high is not. and i think that understanding when a stock is beginning to stallout and lose that upward momentum is also as important as knowing when to make an entry before or as close to the point where it begins a big move up. greed and everlasting hope are emotions that need to be examined and controlled. being satisfied with taking gains when you have them and living within your plan and exit strategy and not looking back and saying i should have stayed in are what separates the complete trader from the rest of the pack. it is easy to be common and most traders are in that category, but it is the uncommon ones that adhere to their discipline and strategy and are happy with their preset goals that end up with the money and are satisfied with themselves and what they do.

[steelman]

Ebix

Ski,

I like EBIX. It looks like the buying opportunity was On Wednesday around $15 and change, when it crossed over it's 30 day MA, stochastics turned up and MACD went positive. There was above average volume on Friday. Where do you think it will head? The April $17.50 calls are about a buck. I am up on my April VSH calls!! Earnings are out March 8 on EBIX. Well, let me know what you think if you don't mind.

Thanks,
Steel

[skiracer]

Ski,

I like EBIX. It looks like the buying opportunity was On Wednesday around $15 and change, when it crossed over it's 30 day MA, stochastics turned up and MACD went positive. There was above average volume on Friday. Where do you think it will head? The April $17.50 calls are about a buck. I am up on my April VSH calls!! Earnings are out March 8 on EBIX. Well, let me know what you think if you don't mind.

Thanks,
Steel

Steel,
I am so happy that you stuck with VSH and those calls. be careful with the options as they move quickly and you can end up giving back gains very easily and when they are moving to the downside they are not as easy to exit as the stock. I still am in the trade and am watching it very closely here as it seems to be losing some of it's momentum to the upside. it is up 3 points from my initial posting on it so please watch it closely. gains in the hand are much better that any in the bush and when you have them take them. there will be plenty more where that came from and you always must make sure you keep what you have.
regarding EBIX, i will take a look at the chart later today and get back to you.

[skiracer]

Steel,
I like the setup. took a good look at it's daily and weekly and here's it's weekly with my thoughts. also looked at the fundamentals and they looked pretty good to. several strong buy ratings on it. i like it and would consider a buy right here at $16.95. i think you'll see it move up to previous high range of $22-23. good luck with it. would make a nice play in the game this week.

[wooish]

Very nice chart, if market cooperates it'll only go up from here.

[skiracer]

i exited VSH in the a.m. yesterday at $10.75. exactly 3 pt. gain or 39 % for the trade. approx. 3 - 4 wks. in the trade.