Archive | December, 2008
December 16, 2008 – Getting longer
We opened a new long position in BSL today, yet another offering a high risk/reward if successful. We now retain longs in NAB, ASX, IRE, BSL and DJS. The account continue to probe at new equity highs without the ability to break through. As usual we expect it will occur eventually so long as we [...]
Continue reading...December 15, 2008 – Some Santa gains…
16. December 2008
A good day late into the year with 3 of the 4 long positions providing solid gains (ASX +4.9%, IRE +8.2%, DJS +7.8%) The NAB position remains the underperformer. A new long position has setup for today should the market decide to push higher. No trades executed today. Including open profits the account is now [...]
Continue reading...December 12, 2008 – Caught in the chop
15. December 2008
Subscribers are well aware that I have called an interim low in the markets and am looking for a reversal of recent falls to unfold over the coming months. This shift of momentum, from short to long, is causing us a little grief on the US side of the ledge as we stay with shorts. [...]
Continue reading...December 11, 2008 – Treading water into Xmas
12. December 2008
Times like these can be frustrating, that is when the account just drifts – up a little, down a little. To be sure the market is not exactly bounding one way or other is makes sense that the account also consolidates. We take a long term view with our trading, even though our positions are [...]
Continue reading...December 10 & 11, 2008
12. December 2008
We added a short position in MYL on Wednesday evening and another in CIB last night. Unfortunately we also got whipped with an outside bar in PNK which is always a risk when searching for low risk entries. These do occur from time to time but are rare and should be considered a normal part [...]
Continue reading...December 10, 2008 – Staying long…
10. December 2008
We’re holding 4 long positions, (ASX +1.25%, DJS +4.15%, IRE +3.23% and NAB -1.51%) of which 3 moved in the right direction today. All these trade have high reward payoffs so target prices are still a little way off. It’s disappointing to see BHP +6.71 today, following on from yesterdays gains, without us. Our stop [...]
Continue reading...December 9, 2008 – Chop continues
10. December 2008
Sometimes you get lucky. Other times it just runs the wrong way. We were short STO, only to be squeezed out on takeover rumour, then watch as it nosedives again as the rumour subsides. We buy NAB only to get caught up with the WBC capital raising t. Traders sold bank stocks to take advantage [...]
Continue reading...December 9, 2008 – Squeezed and square
10. December 2008
Our last remaining positions were closed out at either breakeven or loss leaving the account square. The markets seem to be wallowing back and forth without any committed direction which in turn is frustrating albeit a normal part of the trading process. We’ll be taking it easy with Christmas just around the corner and look [...]
Continue reading...8 December, 2008 – So much for balance
8. December 2008
After seeing Crude plumb new lows on Friday in the US I assumed we’d be in good condition with a short STO position. That was proven wrong when rumors of a takeover surfaced sending the stock skyrocketing and taking out our breakeven stop. So with the Dow up very strongly we should have had a [...]
Continue reading...December 5, 2008 – Giving a little back
7. December 2008
We opened two new shorts on Friday only to see the market reverse sharply higher. The employment data was horrific, including significant revisions from the prior month. Why the market rallied 5% is beyond us, but we’re not here to question the market. One lesson is that if the market doesn’t do what it obviously [...]
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17. December 2008
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