Friday, December 07, 2007

Big Sky China

Trimming even more here today. Some more of the ONXX and JASO and I took off half of the MR mid-session. I've let go of roughly 50% of what was a fairly aggressive overall position coming into today. Now I am just typically aggressive. A normal sap-sucker long the market.

There are not many new highs in the Nasdaq or NYSE on this move and the breakouts, as I've been complaining, are too few and with too little volume. The market action is okay otherwise, but it still smells today like a lack-of-sellers more than serious buying pushing us at moment.

Some notable lackluster breakouts this week include: ISRG, FWLT, GME, CMG, MOS, POT, BUCY, LIFC, CRM, MA, VIP, UNP and CI. I can't buy this list until I see better.

[Edit: add AAPL now to that list]

I did buy one breakout today though. I just bot tiny little Chinese Solar CSIQ (ave. 20.73). CSIQ broke-out on major volume on Nov. 14th and is following through above its recent higher-consolidation on strong volume today. This is a tiny-cap and speculative. But for me it is the right group and the right time of the year for such a play (and it is liquid). They just turned profitable this last quarter (reported No. 14th) and they are going to show huge growth the next couple of quarters according to estimates. I'm not exactly early to the party on this one, but at least it is raging. 16 kegs dude.

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