Wall Street Crack

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Archive for December, 2010

What @reformedbroker Learned in 2010 $$ http://stk.ly/g6WA3x

Posted by Dino on December 31, 2010

So the 2010 “Year in Review” type blog posts are rolling in and I’m sorting through them all but immediately, one stood out from all the others.  @reformedbroker has treated us with his “In 2010 I Learned That…” a compilation of quotes and lessons from 2010 provided by the financial blogospheres All-Stars.  Here’s a little teaser….

James Altucher (The Altucher Confidential): Yahoo message board posters are among the most intelligent, well-read people in the known universe and I’m proud to call many of them friends, colleagues, and yes, scholars. Also, male menopause might not be such a bad thing with the right combination of hormones and medication.

Howard Lindzon (Bassist, Third Eye Blind): the Fed is running the best Ponzi Scheme ever.  Still.

Brian Shannon (Alpha Trends): Wall Street continues to be full of shit, only price pays!

Kid Dynamite (Kid Dynamite’s World): It’s a momentum world and we’re all just living in it.

Jeff Carter (Points and Figures): unemployment programs are creating jobs faster than anything else.

Downtown Josh Brown (The Reformed Broker): Bieber Fever trumps the Hindenberg Omen every time.

Eddie Elfenbein (Crossing Wall Street): Bulls make money, Bears make money … but Greece is royally fucked.

Take a moment, click over and read them all and vote for your favorite!

 

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Merry Christmas!

Posted by Dino on December 23, 2010

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New Trade: Long $FCX

Posted by Dino on December 21, 2010

So it’s a bit late but I wanted to write down my reasoning for my long FCX position.

Unless you’ve been hiding under a rock for nearly the entire year Gold, Silver and Copper have had a tremendous run the past 6 months or so.

With the rise in price in these metals prices, so goes the companies that bring them to us.

FCX has followed suit and after reaching 52 week highs last week it had a nice pull back, found some support and formed a nice bull flag.

On Friday 12/17 FCX popped out of that flag and held well with decent volume.  This break of the flag was confirmed yesterday (12/20) by its continuation.

1st target will be the 161.8 Fibbinocci Extension just under $123.00 which is also just under all time highs.

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Trade Review: $BIDU

Posted by Dino on December 19, 2010

BIDU was the trade I really wanted to get into.  Since December of 2008 BIDU has simply been on a tear running from a split adjusted $10 to a recent high of $115.

Finally saw an entry with good risk/reward on 10/6.

BIDU had a nice, strong run up and was flagging with a nice pull back and support around $95.  Went long at $98.25.

It traded very well, never dropping down too close to my initial stop.  Stayed in the channel and came a couple of points to within my initial target of $117.  Until it fell out of the channel on heavy volume.  I had high hopes but but didn’t want to fall in love with it and let it take me down so I closed out the position for a 4% gain.   Despite leaving so much on the table I would classify this as a good trade.  Stuck to my stops, exited the trade with when it didn’t trade well and walked away with a profit.  I can alway re-enter if it sets up again but maybe the BIDU it stalled and will correct for a time.  Healthy growth.

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Gonna let $DFS Get Called Away $PUT

Posted by Dino on December 17, 2010

I still have the DFS Dec 18 Put purchased a couple days ago for $0.10 and will let it get called away if it does close below $18.  If it does get called I’ll still walk away with a 20% gain on the position (including the cost of the option) and will put the cash to good in the use next week or two.

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Trade Review: $RIG

Posted by Dino on December 16, 2010

RIG was a trade that I wanted to keep a tight leash on since there was still a good chance of issues popping up with the Deepwater Horizon disaster.  RIG broke through  resistance on 9/27 and pulled back to retest on 10/4 and I long on near the close.

Peeled off half right around while making new trade highs and was looking for a re-test of previous support near 78-80.  I really didn’t like the way it traded after the Justice Department announced its lawsuit on 12/15 so I closed the position for a 13.7% gain on the trade.

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$IGOI gets an $AAPL Certification

Posted by Dino on December 16, 2010

IGOI once again gets a huge boost, this time, from the Grand Daddy Tech Giant Apple.

IGOI: Currently up about 10% today to $3.36

http://investor.igo.com/phoenix.zhtml?c=120809&p=irol-newsArticle&ID=1508711&highlight=

New iGo iPad Wall and Car Chargers Power More Than the iPad

SCOTTSDALE, Ariz., Dec 16, 2010 (BUSINESS WIRE) —

iGo(R) (Nasdaq: IGOI), the most trusted name in the accessory power management arena, has unveiled Apple-certified iPad wall and car chargers (MSRP $24.99 each) that provide a convenient charging option for both the iPad and other devices. While iGo’s new iPad chargers can power iPads, iPhones and most iPods, they can also charge almost any other low power device through their USB power ports. With the ability to power multiple devices from one charger, the new iGo iPad chargers offer a flexible charging solution for every iPad owner.

With the included certified charge/sync cable, both iGo iPad chargers feature a 2.1A output to quickly charge all iPads, iPhones and most iPods. Adding charging flexibility, the USB port featured on the iGo iPad wall and car chargers works with either the included sync cable or any other USB cable to charge other mobile electronic devices, such as mobile phones, MP3 players, portable game consoles and more.

“As iPad users browse the web, send email and enjoy photos, videos, games and e-books, we wanted to provide a family of chargers that match the iPad’s flexibility,” said Walter Thornton, vice president of product management and supply chain of iGo. “The compact iGo iPad wall charger and ultra-small car charger are the perfect charging solutions to keep iPad users powered wherever they go.”

The small and compact iGo iPad wall charger accepts all international input voltages without a voltage converter and is available with replaceable AC blades for international travel. The iGo iPad car charger is small enough to sit flush with most car charging ports, making it as unobtrusive as possible.

For more information about the iGo iPad wall charger, please visit http://www.igo.com/axx/ipad-wall-charger/invt/ps002850001/. For more information about the iGo iPad car charger, please visithttp://www.igo.com/axx/ipad-car-charger/invt/ps002860001/. For more information about iGo, please visit www.igo.com.

SOURCE: iGo, Inc.

The Rogers Group for iGo
Heather Gordon, 310-552-4123
hgordon@rogerspr.com

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Remember: “Cash IS a Position” – Brian Shannon @alphatrends – Sold $RIG & $BIDU

Posted by Dino on December 15, 2010

Some momentum names have been selling off the past week or so and I’ve pulled some positions such as RIG and BIDU.  Took profits in both.  Not as much as I could have in BIDU but it wasn’t a loss.  I don’t like the way some leaders have been trading so I’m raising cash until I can make sense of some of the action.  ACTG has dropped quite a bit and came with in 3 cents of my stop loss that I raised up today.  I don’t like the pull back but am being patient with this one and stop has been raised to below today’s low.

As @alphatrends says “Cash is a position” and builing my position in cash until I see something I like better.

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Putting in Limit Order $DFS Dec 18 $PUT for $ 0.10

Posted by Dino on December 13, 2010

I’ve been long DFS since around $14.91 and it’s had quite the run since the end of July.

I’m up about 30% on the position right now and with DFS earnings this Thursday I want to begin protecting profits.  I don’t want to close the position because if you look at the weekly time frame it appears to be in an Inverse Head and Shoulders Reversal with a possible target of $28ish if the pattern plays out completely.

I don’t want to pay a ton of money for that protection either.  Normally I would collar my position by selling a OTM Call in the next expiration cycle and buy the front month OTM Put but due to account/broker restrictions I am unable to do that.  So now I’m simply going to put a bid in for $0.10 for the December 18 puts.  I want to hopefully get this closed today because Implied Volatility is starting to creep up.  Buy doing this I’ll protect 20% of my profits for a dime a share.

Best case scenario, DFS continues on its northward trek and I’m out a small amount of cash; Worse case scenario I exercise the option and walk away with 20%

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Brewing up Profits with @stocktwits and @shortsbrewing $$

Posted by Dino on December 12, 2010

Earlier this week I was pleasantly surprised to see one of my favorite breweries on Fox Business talking about their company and the Craft Beer business in general.

Watch the video and Scott will take you through the state of Shorts Brewing and the Craft Brew industry in general.  One of the things in the interview that stood out most to me was when Scott discussed how the different craft brewers would work together and help each other out when needed.  Whether it would be batch recipes or something specific to the craft brew industry they would talk to each other and communicate things that may work for them.  And even though they were competing for the same dollars in an industry where every sale is vital, they helped each other out.

When most people think of traders, they think of a cut-throat industry.  People that would sell out their own mother out for a buck. The movie “Wall Street” became the face of the investment profession. “Greed is good” was the way Main Street saw Wall Street. Traders portrayed in “The Quants” or “Liars Poker” would play Poker to bluff their way for pure ego and pocket change.

The StockTwits community isn’t really like that.  Instead of playing poker for money, they play it for charity.  Instead of stealing ideas, members share their ideas readily.  StockTwits is a community of idea generators.  The whole premise is sharing thoughts, ideas and strategies in hopes others will learn and profit .  Hundreds of thousands of traders are looking to extract as  much profit as they can from the market and all StockTwits community wants to do is help traders improve on those skills and make money.

StockTwits is a very powerful tool and when used correctly you can profit greatly from it.  If your thinking about joining up with the StockTwits community, do it now, sit back and take it all in the first few weeks.  Take a look at the Suggested Stream and read the blogs on the StockTwits Network to find your niche.  Look at contrarian view points and improve your techniques.  The resources are there….you just need to take advantage of them.

As I post this I am thoroughly enjoying a glass of Shorts Black Cherry Porter.  It’s the first time I’ve tried this brew and it’s awesome.  If you ever get a chance to try an Shorts bottle I would highly recommend it.  Check out http://www.shortsbrewing.com/

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