Tuesday, July 31, 2007
It seems that most people aren't too worried about this decline. I'm not either, but I do expect it to be longer and deeper than most people expect. I'm not going to jump in until their is a little panic going on.
Monday, July 30, 2007
The chart for MIND is getting near that lower trendline again and the time to drink from the MIND well is fast approaching. I'll post a little fundamental data tomorrow, but here are the daily and weekly charts.
Posted by Paul Stiles at 7/30/2007 12:34:00 PM
Thursday, July 26, 2007
Tuesday, July 24, 2007
I got rid of my put options as they are now in the money. What a nice trade if I don't say so myself. I'm especially pleased with myself because when I bought the puts, GM was coming off of a huge up move and it seemed everyone was talking about how great GM was acting.
I think GM is headed lower but I didn't want to push my luck.
Sunday, July 22, 2007
My point is that you can never just listen to anyone with a newsletter out there, like the guy who published that lame trendline. Make sure you follow someone who stays disciplined in the face mixed signals and, most of all, has proven themselves time and time again.
Posted by Paul Stiles at 7/22/2007 05:12:00 PM
Saturday, July 21, 2007
I was just talking to a friend of mine who works at Wyeth. I told him about the blog so I thought it would be appropriate to take a look at Wyeth's chart.
I'll start out with the weekly. As a reminder, my goal is to take stocks with strong fundamentals and use technical analysis to find low-risk entry points. As it can be seen, WYE has been in an uptrend channel since late 2004, so clearly the fundamentals are there. Right now it is hugging the upper trend line, which is not the best place to enter a long position. If I was looking to buy WYE, I would wait for a pullback to the lower trend line or wait until the price consolidated long enough for the lower trend line to catch up to the price. Right now, $52 looks like a nice price. I think it is important to point out that WYE is performing very well, especially since the pharma and biotech sectors seem to be in the dog house.
Let's now take a look at the daily chart for WYE. Sometimes the best entry points correspond to times of extreme market weakness and it is nice to identify strong support ahead of time so one is poised and ready to pull the trigger. WYE has such an area of support around $50.50. If for some reason it pulled back sharply to the breakout area and volume dried up, I would be all over WYE.
Thursday, July 19, 2007
Wednesday, July 18, 2007
Intel disappointed last night so I thought that I'd look at a company that always seems to disappoint. We have also seen a lot of sell the news type action after earnings and SNDK is on tap tomorrow night. The above chart shows the TD sequential setup and countdown and clearly shows that SNDK is ready for a pullback.
It seems that some stocks follow the TD Sequential signals better than others so I have plotted a few of the recent tops for Sandisk. I was surprised to see how well the TD Sequential worked for it.
I'm inclined to short SNDK tomorrow.
Monday, July 16, 2007
Saturday, July 14, 2007
Friday, July 13, 2007
Posted by Paul Stiles at 7/13/2007 07:54:00 PM
Monday, July 09, 2007
Sunday, July 08, 2007
I got into the GM bearish trade a little early but it seems to be turning my way now. I purchased the Sept 35 puts at $1.90. My target is a $33 price on the equity. It looks like we might get there sooner than later.
Options do not show up on the Covestor.com service so you'll just have to trust me.
Thursday, July 05, 2007
While I'm away, I wanted to post some of the recent developments with Metalink.
MTLK WLANPlus wins Wi-Fi Alliance certification
Metalink Earns 802.11n Wi-Fi CERTIFIED Status
Metalink Makes An Announcement of Phenomenal Significance
Wednesday, July 04, 2007
Tuesday, July 03, 2007
Well I took the plunge. I signed up with Covestor.com so you can now track my trades. The idea is to link with my broker so Covestor.com can credibly display my results. Unfortunately, Covestor does not have an agreement with Tradeking so I'll have to send them my broker statements manually.
I have already sent them my first one. Click on the Covestor link to the right to see my holdings. Here is what I own and the cost basis associated with them.
- Great Basis Gold Ltd (GBN) --- $2.22
- Mitcham Idustries Inc (MIND) --- $14.36 (1/4 of a position at 0 cost basis)
- Metalink Limited (MTLK) --- $6.25
- US Gold Corp (UXG) --- $4.23
- 3M Company (MMM) --- $86.13
Monday, July 02, 2007
Sunday, July 01, 2007
The percentage of stocks below their 200 day moving average is moving up, but the overall stock market seems to be holding up fine. Is this an indication of a sick market? Maybe. What is strange is that the last few corrections have been accompanied by spikes up in these indicators, not the slow increase that we are seeing right now.
Posted by Paul Stiles at 7/01/2007 08:34:00 PM