Look out below

If you missed my late day signal to buy SDS you have another chance to buy @ 79.95. Also buy the following XHB @ 11.07, REW @ 62.34, and QID @ 48.71. For those of you who were wondering what the magic behind the late day buy of SDS was the S&P hit a 61.8% fibonacci retracement and immediately caved, creepy huh. Good luck

Late afternoon trade

I'm buying back in to SDS here @ 76.06 I will explain later.

We are flat

Both of our positions were stopped out, Dug at break even and SDS at a profit woo hoo! I will be back this evening with tomorrows picks.

Takin care of the kids

Rather than complicate life with more positions lets focus on managing our existing positions. Set your stop on SDS @78.58 and your stop on DUG @25.52 I expect a bit of a consolidation tomorrow or even a shallow move higher after todays big move but the new trend is down. Lets hope we don't get whipsawed out of these trades in the morning. Maybe the feds will fire a airline CEO tomorrow that would leave the railroad business as the last target (obscure Steve Martin, John Candy movie reference). Good luck

Ka Ching!

Since we have already had a 5 plus point move in our favor I am going to get aggressive on profit taking and suggest you sell a third of your SDS positions now and let the rest ride. Good luck.

Riding the wave

Finally we catch a break. It looks like the impending correction has begun with the government in the driver seat in Detroit (pun intended). Your first profit taking target for SDS is @82.95 Dug also triggered but gapped open, you have two options, pass on the trade or buy in and set your stop to the current daily low which is 25.50 This is now a risky trade to take because stocks like to fill their gaps before they continue in the direction you want them to. Good Luck.

Into the final stretch of March

Well we got filled in SDS on Friday and I am going to give this one a lot of room to cook since I feel the correction is near. Set your stop @72.00 Our next trade is DUG, go long @24.57 with a stop @22.36 You will notice these are both shorts . I am using ETFs to make playing the short side of the market easy for folks who cant short in their accounts. Good Luck.

Its all down hill from here, I hope.

We gapped down and were stopped out of DIG bummer. This is when trading gets really frustrating because you will get stopped out multiple times before you get the home run. Try and frame it in your mind as a good thing. Its protecting your capital and you get to trade some more which is what we all love to do. Our next trade is to go long SDS@ 75.80 this is a high risk counter trend trade but I feel a correction in the market coming in my bones. Good Luck.

The close

We are still good and formed what the candle stick nerds call a doji. That means we are stuck in the middle and did not go much of anywhere. Usually according to ancient Asian legend this dude should go pretty dramatically up or down from here. I'm hoping up! I will get back to you later tonight after I have had time to scan some charts. In the morning move your stops up to 24.16

Morning update

Black gold, Texas T, well DIG filled so lets hope it makes us all millionaires like Uncle Jedd. Or you can just line up for TARP funds which is much easier. Good Luck!

I got nothin

Seriously what an amazing pullback from the abyss. Don't worry the market isn't manipulated/PPT. Anyway the only thing that looks remotely good is our old friend DIG. Go long @ 25.09 with a stop @ 23.03 I am going to be a bit more aggressive at taking profits from now on so we may miss a bit of a run but we will leave the dance with the cute girl.

Midday Update

XLF stopped out for a profit. QLD stopped out for a loss ouch. SSO hanging by a thread. Lets see if the worm turns after 1PM. P.S. Strike three we are flat SSO just got stopped out. Lets be like Chauncey Gardner and just watch now for a while. This could be the big elevator drop everyone has been jawing about or just a clever head fake.

UP UP and Away!

So here is the hard part, I know in my gut all this budget and stimulus crap is going to devastate the economy and our country. That being said the market is on a tear and QLD filled as I was typing this. XLK is moving up nicely as well. I have always said intellect is a handicap when it comes to trading. Give me your average chimp let me teach him my trading rules step back and watch him kick your ass trading. Wow SSO just filled too. Anybody got a banana! Good luck. P.S. Your stop on QLD is 26.99 and 20.32 on SSO

Wednesdays picks

Two indexes to choose from for tomorrow even though it feels like things are a little toppy. Thats usually when I get faked out. Go long QLD at 28.03 or long SSO at 21.29 Its been a weird week so far since the market is getting so jerked around by anything the government does. It kind of throws all my hard work out the window sometimes. Just remember trade what you see not what you think. Good Luck.

The view from the close

Well we hung on to this one by the skin of our teeth. Move your stops up to 15.65 and hope for a pop tomorrow. Our first target for taking profits is 17.16. I suggest you sell half but do what you like and trade at your own risk. I will hopefully scan tonight and see if we have any ripe prospects for tomorrow. Good luck.

Tuesdays outlook

Well I just finished scanning and nothing looks good for Tuesday which is fine so we can focus on managing our XLK position. I liked the way this puppy filled and it never got too nutty even though the rest of the world went insane and ran the market up almost 500 points. After the open move your stop up to 15.25 I suspect we will see a bit of a pullback tomorrow since we ran up so far today and I hope we can hang on to the profit we made today.

Monday morning update

Wow the herd is really buying the bulls##t on the bailout. If you have been following along with me you were stopped out at the open. This is the tough part, getting stopped out always annoys me because I want to be right. But it also protects your trading capital and there is always another trade! Our other pick XLK has triggered and I am watching it closely. Lets see if the Feds can keep the hot air pumped into this balloon all day or maybe she will just go down like the Hindenburg after everyone reads the fine print on this deal. Good luck.

Mondays Trade Idea

Well Monday morning should be interesting with the pending unveiling of Mr Gietners plan for removing bad loans from the banking system. Can any honest tax payer out there say "chump"! Why do I feel like the Feds are pouring "my water" into my tub at one end and its leaking out the hole "they made" at the other end. Eventually I will still be naked and cold. Anyway if the market likes his plan Mondays pick should work out well, if not then our SDS trade should keep plugin along. We are going to go long XLK at 15.48 with a stop set at 14.93 Good luck!

Weekend update

So far so good. We had a solid finish in the black with our SDS trade as you can see in the chart. Lets see if we can keep the cash on Monday. Remember to take some profits if we hit our target of 88.50 next week. Also move your stop up to 82.40 after the market opens. The DIG trade went nowhere and is now canceled. I will scan some charts later today and see if we have some new setups for Monday.

Midday update

So far Dig has turned out to be a dud but its not over until the fat guy drinks his beer. SDS triggered and is rocking so far. It has moved so fast that I thought I should post a profit taking target. One thing I learned over time is stops keep you from getting wiped out but taking profits can make you rich so here is the first one. If SDS reaches 88.50 take some profits. Its up to you how much. I usually sell a third and let the rest ride. Good luck! Remember you are responsible for your own trades.

The First Trades

Good morning todays first trade idea is long DIG at 24.75 with a stop set at 23.46. This is a low risk, with the trend trade. A more aggressive counter trend choice is long SDS at 83.87 with a stop set at 79.18 Good Luck

Intro

Hello and welcome to my blog on daily trading ideas. I am going to post daily trading ideas based on my experience of setups that work most of the time. These ideas will be free and you are responsible for your own trades. I will post entry prices and stops. Hopefully you will also see over time that these setups work and profit from them. I will be back soon with my first trade idea.