Tuesday, June 12, 2007

Bull Traps

Looks like Friday may have caught a few bulls. I know I got caught, although I do still have a large cash position. Plainly, I was a little premature buying back some of my positions.

Anyway, this morning I decided that I'm not ready to go short, so I'm going to continue to sell-off stocks and build cash. To that end, I once again sold PFWD, 500 @ $15.98, taking a very small loss.

Also, as much as I don't trust the market right now, I still really like ALVR, so I doubled up my position on this morning's dip, buying 500 @ $9.15 Other than this purchase of ALVR, I will likely not be making anymore purchases.

9 comments:

Bullish Jim said...

Hey Woodshedder- I answered your comment about causality in my NKTR post from yesterday. Would love to hear your reaction.

Marlyn Trades said...

Saw this post yesterday and didn't get a chance to reply to it.

Why in the world would you want to short a market that is going to go up? There is absolutely no reason for this market to go down. The nonsense of Tuesday was simply the same old story - overbought to a fault - that was rectified today. It might pause again tomorrow and then sit chilly on Friday (opex) and take off again next week.

If you look at the INDU pattern you will see the same thing that convinced you that TRW was a good buy the other day.

My only concern would be the fact that in today's hot market MVIS went nowhere. That is not the sign of a stock in demand.

And if you want to know when to sell SWHC just watch the ATR(10) - it signals like a beacon in the night - any move above 60 cents and it is going down.

TA as a whole might be bogus - but some of it can be used for signals that other people don't see - especially hidden volatility.

Just some thoughts - no recommendations.

Anonymous said...

hey marlyn, you dont know shit about shit. why didnt anyone buyout or take control stakes in google, hans, aapl, rimm, ntri...etc when they were on the cheap?

also your post above sounds really bitter i guess youre just another disgruntled/failed daytrader...that is probably why you shut down your blog in the first place. I think I will follow your rule #1 "Rule 1 – nobody knows nothing – including me." that is good advice homo.

Broker A said...

You can send this to Ducati the fucktard:

http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=%2Fnetahtml%2FPTO%2Fsearch-adv.htm&r=0&p=1&f=S&l=50&Query=microvision&d=PTXT

Broker A said...

http://patft.uspto.gov

Woodshedder said...

Anon, everyone is entitled to his or her opinion. If you are going to attack Marlyn, please don't do it on my blog. I thought about deleting your comment, but I have a feeling Marlyn will enjoy it. Marlyn's blog has helped me tremendously as I attempt to design a system. He has a load of knowledge to offer. Marlyn, I don't mind if you want to defend yourself here. I also don't mind if you don't.

Broker A- I'm done with Ducati. I will not suffer a liar. You'll have to take it over to him.

downtowntrader said...

Woodshedder,
I know PFWD has been dicking around for a while, but i thought I would let you know I finally took a position in it today. I'm impressed that it hasn't given up the gap with all this volatility in the markets recently. Hope everything is well,

Joey

Woodshedder said...

Joey, I almost bought back in for the same reasons as you have listed here. However, I felt like a real moron buying selling buying selling, so I didn't. However, I know that is a silly reason for not buying back in. I was watching it at the close, and since it closed almost flat, I figured it was safe to wait another day to see what develops.

Marlyn Trades said...

I don't have to defend myself - he's absolutely correct - nobody knows nothing - including me.