Archive for June, 2009

Dollar UUP…

Posted on Jun 05, 2009 by WHC Bassetti.

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Here is an engraved invitation to buy the dollar.  Island reversal, breakaway gap.

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At the tipping point…

Posted on Jun 04, 2009 by WHC Bassetti.

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090604spxIn case you were unaware the market is at the very tipping point.  The penetration of the 200 day moving average is traditionally, in bear markets, a bull trap.  The rally is getting a little long in the tooth.  Additionally price is right on the neckline — a perfect place to turn back.  And, according to Karnak’s crystal ball the next few days should see increased volatility.  Maybe a lot of volatility.  Powerful down bars would put us short again, and we think it is imperative that investors have some shorts in their portfolios at this moment.

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Gunslinger slinks away unhurt.

Posted on Jun 04, 2009 by WHC Bassetti.

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Sold our GMGCQ (GM) position for a small profit.  Had a discussion with selves in mirror.  What were you thinking?  Just a little time warp.  We were thinking of it as the new GM stock.  We will be buying with both hands when the new stock is issued.

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Smarty pants.

Posted on Jun 03, 2009 by WHC Bassetti.

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We bought the Qs when they broke out and then, too clever by half, sold them at the first peak in May, breaking the trend following rule of waiting for the downwave to play itself out.  We shorted the S&P at the same time, thinking that we were being clever and would catch the big downwave. 

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Ever the gunslinger….

Posted on Jun 02, 2009 by WHC Bassetti.

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True to our heritage as motorcycle riding, bull running, bungee jumping, hang gliding, fire walking adverturers we bought another lottery ticket this morning.  You can now buy the new GM as GMGMQ.  We bought 1000 shares for $637.  If this is stupid it’s not stupid enough to  hurt and if it works our egos will will be sufficiently full of hot air to take us hot air ballooning without the balloon.  Readers will remember that during the crash we bought “lottery tickets” –C, F, BAC, FNM and others.  The profits on these positions are in the hundreds of percents.  Is the purchase of GM and lottery tickets at variance with our button down image as long term trend traders?  Not at all.  Even Warren Buffet needs a little excitement in his life and that’s why he bought Goldman.  (Also he had them over the barrel and got a deal the Mafia would envy.)  Remember, if you do this at home (buy GM) don’t do more of it than would amuse you to lose.

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