ColmsUM.com

I have recently signed on to post at ColmsUM.com and will be posting there starting July 1st. So check it out!

I haven't really made up my mind what to do with this site yet, but I will post details when they are available.

JAX

FIT didn't trigger, FAZ grabbed a starter

The FIT trade didn't trigger and I will continue to watch but remain cautious there for now. I did however grab a starter in FAZ at 4.7 which I got pretty lucky with my timing. I took it as the SPY neared 93 and saw many of the banks began to rollover.

I will look to add if the S&P fails to hold its 20 dma/uptrending bottom line of its channel which I have drawn here:

Reformat over the next month

Alright guys, I am extremely sorry my posts have been extremely sparse over the past couple weeks. I am getting married in 10 days and I have been very pressed for time getting content posted with all the final preparations that need to be made and trading during the day. Extremely stressful times for me. Anyway, I think I have come up with a way to continue to post some ideas while I am strapped for time.

For the next month or two I am going to try to post my top one or two ideas for the coming trading day/s with a chart explaining what I am seeing. This is really the only way I will be able to do justice to my picks and continue to update the positions. I haven't been posting picks because I knew I wouldn't have time to do the updates on the positions that I customarily do. So the pick for the day won't constitute my entire activity for the day but still provide opportunities for my followers to profit. As always your feedback is appreciated.

Here is the first:



Another idea I continue to watch entry for is FAZ. I continue to believe the overall market is set for a correction, but like I have said before, these bear market bounces can go on for much longer than you can comprehend, especially with so much money still on the sidelines with the decimation of the market over the last couple years. Therefore, it is important to play what is front in you. What the charts are telling you even though it can often defy logic. But with most of the earnings already out, the market extremely overbought in the short term, and seemingly little future news flow left to support the market higher, I think most traders are looking for a pullback. Bottom line numbers have improved in many of these names but top line numbers have failed to improve and should raise caution moving forward. FAX is extremely hard to trade, especially when trying to hold for a time period longer than a day or two. You can almost not get anything out of analyzing the individual chart's resistance and support levels. So instead I am keeping an eye on long term resistance levels in XLF at $13.08ish and SPY at $93.22 for a possible entry. I am going to keep position size small and look for a longer term move. I will be looking to buy June calls at these resistance levels as well.

JAX

Response to an e-mail from Squishee, (deleted personal data) thought it might be able to help some others

Man, I thought I told you to take it extremely slow and with that account size you should be looking for perfect setups and be making only a few trades a week. You look like you are doing that in a day. There are not that many PERFECT setups everyday. I haven't been posting much because I don't see anything that interest me, or a good risk/reward for me at these levels. I said last week, I think in a comment to you, that we are so extended to the upside I don't see good risk/reward on longs so I move to the sidelines. I really have only had one good trade this week with COIN. I tried some other dip buys and got stopped out quickly. I hate hitting stops. They eat capital. When more stops are hitting than successful trades I stop trading. NO matter your style you will not be successful trying to fight the market. Stop FORCING things... How long did it take you to make money at poker? Did you really think you would walk right into investments and dominate. Keep the discipline you used while learning there and you will be fine. No offense, but with your account size and the overall market at the peak of a bear-market bounce, you are trading pretty reckless. Learn from it, slow down and you will make it back one painful step at a time. Remember rule number one: capital protection. Been there, it sucks. Now I try to remember rule number one. I forget sometimes and that sick feeling comes back. Take some time and clear your head, maybe don't even trade for a day or two. The market will always be there to trade, the key from here is get your mindset right so that you are not making more mistakes and multiplying the problem. I also think you need to work more on developing a style because you don't seem to have one. You seem to be mixing different styles and trying to force results. Might work during a rally but won't long term.

Exercise: Give me a list of your rules for a trade and your style of trading? What are you looking for, and what characteristics must each trade have before you take it, fundamentals, technicals, time frames, capital allotment, risk/reward calculations, etc? You should also have rules for managing the positions, which will also be impacted by the overall market. You should be adding to and amending the rules as time goes on if you want to really be a good trader. I could tell you all my rules but I am not you, and I can't trade your portfolio for you, and my rules match my style, capital restraints, time frames, etc.
You can get good advice and follow good traders and still not yield good results. Use those resources, but only to help you develop what works for you.

Hope this helps, keep your head up.

JAX

From: deleted
To: Jax Trader
Sent: Wednesday, May 13, 2009 6:13:40 PM
Subject: S.O.S. Jax

Hello Mr Jax,

From my memory, you where getting married in the month of May, maybe its why we dont have news from you on your blog ! If then, enjoy the time !

I don't want to scratch your wedding honeymoon and relax time , so there is no real hurry but im starting to get upset. With fee and bad chase, im down from... deleted account details - lets just say not good, in less than 2 weeks, sure I made mistakes like chasing stocks; but the fee that costed me a little bit more than 600$ total (now its less expensive but still too much so im switching atm)

Here the history of the trades I mades lately, we can see some mistakes like chasing AXL, CPSL, not taking gains when I had them, which turned to tiny profit.

I forgot 1 stop loss from my memory, which turned to a bigger than 1% capital loss.

A big problem was; I was following active swing traders from a forum, but I don't have enough capital according to them to make it profitable.

At least I learned much more the direction I want to : I wanted to make more than the 1,5% interest rate from the actual bank (Ok now its catastrophic) but I hope you will be willing to share some of your time to fix this issue.

Have to stay disciplined and keeping target, but I lost confidence, even with good basics imo.

Thanks for your time in advance

Philippe

also deleted attached account transactions

Classic Bottom Fish - GMXR

Wednesday Watchlist

SVVS - through 11.25
F - through 6
MEDX - through 6.65
VCI - through 5
OPLK - through 11.35
SFLY - through 13.25
CRUS - through 4.55
UA - through 25.5

Bulls Remain in charge

Dips continue to be bought and the bulls were finally able to close us over resistance at 875 on the S&P. Volume has been light which makes me not put too much trust into Friday's close but I will continue to look to play strength until something changes.
Commodities were very hot on Friday with oil, coal, and shippers continuing to see a bid. I am still long many of the names from the list Friday which saw good action.

With many of the bigger names getting overextended I think momentum money will turn to some smaller oils and other small caps.

CPE, SWC, SYNM, DPTR, PLLL, ENT, EXXI, GSX, HDY, CFW, VSR, DAC

Some bars to watch for dips in:

FSIN, COIN, PZG, NGAS

Taking a week off

Just wanted to let you guys know that I have been working over the past week on expanding the site but will be back posting regularly next week.

I will be playing catchup over the weekend so check back for watchlists and other tidbits and expect a much improved site in the near future.

JAX

Ahh what the hell... here are some quick picks:
-----
A couple of small oils looking ready for big moves if oil can maintain its move through $50.

IVAN & HERO both breaking through recent highs on bigger volume

CPE has consolidated gains off the big bar nicely

I also continue to hold positions in GMXR and TTI
-----
CENX through 4.15 on big volume
----
DRYS closed above resistance on good volume but had earnings after the bell.

OCNF had a bar to watch and closed back over its 50 dma if shippers remain hot

Market stabilized today after the big down move Monday, Time to get back to work.

ANV is one I really like. This one has the potential to work in a weak or strong market and think it has high risk/reward as we continue into earnings season overbought in the short term and still in a bear market.



Other good patterns to watch:

RFMD IFX HWD PRGN APAC KKD CYD FIZZ DCTH

And one penny:

GWGI

JAX

Boom, Boom, yawn Boom

ZLC up 25% since mention two days ago
RUTH - still waiting for break
NGAS - up 30% plus
HERO - 30% plus
SOLR - 15% plus
OCNF - up alot here as well but looking to add on good volume tomorrow
CENX - up 10%, through 4.0 and looking to add more

Couple more to watch tomorrow:

PFSW - through 1.30ish on good volume
SB - through 4.05
STSA
NCS

more to come...