Folks, I'm gonna wrap it up here because I have to run out and get some shish kebabs; you're just gonna have to manage on your own into the close.

I am going to the US (the Deep South specifically) tomorrow to spend the next two and half weeks on holiday. I will still post things from time to time, but it isn't going to be as hyperactive as it has been lately. If you re-read all 95 Trading for Dummies lessons you'll understand exactly what I do and won't need me around yacking.

A final view of the poor old dog as it dies... that 6.60 cover of half looks darn silly now but that's the way it goes. See you later, guys.

I'm 7.12 p-stop on 750 shares going into the close, so if the worst happens I'll still be ahead a couple of bucks. And I can stop the Down Bad Doggy chant.

OK, the old girl took a dive and I covered half below 6.62 and will carry the rest into the close.

As far as NGEN is concerned, it eventually resolved down out of that triangle I pointed out, which would have been a very profitable play for anyone who was paying attention. There's a good reason thousands of people drop by, including my good friends from ny.frb.org, gs.com, and most intriguingly rba.gov.au (seems the Australians like my line drawings).

The view from the Captain's chair... I keep on typing in NGEN instead of NENG. There have been many times in my trading career where I inadvertently bought or sold something because I scrambled the ticker symbol.

Folks who want to lose less money could move p-stop to 7.12, but I'll stay at 7.21 and the big losers will stay at 7.41. If it drops to 6.62 I might just take the money and run.

OK, I'm back to breakeven (not including commissions). Thrilling, isn't it? ;-)

So far 7.08 has acted as a nice wall, as I expected, but the dog isn't dying and people are asking, Chairman, isn't this a good time to invoke the old time stop? And the answer is yeah, probably, but I'm going to sit tight, as usual.

Interesting... GSS, the top-performing gold stock I follow, is selling off hard and painting quite an ugly weekly bar on the chart. Warning shot for the gold bulls?

Posted at 5:16 PM, GMT

..........

Remember the stop is 7.21 if you want to lose less money, 7.41 if you want to lose more.

NENG clearly wants to bounce, the only question is whether 7.08 will stand in its way... if it doesn't I'll probably get stopped out in the afternoon sometime.

Check out Dave Jennings' Market Street Newsletter... interesting and thoughtful commentary.

Looks like it wants up, the question is how high?

The view from the captain's chair.

This might be one of those cases where you get driven out as price snaps back after that large gap down crunch, but we'll see.

You could be up at 7.41 p-stop if you wanted to give it some more space, assuming you sized your position small enough.

P-stop 7.21 NENG

CVTX coiling nicely but the lack of action yesterday makes me dislike the chart.

That NENG is going to be a fairly wide stop if filled so I'm gonna do small size, maybe even smaller than usual since I'm a bit preoccupied here getting ready for my trip. I'll be in the US for the next two and half weeks and have to get a few things settled here.

Tone is actually pretty good, but I'm looking below NENG.

Eyes on these guys among others: AAII, CVTX, EGHT, ESST, NENG, PLAB, PNRA.

Pretty inactive pre-open, CVTX and ESST about all on the radar... I can't see what's going on in CVTX since it looks like no data is being reported from yesterday. Did it trade? Guess not.

Check out the typically brutal action in the T-Note futures around the time of the Fed announcement. Reaching up to pick off the stops above the previous highs before tanking it is killer, and par for the course when playing with the big boyz.

10-Year Treasury Note futures (ZN), 10-minute Chart

Jim Grant, nonestablishmentarian and long-suffering holder of silver, praises the white metal.

Laszlo Birinyi gets sentimental and says he'd go long the NYSE and short the NASDAQ, if he could.

Gary Shilling hates to be the bearer of bad tidings:

Jim Griffin marvels over the latest productivity numbers, but has a few quibbles:

One of the only things of value that I learned in business school was that "all government statistics are flawed at best and bogus at worst."

Ralph Peters wonders about dollar weakness:

John Blossom writes about the Associated Press in the Internet era:

-- via PaidContent --

Previous Entry >>> Random Thoughts -- December 9