Market Recap - Current Positions

The Markets opened relatively flat and remained that way throughout the day.  At about 2:30pm, the indices started to gather steam and rallied into the close after having been basing all day.  Didn't do much trading today except cash in my V (Visa) July 75 calls for 122% gain (from 1.30 to 2.89).

I am still currently holding positions in BANR and NXTM.  In addition, I initiated a position in KERX which has been in a downtrend forming a descending wedge for the past 2 months.  I am expecting an upwards break of the trendline, especially if the markets continue with the recent strength.

Target for KERX = 3.98+

I do still have some positions in $VXX and $GLD that were hedges that are basically worthless.  These are option positions that will expire now in July.

Have a good weekend!

Market update and Watchlist - 07-08-10

The S&P 500 was able to pull off 2 big up days in a Row!  Yesterday, the indices ended up 3%+ and closed on the highs.  Today the markets were rather stagnant most of the day hovering in positive territory and popped End of Day.  With the S&P closing strongly, my bias is to the upside for tomorrow but I do see some obstacles the SPX has to overcome for confirmation of even more upside.

On the SPX Daily, I do see a bit more room to the upside but would like to see the price over the descending trendline and 1st resistance area.  In addition, the markets need a bit more volume for follow thru, but I might be asking for too much considering its summer:

A few stocks I will be watching tomorrow:

PWER

CRUS

ZUMZ

VIT

Some I am holding over night:

NXTM

BANR

Trade em well!!

Monster Move in NFLX today

Just got back from a semi-extended 4th of July Vacation and haven't done much trading.  I Banked 55% on the NFLX (Netflix) Calls I was holding today on the nice move off the 50SMA.  I took the profits, but it closed on its highs and has started to pick up vol.  It could continue its move Higher tomorrow without me.

IMAX Sitting on 200MA

LQD - Time for a pullback?

Touching against upper channel! If the market rallies on good news or bad, this Bond ETF could see a nice pullback! On watchlist for short!

NXTM - Still like it!!!

NXTM has not even tested the 50MA in the recent selloff.  Still holding strong... Just look at the recent charts!

APC Setup

Ive been long APC for 2 days trying to catch a bottom.  Right now, its looking better than ever! It held up well during the recent selloffs and showing a double bottom on the daily chart.  i'm looking for 1st target 40, 2nd target 44.95.