Stock market - where is it going?

[The_Anonymizer]

okay, we're at about 8,200 on the DOW now......where do you think its going from here and why?

[j6237]

Not sure abt the Dow-

Im watching the NASDAQ because the short-term, I believe the overall odds favor a significant pullback, possibly led by the Nasdaq, over the possibility of making it moving higher. HOWEVER, a Nasdaq closing price well above the 200-day MA could cause me us to quickly change my mind... With that;

I just bought QID at 37.80 and put a stop loss at 35.75, right below the trend line. Should it break it, the NASDAQ moved higher and I will close the positions. As of the close we are down less than .25%..

I am watching the INTC reaction..

j

[jdjack]

Curious as to what Anon thinks its going to do. So can you give us your take?

[The_Anonymizer]

I think the XLF will drop back to $11 or maybe a little lower. I think we'll pullback all week and maybe if we get back to 8200 before Friday we'll see some gains on Friday but i think we'll close down for the week.

Financials are still leading the market. I'm riding the FAZ right now until the XLF gets to $11 and then i'll sell it and if BAC gets in the mid $10's or C(iti) drops under $3 i'll buy those.

I'm also pretty optimistic on:

DRYS (i'd starting buying on the way down now)
CELG July 50 Calls (0.60 right now)
DNDN June 20 Calls (2.70 now, up today)

and speculative picks:

SPNG
FRZ
ACAS
AHR
MESA

[concretetofists]

Bears say we will retest the March lows

Bulls are stamping their feet saying onward-ho!

I say until unemployment decreases and the consumers come back to full life we are going sideways. We have some congestion at 8500 in the Dow. If we can break 9000 there is some really great upside potential, especially considering how much money is still on the sidelines. When big money starts playing again shorts are going to get run over. Essentially the same stroy with the S&P, no real support or resistance around current congested levels.


My only open equity positions at the moment

RF
DBB
ARNA (my spec play)
all longs

Been swing trading the financials pretty extensively lately with success.

[The_Anonymizer]

i agree on the sideways prediction and on the the 9000 prediction.....remember back in november when we rallied up to 8900 from the first bottom, then sold off brutally.

I wouldnt be long RF, i know a bit about that company based on my time in the mortgage industry......we used to send loans to Regions because they were the only lender who would cross-collateralize properties, otherwise known as a "blanket mortgage"....very risky because they set themselves up for exposure to 2 home foreclosures while only making 1 loan.

I think DBB seems like a good choice....is that a DOUBLE Long ETF?

check out CTIC for another biotech spec.

[concretetofists]

No, DBB is not double long, I generally stay away from the leveraged etfs on positions I plan on holding for a while, too much whipsaw. DBB is my Obama infrastructure/China infrastructure play. Its holdings are equal 1/3 copper/zinc/aluminum futures. Its been holding up pretty well lately.

And yeah Regions is not working for me at all right now. I knew it was risky when I got in, but I didnt think the regionals would get hammered as hard as they did. The press release they sent out after the stress test was brilliant thought. The CEO basically said they were going to raise the necessary capital but the whole thing was utter bullshit. Im probably going to cut my losses on this play soon. Still waiting to hear if any buyout chatter proves to have some validity.

[The_Anonymizer]

i think UNG is a good buy right now

also check out SPNG for a spec play

[Lee Harvey]

I put all the money I had saved away into GE stock. GE is a large company that has their hand in LOTS of things. I bought in at about 20K when the stock was at about $7 a share. So I'm already nearly double in the span of a couple of months. And if you look at the last 5 years of where the stock came down from, I'm sure it will return back to that same area and higher. And if fagbama's "green" policies get put into law, then GE will be reaping the benefits greatly.

[j6237]

Originally Posted by The Anonymizer

i think UNG is a good buy right now

also check out SPNG for a spec play

LOL... I just bought some myself. Inventories came out last week and we got our entry point, today was very strong..

Also like/own SLV and TAN.

j