HFC has the capitulation vol look at a double bottom with a bull harami today. You may get a bounce, 90% chance. Good risk to reward can't do better than that.If I saw the chart earlier today I would have bought it for a one to two day trade. The reason for the short in and out play is the gap down becomes resistance (26.43 to 27.31). They hardly ever get thru on first hit.
You must keep in mind this was option x week. During option x week mm make money expiring options. If the market has more calls they take it down. They gave us a clue as to what they were up to, as I set 123 on the spy as bounce point. However the market over reacted and went down to 121.Next week I see bullish context clues, so my sentiment today is bullish for next week. To have better economic data we must have a christmas rally. Yes, once again government around the world will manipulate the markets behind the scenes....The market is rigged.
Intc on watch as it breaks major weekly to upside.However, mgt conviction buy is negative on form 4.
Picked up OIH early this morning, up $3 not bad, nice bull flag, looking to take profit at 141 and buy it back the same day on retracement off resistance.Very nice base on oih.
Bull flag consolidation, $12.06 target. However, it needs a catalyst to break through 200 sma and gap fill resistance. I'd say, profit taking and consolidation at $10.30.
SKM got their bid price on HYNIX, but the stock didn't take a hit yet. I'm sure credit down grades are coming. Dam tempting. However, old accounting scandles on ceo resurfacing by short sellers. KT their main competitor for smart phones posted a 40% decrease in net income due to less phone subscriptions. That may be an indication that SKM is gaining more market share.
Market is consolidating, I think the mm will test intraday gap fill and then drop it lower trapping day traders. Then bounce it the next day.If SPy bounces at $123 play the channel. Playing earnings crap shoot on Agilent report tuesday.
Sold TNK showing weakness. I will buy it back latter. Bought more cim for earnings play on Monday. CIM need to adjust their accounting numbers to meet regulations so everyone is anticipating bad news on monday. Planning on adding if it sells off, took small position just in case the numbers not as bad as everyone is thinking.Max pain on CIM is 1.53 which was the bottom of the banking crisis 11/08.
IIJI on course for tripple digit recurring sales revenue in the cloud computing space where as in Japan cloud computing it is still new.
Might start accumulating BWA tommorrow nice channel formation developing.However, I didn't like the mgt selling on form 4.
Market commentary from nly mgt http://www.chimerareit.com/Admin/AttachmentFiles/165NLY-Q3%202011%20Market%20Commentary.pdf
I started accumulating CIM. Conviction buy, more down side possible.NLY manages the fund and they best of breed. However, this sector is experiencing weakness.