Börsipäev 9. detsember

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  • Cody Willard:

    Looking for Opportunity in the Gyrations
    12/9/04 8:50 AM ET

    It's been quite a volatile year in the markets. From oil to technology stocks to corporate bonds and Treasuries, things have been wildly up and crazily down. It's enough to make a trader exhausted just trying to keep up with the price action -- and we're not even talking about trying to put our arms around the fundamentals underlying those price actions.

    The good news is that 2004 is coming to an end. The bad news is that 2005 promises to be another hectic year. Whatever your strategy -- buying "low" and selling "high" or catching the meat of a move by chasing momentum or even being a contrarian and trying to time a turn in the market -- there've been plenty of opportunities to make (or lose) money this year. All of the noise and gyrations simply brought, and will continue to bring, opportunity.

    One of the most striking aspects of this market has been the decline in the volatility indices in the midst of all these swings. The VIX is bouncing along historically low levels, and premiums on options remain relatively cheap, too. Some strategists like to point to those low VIX numbers as indicative of a complacent market. Perhaps that's the case but I'd note that the VIX has been in a drastically declining trend since late 2002 through today, a time period that's seen huge short-squeezing rallies and giant bull-bashing declines.

    My point here is twofold: 1. Speaking of noise, when trader friends of mine point out the VIX as a datapoint on their trading road map, I always ask, "Have you ever actually made money trading off the VIX?" 2. Take a look at the Nasdaq (or any other stock index or oil for that matter) and you'll see that there's been a heckuva lot of volatility this year, despite the VIX being so low.

    Just when most shorts had finally been squeezed out of the semis, we get a trifecta of semi blowups last night. XLNX, CYMI and ALTR all say business isn't as good as they'd hoped for. The inventory "correction" (if that's what the companies want to call it) continues. Along the semi-lines, Intel is now trading below where it was before its strong mid-quarter update too.

    I've got some SMH puts that I've been buying, along with the other puts and short hedges that I've been building lately. I don't plan on touching them today. Let's crack those knuckles and get to work.

    Long SMH puts, INTC calls

    Gary B. Smith:

  • Gapping Up

    INGN +32% (co's Advexin shows promise in treating breast cancer), CIEN +25% (reports OctQ, beats by a penny, guides JanQ revs above consensus), PPD +7.7% (short squeeze), TPTH +6.6% (positive breast cancer results), TOL +4.8% (reports OctQ, beats by $0.25; guides above consensus), IVAN +4.3% (expands natural gas production), NT +3.2% (in sympathy with CIEN, Friedman Billings upgrade), SIRI +2.8% (bounces from yesterday's 23% drop), JRJC +2.7% (started with a Buy at Jefferies; tgt $16).

    Gapping Down

    Comm IC stocks are weak on warnings from ALTR -8.4% and XLNX -7.7%: TQNT -4.6%, PMCS -3.8%, BRCM -3.4%, VTSS -3.2%..... Other News: LNG -16% (ChevronTexaco terminates equity negotiations on Sabine Pass LNG), RCO -11% (bounce from 13% drop yesterday), EXM -8.6% (sells 2.2 mln shares at $25), TRFDF -10%, NSTK -6.2% (prices 4.25 mln share offering at $13.50), DWA -6% (reports Q3 results; delays release of Shrek 3; started with an Underperform at Bear Stearns), ASML -3.3%, CHINA -3.2%, COST -2.9% (reports NovQ), ERICY -3.3% (China govt reports that the country has exported 111 mln cellphones by the end of this Oct), NOK -2.4% (same)..... Under $3: BPUR -17% (to sell stock and warrants), CHRD -8.6% (to acquire KiQ for approx $19 mln).
  • EELN-i ei julgenud 2.90 peal juurde osta. 3$ juures läksid vist nii mõnedki orderid täitmisele. Paar kuud tagasi ei julgenud ilmselt ükski optimist sellist taset oodata.
  • Seda, et $3 juures nii mõningadki stop-loss orderitel lühikestel olid, seda polnud raske arvata... Nüüd on veel $3 peal püsimine tähtis.. Viimane nii-öelda raske vastupanu on 3.20 juures, siis nagu puhas maa..

    Praeguse sentimendiga võib küll ka 3.20st lähiajal läbi minna, kui just profit-taking väga kõvasti välja ei löö. Tegu on ju siiski väga suure tõusuga - nii umbes 50% viimase 20 börsipäeva jooksul

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