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$QID Trade

The market ran into resistance a third time today so I’m going to nibble on the short side again by buying QID. Stop limit @ $36.27, stop @ $34.70, first target @ $50.00, second target @ $72.00.

$QQQQ Trade Update

I went short the Qs yesterday but after watching the behavior at these levels, if we hold the swing lows I’ll reverse the position for a short-term long trade. I still think we’re going lower but it may not happen just yet. If we do manage to break the lows we’ll stay short.

Stocks to Watch for Tuesday 5/5/2009 ($MRK $PEP)

Happy Cinco de Mayo! Since I’m heavy on the long side I’m going to look to add a couple weak shorts to hedge a pullback in the market.

Merck & Co (MRK) – Short @ $24.32 with a Stop @ $24.85 and a Target of $22.00
MRK is running into the declining 20MA after retracing from the [...]

Trade Updates for Monday May 4th ($BRCM $BWA $CELG $NVDA $TIF)

We hit our entry triggers on 4 out of 7 stocks on today’s watchlist. Actually 5, but TIF hit our stop limit order ($29.20) right at the bell and didn’t fill. Provided we can still get that price I’ll leave the order open but if we gap up too far tomorrow I’ll cancel it. Overall [...]

Stocks to Watch for Monday 5/4/2009

Tiffany & Co (TIF) – Long @ $29.20 with a Stop @ $27.90 and a Target of $33.50
TIF is on a tear lately and recently plowed through the 200MA. A pullback would be nice here, but considering the stock has busted through the key resistance levels, there’s a good chance it moves up to the [...]

ATAC Short

ATC Tech Corp (ATAC) – Short @ $15.15 with a Stop @ $17.00 and a Target of $12.50
ATAC has made a strong move off the lows during the recent rally. With ATAC and the broad market coming into some resistance, I’m taking an aggressive short position here and looking for a 50% retracement back to [...]

Fun Trades – Bottom Fishing

Had some storm damage on Monday so I haven’t had much time to keep up with the markets between getting repair estimates and the day job. i did test the waters on a few low priced stocks that may have some appreciation potential. We will see.
CLOSED – Atlas Pipeline Partners (APL) – Long @ $3.89 [...]

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