Comments on Chart Swing Trader: Not Many Quality Stocks Showing Up as Buy Candidat...

"mistakes are always going to be made."

......

2008-07-18T18:06:00.000-04:00

"mistakes are always going to be made."

... that's what makes a trader a great one, that he can admit that, and move on to the next trade. There's ALWAYS another great trade out there. If we missed one, or messed up on one, just make sure it doesn't ruin you so that you miss the next one!

Stucktrader - thanks for the kind words. I don't...

2008-07-18T08:06:00.000-04:00

Stucktrader - thanks for the kind words. I don't know that I'm a pro - I still make my share of mistakes and learning each and every day.

With the oil, I got out too early, so even though I saw it, I didn't profit from it as much as I hoped. I think I let a bad trade get to me - again, mistakes are always going to be made.

Gio - I really do need to see HA pullback a little on quiet volume before I would get interested, but I will watch it. It is one of the few airlines whose stock price was not at all time lows a few days ago. This would depend on oil bouncing and failing too.

Citigroup lifted the futures, so who knows what the market will do today. I am still hesitant to buy things here.

Thanks for the RIMM rec. I sold my puts on them t...

2008-07-18T06:13:00.000-04:00

Thanks for the RIMM rec. I sold my puts on them too early, but I think its still okay to get some long term puts here.

It's funny that you spot Hawaiian Airlines (HA) as a good long... just to let you know, since I live in Hawaii, Hawaiian Airlines main competitor, Aloha Airlines, went bankrupt and sold off all their assets about 2 months ago. HA has monopoly over our inter-island flight business. HOWEVER, we do have a new Super-Ferry that offers an alternative source of transportation. It was met with much opposition, but now is accepted.

Also, HA opened up some new international flights, for example to the Philippines... Hawaii is FILLED with Filipinos, and they fly to Philippines often.

Just thought I'd let you know about HA the business environment.

Oh yeah, and short Bank of Hawaii (BOH).

-gio

thehawaiitrader pointed me your way. i wish i had...

2008-07-18T03:14:00.000-04:00

thehawaiitrader pointed me your way. i wish i had a chance to take my time to check out the turn around on oil. thehawaiitrader gave you props on that, and i saw it happen just as you said. but i didnt participate.

nice play on RIMM/SOHU. they were on my screen. but i got so distracted with figuring out GOOG, that i also missed out on setting up for MSFT.

thx for your insight. i am such an amateur on bear reversals. i have no problem buying puts after enduring the first half of the year. (my puts lost). now i am learning from pros like yourself. thx.

There are a lot of indicators that people find use...

2008-07-17T22:55:00.000-04:00

There are a lot of indicators that people find useful. For me, I think price and volume are definitely the most important to focus on, and that's what I try to do. I will use a few other indicators like the BOP and Moneystream from Telechart, but those are only secondary and I would never base a decision simply on those. Sometimes I think the more stuff you have to look at, the better chance there is of making a mistake. I don't want to overload myself with too much information.

If you haven't read O'Neil's books, you must start there. They are the basis for any of the great traders that you see out there like Dan Zanger. I have adapted my style a bit from the pure CANSLIM style - I am a little more short-term focused - but those books are tremendous, especially in a bull market. Hopefully we'll have one of those someday.

Thanks for the comment.

I think this rally in the past couple of days in t...

2008-07-17T22:49:00.000-04:00

I think this rally in the past couple of days in the indices is mostly caused by short covering in the sectors that were beaten down hard, such as banks, brokers, etc, and I'm quite sure we haven't seen the bottom yet. I wish I realized that yesterday as I covered my shorts in other sectors.
Just wondering, I read most of your posts, but I don't see you mentioning divergences with MACD or any other indicators, which to me is a powerful and very useful signal.
Also, 52-Week-New-High-New-Low.
Any reasons for that?
I have one of O'Neil's books but I haven't really read it yet. Seeing the quality of your stock picks makes me want to read it. As far as books, I probably learned my most valuable lessons from reading Alexander Elder.