Monday, January 14, 2008

Competitive Eating

Quietly pulling in bricks of money at the moment. Not that it is quiet around my hovel, I'm in full boilhead mode here. But the Street sentiment is quiet as a drugged mouse.

Nothing drugged here - more like Ignatius speed-eating Swedish meatballs.

I'm trimming back some of the larger positions and/or ridiculous gainers, while trying to keep tabs on new breakouts and pull-back entries elsewhere (the chords are loudest here when an FCSX gets away from my limit price, by a few lousy pennies, and then the mammoth moonshot ensues before I can scramble fast enough; missed it by that much...).

The quiet advance action in the overall market is a positive. I prefer the slow start; backing and filling, wall-of-worry climate; meanwhile, under the surface, many stocks are obscene green.

I was able to sell TITN at the open at 18.32 at the open, but only for one account and I went ahead and bot it right back at 17.25. This one is a beast, but widows and orphans beware. Don't use the back hoe on this one.

I cut back the TNH >152. I will add this back more than likely; I'm trying to take advantage of the wild, thin moves in this one. Widowed orphans should beware here as well, although I will be willing to pay all-time high here one soon enough (that's what makes me tick); still holding 50% of what was a large position there at moment. Cow Pie Constantinople.

I cut back the LNN (ave. 69.83), too low but I had a large position there for a small, thin issue. I'm happy to sit on my hands now and watch this move towards the 75 - 77.50 area and test that recent high. Still looks like a monster to me; Ag services.

I cut back the added SYT shares on the gap-up; 55.45.

I bot PRXL pulling back; ave 52.68.

Fed fund futures are suggesting a reasonable chance for a 75 basis point cut by the end of the month (>40% probability at moment). And by March we should see a min of 100 bps lower for fed funds reductions. Candy Candy!

I'm not going to go on a bullish tirade here (ha!). I'll only say there are many dozens of stocks acting quit live - varying degrees of moonshots out there.

Current long Positions (by size): APOL, GENZ, OII, LNN, HOLX, CVI, MR, JASO, VIVO, CPHD, CAF, YGE, SYT, PRXL, GHXD, IRIS, TISI, CSIQ, TITN, TNH, CZZ

No comments: