YourPersonalTrader- Toronto Canada/ London UK

DJIMSTOCKS- since 2006 - Toronto, Canada/ London UK  

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Entries in CREE (2)


Good trend in tact...

Every couple of trading days,  we get a day where the Bears seem to have an upper hand in the early going,  ONLY to give back all their gains in the final hour.    In fact,  this isn't a new episode we witnessed today, but a pretty consistent show that comes every few days for a couple of months now.   Since March,  we’ve been pointing out an underlying bid at 20MA coming in,  now it’s seemingly ~200MA levels  on day 6 over this important technical level.   We were still quite short of the 919SPX present day 200ma (7pts).    Today, overwhelmingly an underlying bid came where the breakout occurred last Monday‘s (200ma level).   Even on those days where the Bears do claim victory, a failed follow through day puts the ball right back into the Bull camp.   It’s never-ending and frustrating to say the least, for those Bears.    If this hasn't been a continuous classical buy on dip kind of rally, we don't know what is!.    In fact,  all these little mini back and forth action simply put this rally in a much healthier state than the Bears would ever hope for as we grind higher.  

Still, as we said 950, even 940+ is quite formidable for the Bulls for now without a positive catalyst.  Also,  putting the move 3pm move into context,  it was following a very low volume day to that point and the ensuing move was purely SPY  and a few other ETF’s related.    You will understand this as you look at your ‘shadow list’ and see little follow through/ little movement in individual stocks/ sectors after 3pm.   One sided move so far,  we would like confirmation by seeing some follow through action in Asian/ FTSE mkts in am before getting too excited for more, just yet.

This is, in fact, is a Bull run that gives us plenty of opportunities.   As long as you trade with the trend, not with your feeling, and not with your disagreement with the state of the economy or policy makers, you'd be doing fine so far.    Is there manipulation in this market by the market makers eg. JPM, GS or policy makers as cried by the Bears?   So what if there is!!   If you are a trader and consumed by visiting blogs to clog your mind,"blogs that clog",  you will see these useless cries.   Think about for a second,  if you have another gig to worry about other than trading and come home in the evening, what do you see?.    You see a market going up and up,  that’s all !!.  Sonner than later, you call your broker to buy!.   If you read the WSJ, your local financial print or just tune into CNBC,  you don’t hear this manipulation noise.    We are simply here to trade with the majority (trend), regardless of what the minority opinion is on the 'net'.   The most ridiculous aspect of these ‘conspiracy’ theorists,  is if they believe it sooooo’ much and are so sure it is pushing this market higher for weeks now …why do they not just trade this trend up and make money off it!.     It's a daily laughing matter to us to visit these characters when we don't have nothing better to do sitting in front our platforms for hours on in daily.  

In this market, it's not our personal opinion that matters on the bigger picture,  it's the majority of everyone else' opinion (money) that matter. 

As far as individual stock action goes, we are still finding a lot of good dip opportunities from our earnings plays.   SAFM ARUN STEC BWY GMCR.. all were making fresh highs today, some dip a little, some don‘t.   Most of the Chinese plays look buyable too on dips.   If you are uncomfortable or unsure about some of the commodity dips, then it's ok not to buy them.    After a few days of strong $USD ruckus,  we may have a good commodity linked trade back very soon.  Not counting Oil/energy plays related to(if) higher crude prices,  we'd stick to 'steels' over the other linked commod' groups.    In the meantime,  we have plenty of "sure" plays on our list that can be justified as safe dip buys, only problem is some don't dip and that's why it's essential to do quality 'stock picking' early to make the bigger dollars as has been the case with our small cap 'earnings' plays this Q.

In AMC newsflow, TXN  guided higher on a optimistic call.    We are wondering if this is a sign to come for many tech' companies.   After all, if there's some growth business segments from a big one like TXN, it has to be the same case for many other smaller players.    Basically, we don't expect TXN to be the last one to pre-announce good guidance, we already had CREE  be the first recently.   Bottom line,  the ball is seemingly never in Bears' court for long.   It’s hard to press new shorts lower and lower because it's hard to get their brothers and sisters to do so when the declines only last a few hours, or a day.   As we said, the volume is light across the tape today indicating the shorts are not confident to press new positions even when down big for a few hours.    We are hoping for some more grinding action in order to set up a more powerful leg up down the road.   Yup, still...that's our 'bullish' plan.


It's all good...

So long, Dubai!   Since the Dubai news hit, we suspected that the news just would not be able to bring down this market. ..“we see this weakness as an opportunity.“..“Dubai stuff is really a non story here..”(alert Monday).   Today, all the talk is what we’ve been saying, except many who were drawn into the fear hype are only hearing these words in the media today, sidelined with many missed SPX points and individual stocks making new highs.  Getting in tomorrow for a Dubai trade is a little too late.  The past couple of trading days have been great to our latest bolded stocks as they've been making new highs....AIXG (CREE/VECO  alert Nov 24),  RINO , Nov 20th (new adds to DJIM, AIXG , RINO ) to our dip list either because we know what they are capable of on a good day(s)..MELI, CTRP TRIT CLF…and CAAS  20+% in a few days.  

As we have pointed out over the weekend and yesterday,  Dubai is likely an isolated agenda which is “containable” and regional.    The overwhelming appetite for equity market is the most important theme we have in this market right now.  That’s why the premise of the never-ending underlying bid is and has been the overwhelming theme here for months.  Simply, this has meant buyers are there for support and any sell offs should be used to buy your favorite DJIM stocks if they get hit or not.   

As of the closing tonight, SPX stood at 1108, smacking against the recent high.    We have mentioned couple of days ago that investors have this urge to get returns off their cash.    Well, you aren't going to get any return from money market or treasury bills.   Nor you can get any return from sitting on the sidelines and watch every single one of your favourite stock go up without your involvement.     Even though we aren't the big money managers,  we can understand EXACTLY how they feel if they are underperforming.    By sitting in cash, or being cautious, the money mangers are under performing even the least experienced yahoo traders who flip SEED  as a hobby.   This may sound harsh but the message is clear out there, "You have to be IN this market to get SOME return!"

Now we got our message off our back, we'll talk about some of our plays.    On our second thought, there's really not much to talk about other than the fact most of our plays are cruising.    Sure, some of the plays may act a little overheated, but we still have to be thankful for the kind of  excellent action they've given us.    Some of the Chinese (bullet point#2), more positive data here today and plays continue to be very hot and that's a very positive development going into the year end.   We’re also adding CAGC  to our trading list as Ferts are hitting new highs.

Only disappointment today is the GS/JPM  Financial bullet point from yesterday.  The more we think of it... this sector may lag for rest of year and not stop the market as long as the group just holds flat.   Bullet point #3 from yesterday, SEMI’s  (up 3%)led the move today with more companies (ALTR eg.) providing market boosting updates and  2010 forecasts out this morning.  

However, we also want to mention that it's ok to trim off some of the extended positions here.   We have done so today, but we'll remain on the aggressive end on any more pullbacks.  Due to what we see in the market today, we will look tomorrow at getting possibly back into a casino 'trade' with WYNN, LVS , the two names we play here.  We also see shippers  turning here and into year end as alerted today.    The market may consolidate some tomorrow, but we think it's a stock pickers market going forward and so individual groups will still attract attention, even if the broad market tape is not doing much. 

Before you know it,  this market may leave you behind once again so you have to absolutely have some holdings going into the year end.     We still like the idea of a balanced portfolio although we have been tilting our weighting toward the smaller stuff over the past few days.

Bottom line, we have a job report to look forward to this Friday and based on the market sentiment, the number may not even matter that much.   Folks, we are right against the recent high here and maybe we can just get lucky this time.