John Ward's  Instablog

John Ward
Send Message
Equities trader. I currently live in California. Email: john.authorego@gmail.com Twitter: JWard_73
  • September 30, 2010 0 comments
    Sep 30, 2010 10:38 PM | about stocks: FFIV, NFLX, VMW, AAPL, APKT, BORN, RAX, PAY, ADTN, ANTM, VXX, SQQQ, ANF, JPM, MA


    Just when it looked as though the market was about to get parabolic…

     

    The good news is Thursday’s session didn’t close as ugly as it looked it might when noon rolled around and we were at the lows of the day.  In the end, it couldn’t be said that there wasn’t at least a modicum of support.  The bad news was the action in some of the leaders.  Stocks like FFIV and NFLX reversed hard, while others: VMW, AAPL and APKT, just to name a few, fell on heavy volume.  A pullback here shouldn’t take anybody by surprise.  It’s not set in stone, of course, but one has to at least admit the possibility.  It wouldn't have been unreasonable to pare back some positions in the face of such a hard reversal.

     

    A few “notables” displaying resilience:        

     

    BORN

    RAX

    PAY

    ADTN

    AGP

     

    Take nothing for granted here.  Don’t get complacent.  No need to run for the hills, yet remain alert and, above all, stay humble.  You’re Dante and the market’s Virgil right now.  Listen to what is being said.  Thursday may have been a one day affair, or it could be the beginning of a very normal and orderly pullback or, perhaps, something more sinister.  To resist forming an opinion takes mental toughness.

     

    That being said, going long VXX or SQQQ or both could be profitable for those who are fleet of foot.  Still, shorting here does seem a tad premature.  Yet I did take note of three stocks that might break the hardest should we fall:  ANF (cover above 9/30 high), JPM (cover above the 50dma) and MA (cover above the 200dma).  Truth be told, though, there just isn’t much to short.  Also, consider that everybody sees FFIV and NFLX, VMW and AAPL and APKT.  Probably best to just cool your heels and let things play out…. 



    Disclosure: Long: BIDU, NFLX, RVBD, PCLN, DGP
    Stocks: FFIV, NFLX, VMW, AAPL, APKT, BORN, RAX, PAY, ADTN, ANTM, VXX, SQQQ, ANF, JPM, MA
Back To John Ward's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

  • If $AMZN clears 3,048,300 shares traded today and you have a bona-fide "pocket pivot" buy point.
    Aug 15, 2012
  • Economies the world over are slowing, Europe is a mess, the US is in the doldrums, but baby boomers ain't going to stop growing old: $ESRX
    Aug 9, 2012
  • Of the 20 leading stocks on my screen, only 5 are red right now. #TheStockMarketCloseWillBeInteresing
    Aug 2, 2012
More »

Latest Comments


Most Commented
  1. September, 27, 2010 ( Comments)
  2. June 4, 2010 ( Comments)
  3. June 22, 2010 ( Comments)
  4. June 23, 2010 ( Comments)
  5. October 19, 2010 ( Comments)
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.