johnpaulca
12,036 posts
msg #59867
- Ignore johnpaulca |
2/22/2008 10:06:22 AM
ESRX...sold @67.50(+4.65%)
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nikoschopen
2,824 posts
msg #59868
- Ignore nikoschopen |
2/22/2008 12:04:15 PM
Well, the lunch time doldrum is giving way to the bears and the market is tipping further south.
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HokieDoc1
14 posts
msg #59869
- Ignore HokieDoc1 |
2/22/2008 1:07:53 PM
Big Block trades negative on DNA (genentech) awaiting fda ruling of Avastin for treatment of breast cancer.
Puts at 72.00 awaiting the news.
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nikoschopen
2,824 posts
msg #59871
- Ignore nikoschopen |
2/22/2008 3:09:32 PM
All the indexes are trading in a relatively narrow range. I would personally like to see the LOD taken out, but so much for wishful thinking. Nonetheless, we will eventually need to revisit the January low to face our own inner demons, no?
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deanengle
33 posts
msg #59872
- Ignore deanengle |
2/22/2008 3:41:30 PM
3 good option plays for 2-22-08 are CBEY , UNFI ( have made 60 % on this one so far today ) and LTM. These stocks each had a significant drop today as a result of earnings disappointments. Therefore these are what I would calla "dead cat bounce" and they almost always make money.
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nikoschopen
2,824 posts
msg #59873
- Ignore nikoschopen |
2/22/2008 4:02:07 PM
02/22/2008 15:33 *DJ Ambac Bailout Plan Could Be Announced Mon Or Tues -CNBC
According to CNBC, a consortium of banks will get together to devise a plan to save Ambac.
What a joke! Ambac being rescued by the troubled banks that got Ambac into all this mess in the first place? This doesn't make sense.
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maxreturn
745 posts
msg #59875
- Ignore maxreturn |
2/22/2008 4:10:35 PM
Niko...MAN am I glad I held onto my long position in DRYS! You've been daytrading the markets for quite some time. Have you EVER seen anything like this to the long side? Although I don't trade intraday I check the indexes 5-6 times a day. I have never seen a vertical rally like this. Drops yes...but not rallies.
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maxreturn
745 posts
msg #59876
- Ignore maxreturn |
2/22/2008 4:11:41 PM
Deanengle, thanks for sharing. Would you mind getting into the details of your strategy a bit?
Regards
Max
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nikoschopen
2,824 posts
msg #59877
- Ignore nikoschopen |
2/22/2008 7:34:40 PM
Quote from maxreturn:
Niko...MAN am I glad I held onto my long position in DRYS! You've been daytrading the markets for quite some time. Have you EVER seen anything like this to the long side? Although I don't trade intraday I check the indexes 5-6 times a day. I have never seen a vertical rally like this. Drops yes...but not rallies.
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Truth be told, I got buried in the rushing stampede. I was pretty damn sure the market was heading lower and took on some significant short position. (#@%$&@%^%$^!!!)
With the exception of "surprise! surprise!" rate cuts by the Fed, this kind of hysteria doesn't manifest itself very often and certainly almost never in the last 20 minutes of the session.
But the very nature of this rally is suspect in my opinion. As I stated above, to rely on those same troubled banks that you insure to bail you out is outright ludicrous. How the hell will that change anything for the credit crisis that many of these banks are facing that, in turn, was the catalyst which led up to Ambac's current problem?
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maxreturn
745 posts
msg #59878
- Ignore maxreturn |
2/22/2008 8:53:24 PM
Niko...agreed. When the rally started I looked at my trading partner and he, seeing the vertical nature of the rally stated that the Fed must have announced another surprise cut. I said no way...the market lately has not been in the daily free fall mode which would prompt an emergency cut. When I saw the news story on Ambac I thought...that's it? You gotta be kidding me! Truth be told...I too was thinking about buying SPY puts when the low was taken out on low volume late in the day. But ALL too often lately seems the support/resistance levels are barely taken out just before major buying/selling takes the market higher/lower. Glad I waited. Sorry you didn't have a good day :(
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