Stopped Out! $1 gain

Stopped out of NYX with a 1 pt gain. Not much...but it is better than a loss.

What a difference a day makes!

The VIX is spiking as real fear enters the markets off of the Bear Sterns news. I am going to take a position in NYX again which is at 59.70 as I type this. This is the 1st of 2 buys for me. I want to avg in just in case something crazy happens over the weekend. See you monday

Still....not much to do!

Sorry for the delay in posting..but I still am not overly excited about the long side for the moment. The vix has gotten out of its upper bollinger band but not by enough for me to take action. The triangle pattern resolved to the downside and while we are bouncing b/c of fed action and sentiment, we have not negated the downside break. I think there are some great values out there but I am sticking to my dicipline. I will post when I take action. The momo continues to the downside for now

Borrring!!!

I have not posted in awhile b/c not much is going on. We are consolidating into a nice tight triangle on all the indices that will soon break out. The rule is that these paaterns usually break out to the side of the trend, which is currently down. However, I am thinking that the break will be to the upside b/c of the level of negativity out there. I still hold FLML but am getting sick of that position. I continue to sit on my hands until something develops. I will post when I decide to take some action!

Closing OUT

Once again...earnings are just a gamble. I closed out the other half of my NYX @73. So I ended up making 1 pt. At least I took the other half off the table before earnings. Overall, it was a good trade. I am still holding FLML and waiting.

Taking half!!

Like I said in my previous post, I am taking half of my NYX postion off of the table going into earnings before the open on Tuesday. Out at 79. A good 9.7% profit but you never know going into earnings. Just updating

UPGRADE

We caught an upgrade on FLML this morning...continue to hold. Same goes for NYX(still holding). This market can whip you around so I do not want to be too trigger happy and blow out of winning positions so I would keep loose stops. NYX has earnings on on Feb 5th(before the open) so I am takingthat into consideration with the current position. Right now I am probably going to take off half going into earnings. Volume was huge last quarter so NYX should have blow out numbers but you NEVER know how the street will react, anyone who tells you a trade going into earnings is just gambling, not trading! I will update when postions change

Update

Sentiment extremes came into the market so we have gotten the bounce. The VIX outside the bollinger band seems to have worked again, although some pretty scary opens in the markets. Still holding the FLML and NYX from 72. I will not let this NYX trade go against me so I would put a stop around 73. Hopefully it won't hit that but that is the discipline. Just updating for anyone reading

Finally...and FLML update

FLML and the biotechs have held up great. I have not posted in awhile b/c not much has changed until today. FLML has held above the entry at 9.5...I continue to hold. The VIX is fianlly spiking and is outside its bolinger band. I am taking a position in NYX @72. I think this could go down to 70 or a few bucks lower but that is it. If you pull up a weekly ema50 for NYX you will se that it has always bounced off of this. Currently this is around 70 so that is a good entry in my opinion. Will it get down there....I don't know, that is why my initial buy would be now. Hopefully someone will read this blog

FLML

NOTE: This blog is NOT a recommendation to buy or sell. I am simply journaling what I do and how I feel about the markets. I am taking a long position in FLML 9.50. The market is getting hammered and biotechs have shown some strength from the JPM healthcare conference. The weekly bollinger bands are extremely yight which is indicating a break one way that is sustainable for a swing. The stock is showing some recent relative strngth to the overall market and their partner(Glaxo) is suspose to be stepping up its marketing of Coreg CR. I think some good things are on the horizon for FLML

almost there!!!

The VIX was up 7%(not quite outside the upper bollinger band)....I think it is to the point where I will look at things tomorrow on the long side. I am hoping we open down big. i think this would set up a a good morning long trade. No trades since NYX...so still down 2.9% for the year. see you tomorrow.

VIX and Bollinger Bands

Market is getting crushed! I am glad that sticking to discipline has saved a few % pts(in the short term at least. The 1430 level has been filled today off of the poor jobs #. One thing I really like to focus on in terms of dipping my toe back in the market is using the VIX and bolloinger bands. When the VIX get outside of its upper band, this usually tells me that selling is getting a bit overdone. Unfortunately we are not there yet. I will post when we are and some actions that I might take. Happy trading and please leave some comments!!

Close out

Closing out....don't want to do it, but that is the discipline. Nothing like starting out the year -2.9%. Jobs # tomorrow morning is pretty important and the market feels heavy. I still think that gap in the S&P needs to fill around 1430. No positions.

-2.9%ytd

Bad Day

2008 is not starting out good for the equity markets. NYX still above 84..lets hope it holds or it would be closed out. The CLOSE is what I'm following just to clarify. S&P needs to close the gap around 1430. I know some people think 12/18/07 was close enough but I disagree. I think we won't see sustained buying until then. Let me know what you think!!