Huge Moves today in ABS/KR both suggested for swing shorts yesterday and straddles in front of earnings the night before. It remains to be seen if either of these or some of the other battered dow stocks (even some Asians) recover tomorrow. We have all our support/resistance charts in place (more than usual tonight) with the NDX, SOX, OEX and even a new contract month on the futures which we'll chart and track even though volume has been light. Some question of course is the stabilization of these important companies (ABS, KR) and others. (Usually we hold earnings plays shorts longer like KKD but today they were like 3 short days rolled into one big play!)
I don't expect we'll be entering new LONG positions until 10:00ish (many economic reports due as well in the next two sessions) and stops should be tight. Its been a very productive short for many weeks, and we'll always be separating earnings plays from the others although today we did have some extra dow stocks with no connection to earnings. OEX puts/short and SMH shorts helped when in doubt. Every play today was a continuation play (short, short short) every index broke down into continuing short. The newsletter is detailed and we should have a very interesting session tomorrow followed by one on Friday. The preponderance of evidence suggests we will be in "long term daytrade" mode and reversal time trading for the next 2 sessions.
3 days for ABS/KR, 2 for KKD, ANN etc
Mon Mar 8 12:08:34 2004: "moderator" - ABS not a lot of movement today, might be worth setting up the 25 strangle, Jenna anticipating gap n crap tomorrow
Mon Mar 8 12:43:38 2004: "member" - ABS bye bye straight down
Mon Mar 8 15:25:05 2004: jenna - ABS and/or KR..
Mon Mar 8 15:26:08 2004: jenna - ABS must be decided tonight
Mon Mar 8 15:26:33 2004: jenna - because tomorrow is the report. Here again I favor a solid 25 strangle
Mon Mar 8 15:27:10 2004: jenna - the same strike price.
Mon Mar 8 15:28:17 2004: jenna - now I buy personally every single straddle/strangle that is called because I find it easy to follow through in the morning with the stock occasionally we have a huge gap down and fill within MINUTES so you have to prepare to buy a gap fill but otherwise you can get a leisurely play like SBL or NTLI
Mon Mar 8 15:28:24 2004: jenna - KKD I feel will go to the dumpster.
Mon Mar 8 15:28:35 2004: jenna - but you have one more day
Mon Mar 8 15:28:44 2004: jenna - CMVT is already in the dumpster.
Tue Mar 9 16:15:47 2004: jenna - ANN is actually gonna be tough possibly like ABS so I like the ones that shoot up or down.. I'm thinking ABS will be down tomorrow but its one of those like ERES that we'll have to judge that in multi-day instead of first day.. the gap down originally in ABS might be the telling story.. once they gap down (even if they fill) they usually end up down in the next few sessions.. but ABS is now a stalked one..
Wed Mar 10 14:36:02 2004: jenna - ABS is even a continuing short
Wed Mar 10 14:43:00 2004: jenna - I do suggest we hold some ABS short.. as we mentioned yesterday.. the second day the stock usually goes into normal trading per the earnings report once the profit takers leave, the short sellers cover etc..
News 
Market Data 
Discover 
AI
