"Fess up man, it's okay, we're all friends here, you bot some puts or sold calls didn't you?"
Wrong again! I've no position at this point. I got out my 300 Mar-9 calls during last Thursday's pop with a small loss.
I've the same argument as before... You wanted to short this name when the trend was up (Jul-Aug) and I asked why this name when there are plenty of other stocks to short. Now, it a 180 degree turn. Why go long this name when there are other bargains in the market. Look @ INTC, MSFT or even HPQ (for a bounce) in tech land, Look @ CLF, WLT, HAL in the energy space and similarly PBR, VALE if you want to play Brazil. It doesn't hurt to look at the coal names either... Some of the Industrials have been beaten up too. I was so close on pulling the trigger on AAPL @ 505-510 range on the Dec 530 calls.. I deeply regret not doing so!
My point is there is better place than SKUL for your $$$ :)
Picker, let's see if everything I write here actually posts:
Of course SKUL is purely technical for me. I was mainly playing the 1.272 extension=8.33 off of 16.75, 11.84, & 14.58 and got in at 8.35; so I'm only down 34 cents or 4.1%. Break even is up 4.2%.
I admit though, it is difficult to count the opportunity cost watching the market bounce and this thing drift sideways to slightly lower.
INTC has possibilites, but it came within 7 cents of hitting the Aug 19, 2011 swing point at $19.16 today with 96M shares compared to the swing volume of 79M shares. Volume is too heavy coming into the swing, but Friday's volume will be light when it should make the tag. Weekly volume at the swing was 314M compared to 251M so far this week. Considering this is a shortened holiday week, INTC's weekly volume is a little heavy too as it comes into the swing point.
MSFT on the daily just completed an AB=CD down and tested the Jan 3rd 2012 gap with slightly less volume: 64M vs 65M. I would have liked to see less volume on that test. Also, it gapped down getting there........so not so keen on it.
HPQ closed at 11.94 and is soon to be a $5 stock. I hate to see it, they used to make the best RPN-calculators ever, some of which I still use today. Maybe some fellow seasoned engineers and/or scientists will relate and if you can "get" the following; please say "hey, I get it":
CLF closed at 30.95 and on the weekly will complete a long term AB=CD down at $24.16 and a 88.6% retracement at $22.16. I may like it in that area.
WLT closed at 28.83 and long term is making its way to the 2008 $11 low. Short term it has a lot of overhead supply above $30.....a lot of downside and not much or slow-going upside.
HAL has been a trading range (TR) since early October, 2011, between 27.21 and 37.44. It recently completed an AB=CD-down move off the top of the range and is now retracing back up and stands just below the midline of the TR. Retracement Fib confluence is between 32.95 and 33.64. It should make it up to confluence and then continue it's trip to the lower TR support at 27.21. That is, unless it shows a sign of strength on this retracement. But a buy at 27.21 unless it gives a sign of weakness. Have to be careful with HAL though, it has a history of false break outs from TR's.
PBR is coming its swing with heavier volume on the daily; 17M vs 10M. The volume needs to dry up.
VALE is tricky. On the weekly It is trying to break its long-term down trend. On the daily it is currently working inside the gap of Sept 7th between 16.97 and 17.47. Now this should be gappy because of currency exchange but that particular gap had volume associated with it. FCX has the same gap on Sept 7th. Both look like a dead-cat bounce after the gap was filled. VALE needs to get back above 17.47 before I'll say its bullish.
Got anything better? Long term the market looks kinda sick, huh?
Well, Yahoo actually posted all of it except that it left out the "greater than" symbol, " " between "ENTER" and "=". I'll try it again:
Many years ago when I was living near Philly I saw a guy with a tee-shirt with that on it. I gave him a thumbs up. It's sort of like stopping at a red light and the guy next to you has the exact same car as you.