We had some follow-thru to yesterday afternoon’s up move. The eco data was mixed and unexciting. The most exciting thing was the rollover of stock index futures on mediocre volume.
I had a big surprise with OPXA as they announced an additional stock offering via private placement. The stock had a gap down and meandered around the stock offering price of 2 dollars. SEED again, for the second day, had a nice pop up. allowing me to take some profit and then moved down by the end of the day…allowing me to re-enter again. And DRAM did nothing again.
Tomorrow will be the busiest day of the week for economic data. On tap are: Import/Export Prices, Retail Sales, Michigan Sentiment and Business Inventories. That should be enough to make some movements in the markets….hopefully to continue to the upside. 
The markets teeter-tottered around breakeven most of the day and then got goosed for an up move to the close. It would be nice if the markets follow-thru to the upside on Thursday…especially since it could not follow-thru to the downside today.
SEED had a nice move to the upside in the morning for me to exit, but then moved down in the afternoon to re-enter. This should be exciting. DRAM still sat around and did nothing. If it doesn’t move by Friday I’ll exit because of boredom. I also started a small position in OPXA, a stock that has made me money before. It may still meander down some but getting into a position will make me pay more attention.
Futures this evening aren’t making any big moves, but maybe, like the markets did today, they’ll wait until morning before making their big move. In the mean time, read this:
Bailout Refund Is All About Pay, Pay, Pay
Wall Street on TARP, Jobless and Sovereign Watch
Published on
October 8, 2009,
9:08 pm in
Daily and Trading.
Tags: CHIP, DXD, DZZ, ERY, ES, OPXA, SDS, TBT, TZA.
Traders were happy with AA earnings and futures were up all night. Adding in a good jobs report and many stocks gapped up at the open. My spec plays from yesterday were flops. Both CHIP and OPXA floundered around to the down side, but not so much as to stop me out. Most of my trading activities were in the futures before the cash markets opened. I couldn’t sleep last night, so I got up early, like 4AM, and enjoyed some quiet trading. Using 1 car, I traded short 2x and long 2x and walked away with 45 ticks before the open….so it was a good day by morning
The other exceptional play I had was entering some TBT calls before the auction results. TBT is the Ultra short 20+ year Treasury ETF. You would buy this when you think interest rates are going up. After the auction results were announced, the calls popped up 20%…and within another 30 minutes they climbed another 15%, so I cashed out with a 35% gain in about an hour’s time. That was one of those trades where you kick yourself saying, “Why didn’t I buy more?”
The markets have been up every day this week, so I’m thinking traders may be taking profits before the weekend. I also think that Gold may be getting a little ahead of itself. So I’m making a watchlist of several short ETFs, as in: DZZ SDS TZA DXD ERY. I’m also looking at re-entering TBT calls on any pullback. And I’ll probably be shorting ES….unless of course, the bulls come out and chase the bears away.
And for your reading enjoyment:
The Weak-Dollar Threat to Prosperity
Another uneventful day in the markets and options expiration Friday upon us. Oh boy, this should be a good one. If the markets go any higher, it just means that Monday should be a bigger drop….the time is coming and I think it is close at hand. Futures are already down this evening, but we’ve been here before. The bears need some follow-thru when the markets open in the morning.
I’m short the market this evening holding XLF puts along with TZA, QID and ES futures short. I am also long OPXA, which just happened to crap on me today. It pulled back to the 34ma and will watch how it opens in the morning. Another biotech CRXX pulled back to the 8ma so I entered and it bounced…nicely. I’m net even between the 2 biotechs and will see how I dispose of them tomorrow.
I’m too tired to rant this evening, so here are several stories to read:
Double-Digit Unemployment As Far As The Eye Can See
SEC Proposes Ban on Allowing Stock Flash Orders —-finally 
The myth of the jobless recovery
