ntwk
July 14th, 2009Net Sol Tech announces anticipation of good results and stock breaks out; look at one year chart - bid at 0.84 up 0.13; shoul dhit close to $1.50 within weeks
July 13, 2009
July 14th, 2009I will be on vacation for the balance of this week and next week and my daily reports may be irregular at best (kind of similar to the market).
Anyway, today was a very strong market (I guess with all the bearishness around it was due to go up) especially the financials. Oil and natural gas were weak again.
Pricesmart continued to plunge, down to $14.71 and the close and just below (by a penny or two) its lows since mid December. So in reality it is at its major support. Will it hold ? not sure but hoping. Most of the loss came by 11 a.m. and then traded mostly sideways the rest of the day.
Due to my buying of extra shares yesterday I was under margin and had to sell some stuff today. Probably should have sold the Pricesmart but thyat would have been difficult with its quick drop.So I did the following:
1. sold some GMTI at 0.31
2. sold some LZR at 7.27 (purchased at 6.85 on 7/8) and closing at 6.71 (lucked out here)
3. sold JVA at 2.95 that I had bot at 3.11 on 7/9 for a small loss
4. sold CSR at 6.39 that i bot on 7/9 for 6.41 for a very small loss
5. sold some BSLW at 1.44 that I recently bot at 1.27
6. sold some SUWN at 0.185 that i recently bot at 0.17
Solved by margin problems for today but with PSMT down again, it might generate new ones overnight.
Bottom line - continue to expect volatility. Not sure how far this rally will carry.
Friday July 10, 2009
July 10th, 2009another slow moving summer day when the market couldn’t get legs in either direction.
PSMT got nailed however and closed at $16.25, downfrom $18.66
Bot some ( I know I said I would wait) at 16.73, 16.82, 16.60, 16.40, 16.35 and finally 16.24
Oh well, I’m ahead on the last trade.
ELTK was down 0.12 on 2000 shares giving me a losing day (other then PSMT) and a losing week.
psmt II
July 10th, 2009PSMT is trading at $16.30, down 2.28; I bot and would rec buying here
PSMT
July 10th, 2009PSMT came out with earnings this morning and disappointed with 0.30 EPS vs 0.33 estimated. Stock is down sharply is before hours trading. Guess I should be happy I sold 43% of my position on 6/30,7/7 and 7/9. I still like this stock and am not overly impressed that they missed so I guess I’ll be buying more shortly (but probably not today as I’ll see where its going).
DXO (the oil ETF) may be a buy soon; oil is plummetting below $60.
Thursday July 9, 2009
July 9th, 2009what’s interesting is that we have really been in a sideways market now since October, which is about none months, other than a “little” dip and rally come February/March. And except for that brief time when stocks got very over sold and bargain priced its been a trader’s market.
The last few days we have seen the same thing. A break below support but no big carry through. Today the market traded on both sides of even with more issues up than down on the NYSC but about even on Nasdaq.
Got a rally in PSMT so took off a littler at 18.42 (resistance at 18.50) but then it closed higher at 18.66. C’est la vie. Used the money to buy back more JVA at 3.11 ( had sold 6/29 at 3.71) and CSR at 6.41 (sold 6/25 at 7.35-7.58); closed 6.20 and would buy more tomorrow.
Interesting is the XLF or financial ETf which finally broke below $11 yesterday (when I had no money) and rallied back a little today to 11.25. Still would like to see $10 for a great buy but under $11 is a good start. Treid to buy more BSLW at 1.15 today but no trades took place at all.
Tuesday July 8, 2009
July 8th, 2009As expected, the market held ground today and one even has to consider it a positive that it broke below support but then came back to close about unchanged. Small caps coninued the weakest on a new flight to quality with 10 year bond yields falling (where is that inflation everone is waiting for ?)
Early in the day I added some LZR at 6.85 and some BLSW at 1.11 (able to buy 300 shares, bid and ask 50 cents apart, and then someone bids a whole bunch at 1.12),
anyway, NTWK looking fairly good, FEED conitnues to crash, and PSMT goes up almost $1 (anyone buy under $16 when given the chance ?).
I expct continued low volume volutility in the days ahead but wouldn’t be against buying some stocks that have been beated down (see yesterday’s recs).
Tuesday July 7, 2009
July 7th, 2009Now we are on a downward roll - everything in the news is starting to be bearish. Time to thing like a contrarian and check out the bright side. We closed near the bottom of the support and will probably hold here for a few days at least. Might even be time to nibble at some recent losers: CSR at 6.28; LZR below 7; HOGS at 9.35; FEED at 5.05
Sold some PSMT earlier in the day at 16.82 to meet a margin call and broke even on my June 15 buys - got a little rally in Pricesmart which was good timing since I had to sell some today. Closed up 0.40. I had been buying a bunch of cheap stocks and with the little pullback had I had a small margin call.
If you are still bullish natural gas, the UNG closed at 12.18, a new all time low. I still have my $13 puts I sold for about $1 so very close to going negative. On a real time basis I am negative as they are $1.60-1.70. I lose money if UNG closes below $12 by the fourth week of August. Just might happen.
ELTK closed up a penny and GMTI also. Ended the day just this side of positive.
Monday July 6, 2009
July 6th, 2009Dow up, S&P up, Nasdaq down but more losers then winner in all three. Market is still struggling and still has a negative attitude. No change in my attitude either.
No trading today although I was itching to buy some stuff but alas, no free cash.
GMTI closed a penny lower but ended up at 0.30 bid 0.35 asked and at one point was asked at 0.39. Look out for the 52 week high at 0.40 to be tested.
Energy was the big loser today and natural gas reached new lows via the UNG.
Thursday July 2, 2009
July 2nd, 2009Hope everyone has a great holiday weekend.
The market collapsed today with the Dow down over 200 and losers outnumbering winners by a long shot, extensively due to a weak employment report. It’s always interesting when the market predicts the report, as yesterday’s failure indicated or by that notion, the failure of the market to really rally in the last few weeks.
Several of the stocks I sold recently and some of the ones I follow came down today and I was tempted to start buying again but I think its a strong possibility (and one can never be sure) that the market will follow through on the downside next week and test the 880 level in the S&P (we ended at 897 today) so I took no action other than to watch.
Probably some good opportunities next week.