New orders

The following orders are in place
All Shares good until canceled Buy to cover:
ANW stop 16
AVY stop 30
AIPC stop 32.13
CECO stop 26
BRY stop 23
IPHS stop 17.5

All Shares good until canceled Sell:
SKF stop 37

New order to buy:
Agilent (A) buy 180, 21 stop 21.15 limit good until canceled

New orders

Cancel these orders:

June 14
Buy 60 IWD @ 51
Buy 50 IWW @ 65
Buy 60 VBK @ 51

May 8
Sell short 70 CMP @ 47

Open the following orders:

Sell short 200 EAT 15 stop 14.87 limit Good Till Canceled

Sell short 80 BKE 30 stop 29.87 limit GTC

6/21/2009

Since I started this blog on April 26, the markets kept on climbing, the SP500 opened on Monday April 27 at 862.82 and closed last Friday at 921.23 for a 6.8% gain in the period, the Dow Industrial went from 8039.88 to 8539.73 resulting in a 6.13% gain, and the Nasdaq Composite started the period at 1671.21 and last Friday closed at 1827.47 for a 9.4% appreciation in less than 2 months.

Obviously my bearish stance has proved wrong until now, well I still have an overbought reading of the markets the only problem with that is nobody knows when this condition will end and the markets start to correct. That is why I made my three long orders which until now have not executed.

I believe right now is not the time to go long fully, maybe going short isn’t the answer either but I am keeping my bearish trades open.

I am changing my May 17 order to sell short XLI.

The new order:
Sell short 150 XLI 21 stop 20.87 limit GTC

Trade safe and remember your Gerald Appel.

Going long

Buy 60 IWD 51 stop 51.13 limit GTC
Buy 50 IWW 65 stop 65.25 limit GTC
Buy 60 VBK 51 stop 51.25 limit GTC

CECO

Yesterday the may 12 order to sell short CECO was executed:
Sold short 140 CECO @ 19

APC technical analysis

Trading in the opposite direction of a prevailing trend is a dangerous and usually costly tactic. APC is trading inside an uptrend channel that is clearly visible on the accompanying graph, however a failure of the stock to reach the upper end of the channel is often an early warning that the lower line will be broken. That will mark a beginning of a down trend.
For this setup to work, APC most reverse direction without touching the upper line, right now the stock is going high, if APC reverses, I will be initiating a short position at 40.







The three weekly averages are in disarray, 10 is above 30 but they are both below the weekly ema(40), for APC to continue up, the stock must pass the 52.5 level reached at the beginning of may, a weekly close below 42 will definitively constitute a signal of closing all longs but not necessarily a short sell signal. Considering my belief on the weakness of the market now, I will start the short at that level.

APC

Sell short 80 APC 40 stop 39.87 limit GTC