Cover my lost, as short is being squeezed

I decided to cover my lost earlier today. Market is not moving as I expected them to.
My trades were covered for $3, that's around 19% loss.

I will stay in sideline until another signal is yielded

Good news aren't that good anymore

Here we are kicking the first day of May with mixed market.

Market seems indecisive today, whether it will agree with yesterday conclusion to continue a HEALTHY, NECESSARY pullback to 12.990 area or to form a rising stairs to another record breaking high.

The Dow is up around 11 points now, while the Nasdaq down 6 points and the S&P down 0.71 points.

March pending home sales has reported a 4.9% decline in home sales also credit some of the concerns that investor have.

More and more good news are not that good anymore. For example Procter and Gamble posted an increase in profit but they lowered outlook for the next fiscal year, with $0.74 EPS vs estimates $0.74. Shares of PG are down around 2.3% right now.
VMC also has been trading lower as much as 5% after the bell right now. This conforms their tanking yesterday during after hours.

"Big Uncle" Tom Bernanke gave a speech on free trade earlier today. He maintained his vision that US is not interested in protectionist policies. However there were no other comments about the economic outlook, or Fed policy. Therefore market had little regard of his speech.

Looks like the old wall street saying "go away in May" is reflected in this mid day of first May.

Technorati Tags: earnings release,technical analysis,stocks market,fundamental analysis

My latest trade !

In my observation, the market is due for a pullback following yesterday decline.
Hence I entered a position to take advantage of the pullback.

I just bought OEX .OEYQN OEX May, 2007 670 put for $3.6.
My target is that the DOW will pullback to 12.990 - 13.000 area.

That's around 73 points move.

Let's see if my stock pick yields another profit this time.

Technorati Tags: options trading, index options trading,online trading,

Continuation of bear slaughtering ?

Will today brings another continuation of bear slaughtering ?
It's not likely so, all the signals are pointing toward another pullback today.
However let's not jump before it's sure. We have ISM index number and pending home sales number due at 10.00 AM and after the close we have truck sales number due.

Should a pullback happen, I expect the dow to test around12.890 level during intraday. Judging from the recent rise to 13.162, the dow might retrace near 12.990 instead of 12.890.

The asian market today hints a pullback also, the Hang Seng index are down around 1% while the Nikkei down around 0.7%.

I have a couple of potential plays today, some of them are in the health and electronics sectors. I will post them once I have entered them later in the day.

Technorati Tags: index options trading,technical analysis,stocks market,fundamental analysis

Earnings in prevew, stocks tumbled !

CTX and VMC both are scheduled to post their earnings tomorow near midday.
My current highlight is CTX which is already expected to post a loss of average 3 cents per share.

The housing sector is battered very bad, with the big homebuilders posting a loss. The March housing sales data also did not come out good. Existing homes divedd 8.4% in March, their fastest decline in 18 years, while new-home sales increased 2.6% for the month.

Vulcan Material Inc, (VMC) in the otherhand is trading higher during the trading sessions. Many speculators expect a wonderful earning by VMC. But the stock currently trading lower around 117.00, down 6.67 or more than 5% in after hours. The open interest is hefty on both put and call. I'd like to see how they are doing tomorow on lunch hours.
However they are more likely to go lower prior to the movement in AH.

The last day in April also haven't been greeted cheerfully by the stock market. Three indices closed lower. However the big loser today is the Nasdaq.
The nasdaq closed lower as much as 32 points followes by Dow and the S&P.

The European stock market also hinting for a downturn, as roused by the Turkey Index which fell around 6% due to the presidential election issue.

I am expecting another drop of 100 - 200 points by the Dow to call it a consolidation.

20% profit in a few hours !

I decided to exit my COO trade despite the price target of $52.
The option .COOEJ COO May 50 Call Options has reach $2.4, a 20% in a few hours.

Definitely not bad ! I traded this one out for quick profit because I don't want to hold anything through weekend.

The market looks undecided, well unless we are turning for consolidation I dare not to put myself in the long side now.

Happy weekend everyone !

Technorati Tags: options trading,online trading,technical analysis

My stock pick for today !

This is my trade for today. I opened a position in Cooper Companies Inc. (COO).
I purchased COO May 50 Call Options COOEJ for $2.

COO has been uptrending since mid March. The stock did a pullback and bounced the 49 line. My price target is COO around $52.

Technorati Tags: options trading,online trading,technical analysis