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SharePlanner (< 20)

Trade Setups for May 24, 2010

Recs

2

May 24, 2010 – Comments (7) | RELATED TICKERS: AUY , HNT , SPY

These bears are relentless! I was very close to pulling the trigger on SPDRs S&P 500 (SPY) on Friday afternoon, in order to play the bounce, but good thing I didn't because based on how the futures are performing right now, it would have been a big discouraging for me this morning. Nevertheless, I am completely in cash, and outside a possible few scalp trades here and there, I don't expect to be a participant today in the market.

It should be relatively quiet on the planned-report front (new term for me these days since, governments worldwide seem to have a myriad of unexpected reports daily being released) as the only report scheduled is the Existing Home Sales at 10am EST.

Here are Today's Trade Setups...

LONG: Yamana Gold (AUY)

SHORT: Health Net (HNT)

7 Comments – Post Your Own

#1) On May 24, 2010 at 8:35 AM, Superdrol (97.25) wrote:

I'm trying the SP-500 bounce this morning (SSO), keeping a tight stop though.  Financials look strong, might be worth a scalp long in GS, C, JPM.

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#2) On May 24, 2010 at 8:44 AM, SharePlanner (< 20) wrote:

If it can get a feel for the intraday bottom, I may as well go SSO as well...Thanks for the info on the banks - I'll watch them closely as well

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#3) On May 24, 2010 at 8:52 AM, Superdrol (97.25) wrote:

http://caps.fool.com/Blogs/ViewPost.aspx?bpid=395669&t=01001545002054304245

 

I posted this yesterday.  I think the S&P-500 will eventually form a H&S pattern.

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#4) On May 24, 2010 at 10:12 AM, SharePlanner (< 20) wrote:

I could see your thesis playing out - would discourage the bears quite if the market rallied for the next six months though.

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#5) On May 24, 2010 at 10:17 AM, Superdrol (97.25) wrote:

I took the SSO off the open for a .7c scalp.  Not exactly what I was expecting.  I think we rip to the upside, but right now I am sitting out it b/c it is so choppy I cannot get good price execution.  Took Apple pre-mkt for a trade this morning.  Nothing too wild. 

Depends on Q2 earnings.  If we make new highs off that then the bear market is off, if not, then it may occur.

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#6) On May 24, 2010 at 1:45 PM, SharePlanner (< 20) wrote:

I didn't do much better on SPY - I scalped for .10

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#7) On May 24, 2010 at 2:08 PM, Superdrol (97.25) wrote:

It's ok.  Better to be nimble and make some money, albeit small amounts.  The volatility is too choppy.  Reminds me of that flash crash day.  I don't mind going long or short, but when the market is tossing around, you cannot get any real direction.  Apple has been ripping all day.

 

oh well.  There's always tommorow.  Other than the SSO scalp I haven't traded all day.

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