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Well, two out of three are great at the moment (and that could change before the market opens). GS just makes my stomach churn, but when the market turns around (the financials), I'd expect GS to be the leader. If I have funds available, I will buy again if it reaches 150. Could be tapped out by then.
Took some nasty losses yesterday to have funds for quality stocks that are being badly beaten up.
Damn (or Daym) look at VNW go. Should have put it all on that horse!
And my guess is it will. Unfortunately, I may not have the funds to get any having bought AAPL on downturn here at 117 and VMW yesterday at 56.75. My own personal black hole is GS, where I keep buying on the way down, so you can see I tread in some very dangerous waters.
Good show with FRPT. I'm looking for 14 on that one (double bottom of sorts). You guys are good in this crazy market.
Just for giggles, I put in a bid before the market opened for 13.05. I was surprised it hit. I now have a lower bid in, but it seems to be bouncing nicely. Funds have cleared, so I'm even allowed to sell it.
Great work. You took your share. Find the next SPAR and be sure to let the rest of us know.
Hope you get it. That took some guts to jump in there, particularly on that second purchase. I sold a little FRPT in AH Friday and that was it all day. No guts, no glory.
Gosh, I hope so. Found some shares in a margin account that I'd not taken into consideration last Thursday before I left. Stupid. Why have something in a trading account if you're not going to trade it? Anyway, I have a sell in for 20.25 on those shares. Still have a considerable long-term position.
By the way, congratulations on your SPAR trade. I had a bid in at 13; not close enough. Should have followed you.
I may just watch. Hard to trade the IRA until I get more cash together as I will have to wait 2 - 3 days before I can exit. Bad as the market was yesterday, it didn't really hurt me. No sense asking for trouble jumping in now.
FRPT
I am a bit of a bag holder on this one. My current buys are all in the 16 to 17 range. I should have let you guys trade it for me. ;)
ELN
Very nice. Still have longer term shares on that one, but I see here it closed at 19.91. Was that you selling all your trading shares into this market?
FRPT
I see that closed lower, but bounced back AH (on earnings).
All in all, not real bad for a day I was gone and the market tanking. Damage is light, if anything.
Nice day in the hills. I hope everyone here is doing well with this volatility.
Early, you were asking about ELN yesterday. Well, it hit over 20 in PM and I sold the last of the trading shares. Don't know what is going on there, but I don't think it is sustainable in the short run.
Off to the mountains today. Talk to you guys tomorrow.
Jay
LMRA
No news I can see, but it made a significant jump today on "higher than normal" volume. This one has spiked before, only to drop back down, but be aware of it if something is brewing.
Well, I'm glad I didn't hold it. It's lunch hour here, and if I was eating a fried bologna sandwich, I'd be choking right about now.
Caught me napping!
Well, we left some on the table, but it was sure the correct call. What a nose dive!
Did you get either of them? I got some at 15.12 (Should have posted that right after I got it, as the stock tested the low of the day right afterwards. People who have watched me trade would instantly have known that a better price was on its way.)
FRPT
While I have level 2 up, I find it of minimum value and mostly use the charts, but I did see something interesting today. When FRPT got down to 15 there was a line of bids at that price that went right off the screen. I've been scammed before, thinking an area of many bids indicated strong support, but I've never seen one quite as long as today's. All sizes too. That would appear to be significant support, especially in light of the bounce we got.
Yup, left a lot on the table with that one. Oh well...
SPAR
Perhaps, but I don't think it will stay there with the 200 MA @ 14.79. Might get another chance to trade this thing (but maybe not today).
SPAR
They gave me another shot: sold at 14.50. Perhaps I will use the proceeds to buy more FRPT under 15.
Wonderful call on SPAR. Unfortunately, I was out doing something else and missed that rise to just below the 200 MA. Now have a sell in for 14.50 and would be very happy with 2.5.
FRPT
Yes, long term I think we will be just fine. I get a bit nervous trading it in my margin acct, but hey, it is above 16 so I good with it...for the next few minutes anyway.
ELN
Break 20, I kind of doubt it. Hit 20, possibly. Still a good longer term hold.
Sold some shares of it the other day to buy GS (still have quite a bit). That one is doing fine, except it had a nasty down turn (since recovered and is up) right after I bought it. I'm hoping that one gets back to its highs. Probably something like your AAPL trade, except I expect to hold it into the fall.
FRPT
Sure would be nice if they got a big govt contract. Hope 16 holds...
Thanks. That is the sort of news I've been waiting to see. FRPT should recover quickly if that is it.
FRPT
Waited 'til this morning and bought at 16.25 (IRA) and 16. Like you guys, I cannot find any news. Must be one of those, "someone else got a contract and it wasn't Force Protection" things. Damned if I know.
I will try to be smarter and if it breaks 17, get out with whatever profit I'm given.
Good luck to all.
Jay
On a technical basis, it broke through the 50 MA which has held in the past. It is currently testing the 105 EMA at 2.33. I'm afraid if that doesn't hold, then it is back down to the $2 range where we were before. A bit of news from the company, particularly in regards to selling any clay would certainly help.
Got 18 for some FRPT shares in a different acct. That is sure a barrier right now.
No, you did really well on that, knowing it was just a trade. I'm not afraid of it because I don't mind holding it longer term. I don't think that was what you had in mind, so in retrospect, I feel a bit bad about my positive recommendation when I knew the company was going into AC. You just don't know what is going to come out of those panels and it could just as easily have sent the stock down. In that respect, it was riskier than an earnings play and I damn well should have warned everyone. The reason I was so positive was I don't see this as being a big deal one way or the other. Plus I probably have a longer time horizon for my holds, though I'm happy to take 10% short term if I can get it.
I will likely unload some of it tomorrow, just so I have funds available. Mid 19s would be ok. Longer term, it will be in the 20s again soon enough.
FRPT
I show the 200 MA at 18.21. Perhaps it can make it to 18 in the short term? I would sure like to see it break that barrier, but that may take a few trys.
ELN
Early, you sure had a good exit there. Just hope I can do as well tomorrow.
Saw that. Now if it can stay up for another day, I might even be able to profit from the move. Hope you guys got some.
ELN
I think you will get it and get it soon. Very good trading. Worth the wait, I hope.
Hi Early,
I didn't step into my office until after 5pm west coast time. ELN news is all good and I'd expect it to move right smartly over 20. You can trade it tomorrow. Or not. I have to wait 'til Thursday and I can tell you I have one hell of a position in this. But with the positive AC vote, downside risk is minimal at this point.
I called my broker, Fido, and talked with a representative from their Active Trader section. I wanted the specifics on just what I could and could not trade today, so I could leave with some sell orders (no cash to buy with now). He told me that since I had ELN shares from purchases previous to yesterday, I could sell those FIFO) without a "good faith" violation. I took him at his word and put in some "ridiculous" sell orders in both FRPT and ELN. Turns out he was wrong and that would have been a GF violation had they sold (they didn't, but sure came close in AH). I would really have been angry to get a violation letter after stupid advise from one of their brokers, but I know Fido well enough to know that they aren't going to do me any favors. He tried to call me three times, but of course I was long gone.
OT: Went to the mountains to help Washington Trail Assoc (WTA) put in a new trail. It is an all-day affair and takes about 1 1/2 hours to get there. It is really hard work, but it is in the National Forest under the trees. It is just good for me to get away to do this. I am trying to help them about every other week. Yes, it interferes with my trading, but the positives outweigh the negatives. I only mention this because I would hope everyone who trades for a living can get away from it for a little bit, doing something that takes your mind off the market. Hard work, but a wonderful day. And the ELN trade is working out without me willing it on from the office.
Regards and good trading. I'll be at my station tomorrow morning.
Jay
You and me both. It will be at least Wednesday before I can do anything. Fortunately I won't be around tomorrow to stew about it one way or another. Off to the Cascades to help build trails. You don't think about the market when you're working as hard as they work you.
As you say. Thanks for reminding me. I am humbled every day. The market takes no prisoners.
My guess is you won't see a nicer entry on this again this year. Could be wrong, but I think not. This was simply to drop the price for the big boys to get more. I don't know, perhaps the same could be said for FRPT, though that one does seem to be in a range. That is two lows now, one of them higher. Need confirmation, but you can see where to trade it.
We've done well today, guys.
Let it play out. I'll bet the fundys were buying this on the way down. They have crushed me in the past. Now it is my turn. That is why I loaded up today. I more than doubled my shares. Small risk here, believe me.
FRPT
That's it. Might as well go get some other work done. I have no more to trade or invest with.
Funny, but this was the plan: today I was going to be fully invested. Now I am.
Later,
Jay
Yeah, my average is much higher, since I didn't sell when it broke the 200 day. Guess I will be holding 'til Fall at any rate. Can't see us going much lower, at least not for very long.
Well, if I have no money to trade with, I might even get some work done around here. (If I was a scratch golfer like Griff, I'd never get anything accomplished.)
Nice trade. Wish I had done that. Thought FRPT had a bit more staying power.
I'll stick with 15. If I'm right, 15.01 will be the low for the day. If I'm wrong, they will bring it down to 14.
Ahh, you picked the place I fear to tread. Now I just sit back and see how this unfolds.
I tell you, early, if I get FRPT at 15, I might just as well go play in the sun as that is all I can do today. Ain't no use fretting about it. Paid last months bills, so I'm good to go for a while. Know any place I can get a sub-prime loan?