tag:blogger.com,1999:blog-89723504714587745642024-03-08T06:15:31.744-08:00Open ticksLearn from my trading experiences that I will track here..openly!Unknownnoreply@blogger.comBlogger19125tag:blogger.com,1999:blog-8972350471458774564.post-18487525322427051332019-08-05T00:25:00.000-07:002019-08-05T00:25:33.438-07:00Markets are waving a red flag<div dir="ltr" style="text-align: left;" trbidi="on">
Technicals are getting weaker on US Markets. Fed, China whatever reasons but at a very inflated levels these technicals can mean a deeper correction.<br />
<br />
Here's a chart for AAPL. Getting rejected at a key level of resistance. A bit of support at 160 zone but if that breaks we are looking at possible 140s to 130s.<br />
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<a href="https://www.tradingview.com/x/wsFsYlLQ/" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="409" data-original-width="800" height="326" src="https://www.tradingview.com/x/wsFsYlLQ/" width="640" /></a></div>
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Here's what SPY looks like.<br />
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<a href="https://www.tradingview.com/x/OARLcveG/" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="409" data-original-width="800" height="327" src="https://www.tradingview.com/x/OARLcveG/" width="640" /></a></div>
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Look how the Fib levels and support levels align. Look out below at targets close to 210s range as a first stop. ~25% down side. </div>
Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8972350471458774564.post-5771923528701025372018-12-18T11:20:00.002-08:002018-12-18T11:20:46.724-08:00AAPL is a buy<div dir="ltr" style="text-align: left;" trbidi="on">
<img height="383" src="https://static.seekingalpha.com/uploads/2018/12/17/49736731-15450728705694034_origin.png" width="640" /><br />
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This is AAPL's net income. Crazy!!!<br />
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They are making more money than Microsoft, FB and Google combined or pretty close to it. How can you not love such a great cashflow machine?</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8972350471458774564.post-43889518888619768382016-07-21T11:52:00.000-07:002016-07-21T11:52:14.476-07:00Where to best allocate investments - IRAs vs. Taxable account<div dir="ltr" style="text-align: left;" trbidi="on">
IRAs are a great way to defer taxes (traditional) or eliminate taxes on capital gains (Roth). I have been researching what is the best place to allocate different investment options while I am building my portfolios and here's the net net.<br />
<br />
What is best for IRA accounts:<br />
<ul style="text-align: left;">
<li>REITs - the REIT distributions are taxed at a higher tax rate as most REIT dividends are non qualified dividend so instead of paying 30+% in taxes - put them in IRA and enjoy higher than normal yields.</li>
<li>BDCs - Same thing as REITs. These companies have above normal yields.</li>
<li>GLD - I found out that gold is considered collectible and is taxed at a higher short term capital gains rate even if your capital gain is long term. So why not put in IRA.</li>
<li>Your most conviction growth stories, cyclicals or stocks where you want to sell for quick gains.</li>
</ul>
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What not to buy in IRAs:<br />
MLPs. There is this issue around unrelated business taxable income UBTI which creates a mess in terms of tax filing. Just avoid that issue altogether by not holding MLPs in IRAs.<br />
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What to buy in taxable accounts:<br />
Your core DGI holdings that you want to hold for long time. Again, the dividends are taxed at a lower rate and assuming you hold things for long time your cap gains if any will be taxed at a lower rate of long term cap gains rate.</div>
Unknownnoreply@blogger.com23tag:blogger.com,1999:blog-8972350471458774564.post-26546096474808188402016-06-27T16:52:00.002-07:002016-06-27T18:04:08.751-07:00GIFI - Adding to watchlist<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<b>Good: </b><br />
<ul style="text-align: left;">
<li>Debt free company. </li>
<li>Variable cost structure allows them to trim cost with revenue.</li>
<li>Way below book value.</li>
</ul>
<br />
<b>Balance Sheet from 10-Q SEC filing for Mar 16 quarter:</b><br />
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<img alt="" 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" /> <br />
<br />
Back of the napkin Liquidation Value calculated below: <br />
<br />
Current Assets: $118 MM<br />
- Total Liabilities: $80.5 MM<br />
-----------------------------------------<br />
Real Current Assets = $37.5 MM<br />
+ Net property, plants, equipment etc. at 50% discount = $108.5 MM<br />
----------------------------------------<br />
Liquidation Value = $146 MM<br />
<br />
Current Market cap @ 6.6 = $96 MM<br />
<br />
Discount = 52%<br />
<br />
<br />
<br />
<br />
<b>Bad:</b><br />
<ul style="text-align: left;">
<li>Losing Money</li>
<li>Cyclical</li>
<li>Not a value creator. ROE, ROC and ROI are not great even in good times.</li>
<li>It's a play to get the market to realize intrinsic value. </li>
</ul>
<br />
<br />
<br />
<b>Technical:</b><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://www.tradingview.com/x/iWTbw8g1/" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="356" src="https://www.tradingview.com/x/iWTbw8g1/" width="640" /></a></div>
<br />
Long term Support around $5.40-5.70 will make it a good entry point.<br />
<br />
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8972350471458774564.post-75986362026128586112015-06-09T21:19:00.001-07:002015-06-09T21:21:49.096-07:00Trade update– long Wal-Mart - WMT<p>WMT has been trending lower ever since the earning release without any meaningful pullback. I think it’s fairly oversold and extended on the downside. RSI is already oversold in both daily and hourly charts with weekly just about getting there. It’s also sitting right around the very long term support of around $72-72.50. It’s likely to bounce from here and provide a quick retracement opportunity. </p> <p>The chart looks fairly ugly though, so I wouldn’t be surprised it it continues down without any consideration of the support – and there hasn’t been any evidence of buyers showing up yet so this is definitely trying to catch a falling knife with a very tight stop around 71.05. </p> <p>Here’s a chart.</p> <p><a href="http://lh3.googleusercontent.com/-ayd9YlevP4s/VXe7WODhXqI/AAAAAAAAAH8/QTEQoMpTJRc/s1600-h/image3%25255B1%25255D.png"><img title="image" style="display: inline" alt="image" src="http://lh3.googleusercontent.com/-aJ4k4xjK4KE/VXe6y3jVPKI/AAAAAAAAAIE/72mfDevpfz0/image3_thumb.png?imgmax=800" width="800" height="354"></a></p> <p> </p> <p>Let’s see how this one goes. The <a href="http://www.openticks.com/2015/06/intel-trade-for-week-61.html">previous one</a> didn’t workout so well but fortunately I didn’t take that trade. </p> <p>Long 251 shares @$72.60.</p> Anonymousnoreply@blogger.com0tag:blogger.com,1999:blog-8972350471458774564.post-55421544537448693882015-06-01T22:39:00.000-07:002015-06-02T00:13:57.511-07:00Intel - trade for the week 6/1<div style="text-align: left" dir="ltr" trbidi="on"> <div class="WordSection1"> <p>Intel is in a fairly tight upward trending channel. But running into some resistance at 34.50 which were long term highs from weekly timeframe. Good risk rewards here of 2.77. Stop loss is if you are clearly break the channel below. </p> <p>(this is updated from Windows live Writer)</p> <p> </p> <div class="MsoNormal"><a href="http://lh3.googleusercontent.com/-fMODG5bm4fQ/VW1VFel-SZI/AAAAAAAAAHQ/lK1cCNrX210/s1600-h/image%25255B57%25255D.png"><img title="image" style="display: inline" alt="image" src="http://lh3.googleusercontent.com/-R_R3h12jL4s/VW1VF-RR8AI/AAAAAAAAAHY/X3h-wyBuH_c/image_thumb%25255B47%25255D.png?imgmax=800" width="800" height="404"></a></div></div></div> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8972350471458774564.post-71540129299179176582012-07-28T15:14:00.001-07:002012-07-28T15:14:12.036-07:00Indian markets long term charts - Nifty<p>Needless to say I’m not too bullish on the Indian markets. After my earlier <a href="http://www.openticks.com/2012/07/india-stock-trading-idea-short-bhel.html">short</a> <a href="http://www.openticks.com/2012/07/trading-tip-for-indiashort-tata-motors.html">ideas</a> here’s a long term look at the nifty charts</p> <p><a href="http://lh5.ggpht.com/-dvnaNleqjGs/UBRkMAKATbI/AAAAAAAAABw/V9iJw8DGo50/s1600-h/bakedChart%252520%2525283%252529%25255B11%25255D.png"><img style="background-image: none; border-right-width: 0px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="openticks.com nifty long terms chart" border="0" alt="openticks.com nifty long terms chart" src="http://lh6.ggpht.com/-JfDrD6xqjwQ/UBRkMkCD8II/AAAAAAAAAB4/5vUgqR1bOoY/bakedChart%252520%2525283%252529_thumb%25255B9%25255D.png?imgmax=800" width="542" height="431"></a></p> <p align="center"><em>[click on the chart to enlarge]</em></p> <p align="left">The weekly charts gave some interesting opportunities to trade. It made a textbook double top at around 6200-6300 levels which would have been an ideal opportunity to short. After that the prices have been slowly trending down with some up swings. The key levels to watch out for are 4600. That level has seen a lot of churn previously and has marked the turning point for multiple times.</p> <p align="left">Recent movement points to some weakness after testing the down trendline the prices have taken the turn and the RSI is also pointing downwards. Next week we have the RBI policy announcements which will decide the direction of the markets. Either ways – look for large moves. My bias is downwards but not that strong that I will go and short. So I’m on the sidelines but will short the market on signs of weakness. If weakness materialize, target is 4600 which will be a key key support. Good luck!</p> Anonymousnoreply@blogger.com0tag:blogger.com,1999:blog-8972350471458774564.post-70602735286086992632012-07-27T18:51:00.001-07:002012-07-27T18:51:32.201-07:00India Stock trading idea : Short BHEL<p>I am finding some weak charts out there in the Indian markets. I posted about <a href="http://www.openticks.com/2012/07/trading-tip-for-indiashort-tata-motors.html">Tata Motors</a> earlier and now its BHEL’s turn. Yearly chart below</p> <p><a href="http://lh6.ggpht.com/-Dvs1Kt6_SJs/UBNFoYVBHiI/AAAAAAAAABY/h4SEE8xeL1I/s1600-h/bakedChart%25255B8%25255D.png"><img style="background-image: none; border-right-width: 0px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="bakedChart" border="0" alt="bakedChart" src="http://lh6.ggpht.com/-O4ftcQcC6Ts/UBNFo6zbaYI/AAAAAAAAABg/3PS_kvSuWLI/bakedChart_thumb%25255B6%25255D.png?imgmax=800" width="604" height="363"></a></p> <p align="center"><em>[click the chart to expand]</em></p> <p>BHEL tried to crawl it’s way back up to the stiff resistance at around 235-245 range but then got hammered back down. </p> <p>The volume on the last two bars on the right is picking up and on a decent up market day BHEL gave up all its gain to close in red. There is a minor support coming in at around 200 which is the previous low but I don’t think its going to hold. The RSI is in oversold territory so you might get a minor bounce but that will be the opportunity to short. I would think the RSI will show a reading above 50 and that would be an ideal time to short. I wouldn’t wait till RSI is all the way in the overbought territory this time. </p> <p>Stop loss at 251. </p> <p>First target 200 which will break and then just wait for the slide and take profit on any signs of exhaustion. </p> <p>Good luck!</p> Anonymousnoreply@blogger.com11tag:blogger.com,1999:blog-8972350471458774564.post-38834813123163853542012-07-24T22:43:00.001-07:002012-07-24T22:43:06.444-07:00Trading tip for India–Short tata motors<p> </p> <p>Here’s the chart of tata motors. </p> <p><a href="http://lh5.ggpht.com/-u1RKYclGayE/UA-HZ4ouIaI/AAAAAAAAABA/ept1v_FVLMY/s1600-h/bakedChart%252520%2525282%252529%25255B7%25255D.png"><img style="background-image: none; border-right-width: 0px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="bakedChart (2)" border="0" alt="bakedChart (2)" src="http://lh6.ggpht.com/-uR6jA6zZ8oo/UA-HaeYBo-I/AAAAAAAAABI/zvIauy-cfhE/bakedChart%252520%2525282%252529_thumb%25255B5%25255D.png?imgmax=800" width="602" height="362"></a></p> <p>Seems like the next support is coming in at around 190-200 levels. This stock will still give an opportunity to short if you have not <a href="http://www.openticks.com/2012/07/ttm-showing-weakness-tradingview.html">already shorted it</a>. keep an eye on it. </p> Anonymousnoreply@blogger.com14tag:blogger.com,1999:blog-8972350471458774564.post-32048926082896121912012-07-18T22:09:00.001-07:002012-07-18T22:09:39.953-07:00$TTM showing weakness - TradingView<a href="https://www.tradingview.com/v/Dj8GdSfu/#.UAeWhQUdGi4.blogger">$TTM showing weakness - TradingView</a>Anonymousnoreply@blogger.com0tag:blogger.com,1999:blog-8972350471458774564.post-19374134975461736112012-02-04T12:49:00.001-08:002012-02-04T12:49:39.646-08:00Well.. I guess it was not to be<p>In my <a href="http://www.ihatemyhomeloan.com/2012/01/indian-nifty-bumping-into-testing-zone.html">last post</a>, I said the India stock market is going to bump into a resistance and boy it just rocketed past it like there were no sellers in the market. Look at the chart below. Well, fortunately I kept waiting for signs of weakness which never came. So I am not short. Lets wait for the retest or at least some pullback before going in long. Its going up almost in the straight line up which is never sustainable..</p> <p><a href="http://lh4.ggpht.com/-xx4e0oe6htg/Ty2Z4ShBYcI/AAAAAAAABL0/bWeia9GALN4/s1600-h/image%25255B3%25255D.png"><img style="background-image: none; border-right-width: 0px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="image" border="0" alt="image" src="http://lh3.ggpht.com/-qUnwIskjGsQ/Ty2Z4iGLlJI/AAAAAAAABL8/KrdAdty9xd0/image_thumb%25255B1%25255D.png?imgmax=800" width="578" height="370" /></a></p> <p>Lets see how it goes.</p> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8972350471458774564.post-68445981406481340232012-01-22T04:01:00.001-08:002012-01-22T04:01:09.791-08:00Indian Nifty bumping into the testing zone..<p>Have a look at the worst performing market amongst the developed and BRIC countries for 2011. The Indian Nifty. It has made a smart almost one way move up from the beginning of 2012 but it is almost running into a stiff resistance zone. Wait and watch how it does there before initiating any trades now. Most people believe that we have new lows to be made on this market, lets see if the market agrees. Jan 26th is the budget for India which a lot of people are watching with wide eyes. Any bad news will almost certainly mean we are heading south. Short if that happens. Don’t worry about long positions I think this puppy is not running away any time soon.. lots of resistance zones ahead. Support is way below at 4600 if we start losing steam. Watch for the short trade.</p> <p><a href="http://lh6.ggpht.com/-aWtzDeK5Smg/Txv6f6EL8RI/AAAAAAAABLc/D52IWvlgue0/s1600-h/image%25255B7%25255D.png"><img style="background-image: none; border-bottom: 0px; border-left: 0px; padding-left: 0px; padding-right: 0px; display: inline; border-top: 0px; border-right: 0px; padding-top: 0px" title="india nifty technical analysis" border="0" alt="india nifty technical analysis" src="http://lh3.ggpht.com/-uxh6NkSdtb4/Txv6gtedRwI/AAAAAAAABLk/p8tQ5FGWsNA/image_thumb%25255B5%25255D.png?imgmax=800" width="550" height="435" /></a></p> <p>As always, lets see how it goes.</p> Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-8972350471458774564.post-63642773688757620862011-11-08T23:51:00.001-08:002011-11-08T23:51:53.288-08:00Looking to buy WIT (Wipro Ltd.)<p> </p> <p>It’s been slim posting and stock picking as well. Been busy with work off late but was searching through some charts and thought this was an interesting play,</p> <p><a href="http://lh4.ggpht.com/-9wHCQwX-tIs/TroxEFB9rkI/AAAAAAAABK4/Lec2dx-lIDA/s1600-h/image%25255B6%25255D.png"><img style="background-image: none; border-right-width: 0px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="image" border="0" alt="image" src="http://lh5.ggpht.com/-BEYbMT86bl0/TroxFktcQkI/AAAAAAAABLA/ulPEJss03DA/image_thumb%25255B4%25255D.png?imgmax=800" width="579" height="300" /></a></p> <p>It broke out of the little congestion zone there after a fairly quick downwards move and is retesting the earlier resistance acting as support. The overall trend is still down so a fairly tight stop is needed. You could either put a stop-loss just below the 50 day MA or the red line marked in the chart. If the trade succeeds we should see it hit move towards the target zone of 12.50 soon.</p> <p>Let’s see how it works out.</p> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8972350471458774564.post-10887292372685408632011-06-25T09:37:00.001-07:002011-06-25T09:39:31.067-07:00Portfolio update<p>Its been kind of quite here isn’t it? Well, with a young baby it sometimes gets harder to find time for anything else, but I thought I will take a quick moment and post about what I have been up to. </p> <p> </p> <p>So as I <a href="http://www.ihatemyhomeloan.com/2011/05/still-mostly-in-cash.html">already mentioned previously</a> that I have been a little bearish on the market and even tried to <a href="http://www.ihatemyhomeloan.com/2011/05/shorting-lhcg-ccrn.html">short CCRN and LHCG</a>. I ended up getting a fill on CCRN but then was stopped out by my trailing stop with a small profit. Other than that I have been avoiding the market as I think it has still some ways to go in the latest correction. With that said, here’s how my portfolio looking like as of 6/19/2011.</p> <p> </p> <p><a href="http://lh5.ggpht.com/-EcGzA1xlDDY/Tf7dioUY9XI/AAAAAAAABJI/sxaaQy5AfwI/s1600-h/image2.png"><img style="background-image: none; border-right-width: 0px; margin: 5px 3px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="JUNE portfoio preformance vs index" border="0" alt="JUNE portfoio preformance vs index" src="http://lh4.ggpht.com/-hkjws-FDxnQ/Tf7dkL-57PI/AAAAAAAABJM/CLJDkuI1OEE/image_thumb.png?imgmax=800" width="634" height="259" /></a></p> <p> </p> <p><strong><font color="#000000">IHML : down <font color="#ff0000">-0</font><font color="#ff0000">.42%</font> vs S&P500 down </font><font color="#ff0000">–6.20%</font></strong></p> <p><font color="#000000"></font></p> <p><font color="#000000">Not bad but not good either. Again my goal is to win in absolute terms so losing money is no good even if I am outperforming the indexes.</font></p> <p><font color="#000000"></font></p> <p><font color="#000000">Here is the transaction history <a href="http://www.ihatemyhomeloan.com/2011/04/and-so-journey-begins.html">since the last update.</a></font></p> <p><font color="#000000"></font></p> <p><a href="http://lh3.ggpht.com/-2QzFq3EP2fE/Tf7dkWSz7lI/AAAAAAAABJQ/8wYFC2ExJSI/s1600-h/image5.png"><img style="background-image: none; border-right-width: 0px; margin: 5px 3px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="Portfolio update CCRM ETO" border="0" alt="Portfolio update CCRM ETO" src="http://lh4.ggpht.com/-0sIOzcamuxo/Tf7dklV_-XI/AAAAAAAABJU/2St3-rn9XXg/image_thumb1.png?imgmax=800" width="634" height="100" /></a></p> <p> </p> <p>CCRN short earned me some $115 or so. ETO has been added to my income portfolio (more on that below) Other than that just got some dividend earnings from ETO and PDLI.</p> <p> </p> <p>As I mentioned just now, I am planning to split the <a href="http://www.ihatemyhomeloan.com/p/about-me.html">initial $100k</a> into two distinct portfolios. $50k in an income portfolio and $50k in a trading portfolio. I have the initial capital spread across multiple accounts. $20k of the initial $100k is in IRA (traditional and ROTH) accounts which are ideal place for income or long term holdings for gaining tax advantages. I still need to update my tracking system to reflect this change. </p> <p> </p> <p>I am also in the process of writing a light weight trading strategy backtesting software using C# and .Net. I evaluated multiple platforms in this space and most of these software I believe do NOT provide true portfolio level backtesting capabilities. My goal is to have something as close to real markets as possible so that I can paper trade and eventually automate my strategy in real time. More on that later..</p> <p> </p> <p>Lots on my mind. Just need to streamline my thoughts, find some focused time and act on them!</p> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8972350471458774564.post-25172449772921735692011-05-09T00:33:00.001-07:002011-05-09T00:44:54.278-07:00Shorting LHCG, CCRN<p> </p> <p>My view on the market is <a href="http://www.ihatemyhomeloan.com/2011/05/still-mostly-in-cash.html">a tad bearish</a> so I am going to take only short positions in my trading portfolio. Here’s two that seems interesting to me</p> <p> </p> <p><a href="http://lh6.ggpht.com/_3R1yP6luvhc/TceY0M1-wzI/AAAAAAAABIA/CO8-RxR7ZVA/s1600-h/image%5B2%5D.png"><img style="background-image: none; border-right-width: 0px; margin: 5px 3px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="LHCG daily chart with Short postion target" border="0" alt="LHCG daily chart with Short postion target" src="http://lh4.ggpht.com/_3R1yP6luvhc/TceY1A9Ua6I/AAAAAAAABIE/2XtvSySKBmY/image_thumb.png?imgmax=800" width="629" height="361" /></a></p> <p>LHCG - LHC Group, Inc. has been forming lower highs and higher lows off late, but the recent action has broken down the most recent lows. It has also managed to break down the support trend line. It might pull back and retest the support line but that will be an excellent opportunity to short. Here’s my plan for LHCG</p> <p> </p> <p>Short Price: $28.0 and above</p> <p>Stop loss Price: $29.70</p> <p>Target: First $26.00 and then $24.50</p> <p>Keeping the max dollar loss at $250 (I will post about my risk management rules soon) I can short <strong>147</strong> shares which gives me the potential profit of $294 for the first target and $514 for the next target.</p> <p> </p> <p>Another shorting opportunity is CCRN- Cross Country Healthcare, Inc.</p> <p> </p> <p><a href="http://lh4.ggpht.com/_3R1yP6luvhc/TceY1qkKgcI/AAAAAAAABII/rTqmx3fn8qE/s1600-h/image%5B5%5D.png"><img style="background-image: none; border-right-width: 0px; margin: 5px 3px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="CCRN Daily chart with short position" border="0" alt="CCRN Daily chart with short position" src="http://lh4.ggpht.com/_3R1yP6luvhc/TceY2Gkwb3I/AAAAAAAABIM/9S8eehZr_5Y/image_thumb%5B1%5D.png?imgmax=800" width="634" height="352" /></a></p> <p> </p> <p>CCRN - Cross Country Healthcare, Inc. has been sloping down in a nice little channel. It is trading right at the top end of the channel and ready to turn down again. Here’s my plan for CCRN</p> <p> </p> <p>Short limit price: $7.40-$7.45</p> <p>Stop loss price: $7.65 ( it will have to break out of the resistance trend line to reach this level)</p> <p>Target price: $6.45</p> <p>Keeping the max dollar loss at $250 I can short <strong>1000 </strong>shares. But I am going to limit my trade size to $5000 and short <strong>675</strong> shares instead. Which gives me potential profit of $640.</p> <p> </p> <p>Let’s see how it goes. </p> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8972350471458774564.post-83239281650415714972011-05-07T11:32:00.001-07:002011-05-07T11:32:23.012-07:00Still mostly in cash..<p>I have been mostly in cash still. The markets are showing signs that they are ready to pull back and it’s prudent for me to wait for the markets to present an opportunity to buy rather than jump in right now. I am not confident to short the markets either. So playing the wait and watch game on the sidelines right now.</p> <p> </p> <p>Here’s the 6 month chart of the S&P500 index.</p> <p> </p> <p><a href="http://lh6.ggpht.com/_3R1yP6luvhc/TcWQLnNeyZI/AAAAAAAABHo/jFvF8ubyJog/s1600-h/image%5B4%5D.png"><img style="background-image: none; border-right-width: 0px; margin: 5px 3px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="image" border="0" alt="image" src="http://lh4.ggpht.com/_3R1yP6luvhc/TcWQMK-Gy3I/AAAAAAAABHs/TZ8WaJH4vD4/image_thumb%5B2%5D.png?imgmax=800" width="634" height="425" /></a></p> <p align="center"><em>[click to enlarge]</em></p> <p align="left"> </p> <p align="left">You can see a bit of weakness showing up right at the top. We had a week of distribution and the MACD is turning bearish as well. We formed a double top and had an attempt to break out but since then the breakout has failed and we are back in the zone. If it breaks the minor up tread line it might be ready for a short position.</p> <p align="left"> </p> <p align="left">Here’s a little longer term view using the ETF SPY.</p> <p align="left"> </p> <p align="left"><a href="http://lh4.ggpht.com/_3R1yP6luvhc/TcWQMuEw-jI/AAAAAAAABHw/w_sq6QoZAg8/s1600-h/image%5B9%5D.png"><img style="background-image: none; border-right-width: 0px; margin: 5px 3px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="image" border="0" alt="image" src="http://lh6.ggpht.com/_3R1yP6luvhc/TcWQM6tZspI/AAAAAAAABH0/2NpzD8rtWHE/image_thumb%5B5%5D.png?imgmax=800" width="634" height="367" /></a></p> <p align="center"><em>[click to enlarge]</em></p> <p align="left"> </p> <p align="left">You can see that we are churning around the 75% retracement level – which is where the failed breakout occurred.  </p> <p align="left"> </p> <p align="left">And have a look at the long terms treasury bonds aka TLT</p> <p align="left"> </p> <p align="left"><a href="http://lh3.ggpht.com/_3R1yP6luvhc/TcWQNA-FcvI/AAAAAAAABH4/BKmh571fvCA/s1600-h/image%5B14%5D.png"><img style="background-image: none; border-right-width: 0px; margin: 5px 3px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="image" border="0" alt="image" src="http://lh5.ggpht.com/_3R1yP6luvhc/TcWQNjgB7rI/AAAAAAAABH8/ePpQc3CeKMM/image_thumb%5B8%5D.png?imgmax=800" width="634" height="361" /></a></p> <p align="center"><em>[click to enlarge]</em></p> <p align="center"> </p> <p align="left">It has made at least 4 bottoms in the last 3 years at the almost the same level. All this at least warrants a minor pull back on stocks. Let’s wait and see how it pans out.</p> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8972350471458774564.post-54491986273140783662011-04-28T01:02:00.001-07:002011-04-28T01:02:44.413-07:00And so the journey begins..<p>Today marks day 1 of the 7 year long journey. I am going to be using Google finance portfolio tracker to track my transactions. I have multiple brokerage accounts so it will be nice to consolidate everything in just one tracking system. Here’s what my portfolio looks like right now.</p> <p> </p> <p><a href="http://lh4.ggpht.com/_3R1yP6luvhc/TbkfH3DXFzI/AAAAAAAABHQ/k-dZqs3TcPg/s1600-h/image%5B2%5D.png"><img style="background-image: none; border-right-width: 0px; margin: 5px 3px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="image" border="0" alt="image" src="http://lh6.ggpht.com/_3R1yP6luvhc/TbkfIRKP04I/AAAAAAAABHU/4aFKjisxoCA/image_thumb.png?imgmax=800" width="648" height="220" /></a></p> <p> </p> <p>Basically it’s just a pile of cash right now. I already had a few open positions in my accounts (CSCO, ORBC, PDLI, DMLP) so I have decided to just take them at today’s market value towards my initial contribution of $100k. So even though there might be some tax implications when I sell these positions, it should be minimal and I should be able to just ignore that to keep things simple.</p> <p> </p> <p>Again the goal is to reach $350k in 7 years so I will need to get a CAGR of exactly 19.6%. But the absolutes aside it’s also a good idea to see how your portfolio is doing relative to the market index. I have decided to track my relative performance against S&P500 and to easily do that I have created one more Google portfolio which just buys a $100k worth of SPY (the s&P500 ETF) at today’s market close.</p> <p> </p> <p><a href="http://lh6.ggpht.com/_3R1yP6luvhc/TbkfImUCiKI/AAAAAAAABHY/Qa6Vg8L53F8/s1600-h/image%5B5%5D.png"><img style="background-image: none; border-right-width: 0px; margin: 5px 3px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="image" border="0" alt="image" src="http://lh3.ggpht.com/_3R1yP6luvhc/TbkfI0CGSgI/AAAAAAAABHc/A9UwBPAAtyQ/image_thumb%5B1%5D.png?imgmax=800" width="648" height="132" /></a></p> <p> </p> <p>Now one could argue that most people will do a more intelligent asset allocation than just buying the S&P500 index and that will not be an incorrect statement. But I am trying to keep things simple here, and besides the goal has a defined “absolute” target so relative performance comparison is just secondary.</p> <p> </p> <p>Now let’s make some money!!!!</p> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8972350471458774564.post-52627308854334701082011-04-21T01:22:00.001-07:002011-04-21T01:22:06.411-07:00Is the era of PCs over?<p>INTC has been showing up in my screens for a while now as a large market cap dividend yield play. It’s a great company which rewarded it’s investor very handsomely in the last decade of 20th century. See the chart below – the return the investors got in that period was astonishing – 7593% and that too excluding dividends. </p> <p> </p> <p><a href="http://lh3.ggpht.com/_3R1yP6luvhc/Ta_pJjTZtpI/AAAAAAAABGg/BkWDw039lpw/s1600-h/image%5B114%5D.png"><img style="background-image: none; border-right-width: 0px; margin: 5px 3px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="Intel chart from year 1989 to 2000" border="0" alt="Intel chart from year 1989 to 2000" src="http://lh6.ggpht.com/_3R1yP6luvhc/Ta_pJw0LzAI/AAAAAAAABGk/BG6TPSw_VS4/image_thumb%5B110%5D.png?imgmax=800" width="648" height="240" /></a></p> <p align="center">[click chart to expand]</p> <p align="left"> </p> <p align="left">But has Intel been a good investment in the last decade? Not really. In fact if you invested and held Intel for the last ten years you actually lost money – your return was around –ve 64%</p> <p align="left"> </p> <p align="left"><a href="http://lh4.ggpht.com/_3R1yP6luvhc/Ta_pKe7zHuI/AAAAAAAABGo/nIeK95VoiWg/s1600-h/image%5B117%5D.png"><img style="background-image: none; border-right-width: 0px; margin: 5px 3px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="INTC has lost money in the last decade" border="0" alt="INTC has lost money in the last decade" src="http://lh3.ggpht.com/_3R1yP6luvhc/Ta_pKvKZV3I/AAAAAAAABGs/brK3AHPiURU/image_thumb%5B111%5D.png?imgmax=800" width="648" height="241" /></a></p> <p align="center">[click chart to expand]</p> <p align="center"> </p> <p align="left">And even after a stellar results today and a jump of 7.8% in the stock price it’s still struggling to break through the long term resistant trend line dating back till 2001. </p> <p align="left"> </p> <p align="left">The same is the case for one of Intel’s biggest partners – Microsoft. MSFT hasn’t done too well in the last decade either. Both of these big companies represent the personal computer market. So is the market telling you the era of PCs is over? Let’s compare the stock prices of MSFT, INTC and AAPL to get an insight.</p> <p align="left"> </p> <p align="left"><a href="http://lh3.ggpht.com/_3R1yP6luvhc/Ta_pLIdbY6I/AAAAAAAABGw/eRQpYVJiwQs/s1600-h/image%5B120%5D.png"><img style="background-image: none; border-right-width: 0px; margin: 5px 3px; padding-left: 0px; padding-right: 0px; display: inline; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px; padding-top: 0px" title="Price comparison for Microsoft, Intel and Apple for the last decade" border="0" alt="Price comparison for Microsoft, Intel and Apple for the last decade" src="http://lh3.ggpht.com/_3R1yP6luvhc/Ta_pLYAyWoI/AAAAAAAABG0/pqJ8SM5SBI4/image_thumb%5B112%5D.png?imgmax=800" width="648" height="239" /></a></p> <p align="center">[click chart to expand]</p> <p align="left"> </p> <p align="left">If you notice till 2004 none of the stocks were doing well but since then AAPL has significantly outperformed the other two. AAPL defines the new era of personal computing –  smart phones and the tablet devices are definitely catching up and are creating serious disruptions in the marketplace and the stock prices affirm that. Let’s wait and see how things pan out but for now I have to pass INTC even though it showed up in my screens as one of the more attractive dividend yield plays. A 3.4% yield is mouth watering but the long term downtrend is something I cannot ignore.</p> Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-8972350471458774564.post-35665183326714115602011-04-11T23:29:00.001-07:002011-04-20T23:48:38.347-07:00I hate my home loan..<div dir="ltr" style="text-align: left;" trbidi="on">who doesn't?<br />
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Btw, this is just a test post.. before I get rolling..</div>Unknownnoreply@blogger.com0