Continue reading 05/18 Position Summary

Audible orders to exit ST and half of VXX executed.

Covered ST at $30.44

Sold half VXX at $22.39

AUDIBLE: Closing out ST short. It’s been a great week for us, but the ST engine isn’t firing right (too much strength in a weak market).

AUDIBLE: Cashing half profits on VXX. Markets could crash Monday, but some kind of Greece deal could fuel a ramp, hence VXX half cash.

CELG hit our swing alert, breaking down nicely.

Scissor stop half tighten to 69.87, second half to 70.38 (breakeven)

SJM hit our entry point.

Short at $77.09

Chart visuals for SJM (below the jump).

Continue reading 05/18 Charts

Today is “Facebook day,” as excitement builds for the most widely anticipated IPO of all time. S&P futures are up 50 basis points (half a percent) in early trade — weak sauce after such a relentless period of decline. Gold and silver are both up about 1%, enjoying a breather from selling pressure.

It is still all about Europe, Facebook notwithstanding, but now Asia is showing jitters too — Asian markets went deep into the red last night, and the percentage of bad debt held by Spanish banks hit a 17-year high in March. In the “LTCM” department — Long Term Capital Morgan — it has been revealed that Jamie Dimon (JPM’s hero CEO) personally approved the strategy behind the trades that blew up. That increases the likelihood Dimon will have to step down, which would be a major psychological blow for U.S. financials in general (on top of what they have already faced).

In new short setups we have SJM, a food processor that issued lower guidance on rising costs and declining volumes. It will be very interesting to see how this market reacts to the Facebook frenzy, and how traders position themselves heading into the weekend.

- WM: Tightening risk point to $33.02

- ST: Tightening risk point to $30.81

- AUDUSD: Tightening risk point to 1.01218

- Cancelling pending longs for AME and PWR

- New pending short for SJM

See pending orders screen for trade details and risk points.

Continue reading 05/17 Position Summary

VXX hit our swing alert.

This thing could blast off like a rocket ship if the market melts down.

Moving FULL POSITION risk point to $19.57

ANSS hit our entry point.

Short at $61.53

AGQ hit our half-position scissor stop.

Covered half at $39.84

CERN hit our tightened risk point.

Sold at $78.86

VRX hit our swing alert.

Using half position scissor stop, tightening risk point on half to $49.86