Update: CYBS

CYBS continues to rock. I think it is time to take profit.

RUSSELL 3000 chart-weekly

The July is very important to this bull market. If we can rally and stay above this congestion, I expect a strong year end rally; otherwise, look out below. Please notice the momentum at previous lows were not breaking down, it clear did this time. A major warning sign, though the price itself looks good so far.

DADE

The green arrow is my pt. It is reaching my target quickly.

SHLD

I listed it as a buy in last night's newsletter.

WYNN

I listed in the newsletter two days ago.

HANS

I listed it in the newsletter last night.

CYBS

I recommended it yesterday in the chat room at $10.

Bull and bear

I think today bears are disappointed, since they expected a severe decline after yesterday's weakness. However, bulls could not be happy yet. Again we are up on slower volume and we will have the Fed meeting tomorrow. Anything could happen between now and then.

I admit

I admit that I am a weak hand, I got shaken out easily. But as long as I can get back in without losing too much, I like to be a weak hand, proudly.

Why we have to honor the stop

When I cut SMDI at $12, I hated it; since I could have sold it at higher price. Now I am glad I honored my stop.

Bad

Today's weakness suprises me, I am selling longs.

Update: LEND

LEND position is closed today.

Update: EZPW

EZPW is approaching my target quickly.

Slow volume again

Maybe I am picky here, but the volume is running slower again that keeps bothering me as a short term bull. In order to change the down trend, the NASDAQ needs to be standing above 2200 with strong volume in the next 4 weeks; otherwise, all bullish bets are off.

GOOG and the market

Remember my comment on GOOG and the market back in early June?
http://uclatrader.blogspot.com/2006/06/bottom.html
Look at them now.

OMNI

I recommended it yesterday in the chat room at $9, now it is on the way to $10 plus.

EZPW

EZPW broke out the downtrend, my target is its old high at $40.

CELG

CELG broke out its ascending triangle, my target is $50+ on this one.

Decline

Today's weakness is disappointing, but not unexpected due to the slow volume yesterday. The market is still trying to build the bottom, though this process is painful. More patience is all we need.

SMDI

I recommended SMDI two days ago, it has acted well and is on the way to $13 plus.

CTRP

CTRP finally breaks out today. It was featured in my newsletter last night.

Volume

I like this rally and I am happy to be a bull, but the volume concerns me. Hopefully it will kick in in the last hour.

GOOG

I suggested GOOG at $391 this morning.

CME

I suggested CME at $461 area this morning.

Judgment day

Today is very important to the bulls. It validates that we have seen the low. More volume would be even better.

Update: BRLI

BRLI hits my price target too today.

Update: AVID

AVID hits my target today.

BRLI

I expect to close the position this week.

Update: LEND

LEND continues sliding.

American soccer

American soccer team put on a hell of fight today against the powerhouse Italy. With only 9 players, they tied the game. Nobody expected something big out of American team after they lost the last game to Czech. Today they showed the world what the American spirit is, hat off to them.

Mad Money

If you have not checked out the poll on Jim Cramer's "Mad Money", please go vote it now. The result so far looks terrible towards to Mr Cramer. I think this show will lead a disaster to his reputation. He should have known this better than me that stock market does not walk the way of his call, which is simply based on some fundamental data and quick market analysis. A 30 second phone call can make you money? Then I can cure cancer in that time. He makes investing look so easy. Sorry, the market does not work that way.

Away from my trading desk

Yesterday I was out of desk, missed the grand rally. Luckily most of my shorts were covered right at my target, the rest were with tight stops. Please go check "the winning trade" and "losing trade" to the right of this page.

Update: KOSP

KOSP hits my target too.

Update: CENX

CENX hits my target today.

Update: AVID

AVID continues its slide.

Update: ESRX

ESRX continues its slide.

Brazil won

Sorry for the lack of the post. My favorite soccer team Brazil is on today and they handily beat Croatia by 1:0. Even though I am not a Brazilian, but as a soccer fan, I will always be a Brazilian until the sucking Chinese team can get on the world stage.

World Cup

The U.S. team is on right now vs. Czech. Though I don't like our president Bush, I was still touched by his phone call to the coach. I do think this sport needs more support and attention from the nation. On that end, our president at least has done something.

AVID

AVID finally breaks down, I featured it as a short in my newsletter several times. Even though I think the market's low is in, AVID seems to have more downside room.

Sometimes I am earlier

I shorted FMCN at the red arrow at $60.7 area, got stopped out around $64, but it broke down hard yesterday. Timing, timing, timing.

Market and World Cup

Blogger.com has not been stable recently, which prevents me from posting it regularly. It seems that I nailed the low yesterday, but the market bottom needs time to build, not one day or two. From today to July 9th, I probably will post less, since WORLD CUP. Oh, yeah, baby. Once every four years. That reminds me one thing: US broadcasting sucks, they don't even broadcast the opening ceremony live. Maybe I stretch a little bit, but I wanna get this out of my chest: C'mon, be a world citizen, stop being self centered!

Covering

This is a nasty selloff, but i think enough is enough, I am calling to cover shorts here.

CENX

CENX broke down today, heading down to $35 area.

Blogger.com

Blogger.com was shut down today due to technical problems. It has not been stable recently.

New poll

New poll is coming. This time is about Jim Cramer's Mad Money. I like him, but this show? Lets' say it is a show. For the coming World Cup, I ordered back my English cable package. And I watched Mad Money for a second, when my girlfriend was beside me. She asked who the hell this guy is? how come he speaks like that? Is the show always this noisy? Some of her points, I kinda agree.

Poll result

Even though not many readers voted the poll to the right, I see less than 50% investors made money from mutual funds in the last three year, which has been a steady up trend. This is sad. I learned this lesson in the 90's before I jumped into the stock market. Because my mutual funds had an average return in a good market, but they dropped like a rock, along with the rest of the market in a bad environment. So what is the purpose of hiring a professional to do this job? I could either invest myself or just buy an ETF. Certainly at that time, there was no ETF available.

Book recommendation on Amazon

I just submitted a book review of "Entries & Exits" by Alexander Elder to Amazon, I will post the link here when it is approved.

An old email

The following is a portion from an email I replied to a member on April 14th. Looking back, I can say my works saw it coming.

2 Right now the market is uncertain, the candidates from both scans come in much less than a strong market. During a strong market, I had suggested around 30 stocks in one newsletter. Now due to the market condition, the breakout plays have much less success rate. I have to filter out most of them, since from my experience they will not work in a bad environment. I filter them out in order to avoid whipsaws, for myself and for you guys.

4 Market has rhythm. Professional traders know when to be more aggressive, when to be more selective and trade less. Now it is time to be more sit back. More picks in a bad market only means more whipsaw, more loss.

Bottom?

Is GOOG bottoming? Is it regaining the leadership that is lost earlier this year? Most of investors did not pay attention to this leading stock back then. When GOOG broke down hard in February, it was a major warning sign to the bulls. Now it is building a bottom while the NASDAQ is still falling. I think once again GOOG is telling us something and we should listen to it. At least I am listening to it.

BIDU

I have been bullish on BIDU for some times. The green arrow was my buy pt. Today it is breaking out its consolidation area.

ESRX

After a week's consolidation, ESRX finally cracks today. The red arrow was my short pt.

LEND

I suggested shorting it in last night's newsletter.

New Fed = black crow

This new Federal Reserve Chairman is a black crow. Every time he opens up his *** mouth, the market gets trashed. Can he just keep it shut?

Lack of volume

Although we have a fearful, large ranged decline, it is on lighter volume. I am cutting some of my longs, CELG is one of them.

Access

I have a hard time to access Blogger.com this morning, I will do an update this afternoon.

Where I am standing now

There are lots of nervous investors out there, who do not trust this rally. Honestly I am one of them. But as long as I can find stocks breaking out and indices are bouncing, I am buying this market with a quick finger. I will go back to short again as soon as this rebound is failing.

Morning

So far we are having a weak start, but my gut is with the bullish side. Time is still early, we will see.

Job report

I love this rally, but can I remind the bulls that we will have the job report due tomorrow morning. If it is not satisfying the market, we will go back to the dull mode again. So don't over bet right now.

PSMT

Another long candidate I suggested in the chat room.

SHLD

I listed SHLD as a buy candidate in my newsletter and once again mentioned it in the chat room.