Tuesday Chart

It was 80 degrees here today, but after all the rain we had is was super muggy and heavy. Felt sort of sticky.

Today is loyal reader Gawains' Birthday! Happy birthday sir! I hope you are having some fun.

Tuesday Chart
On Sunday night during homework I came across over 50 stocks that showed up on my screens in the PPT. usually I am screening for names that are showing a hybrid oversold condition, and they may be technical oversold as well. After a few down days you sometimes get a bunch of names and after a run up maybe you may get 2-4 names. I run a few different screens using other watched items like unusual volume or news events. In the end I put together a list and run through the charts to see if anything looks good.

One stock that came up as both hybrid oversold and had a very large volume score was Furiex Pharmaceuticals (FURX). On Friday the stock showed volume that was far and away larger than anything since last July. The stock printed an inverted hammer candle on Friday, which can be a reversal pattern if a downtrend has been in place. I liked the look of the stock and I have no idea about the company at all (can be hard because I work in the industry) so I put it on watch.

Candlestick work is not a 100% guaranteed kind of thing, more a of a guide and a trigger alert. On Monday with the general stock market getting hammered, FURX made a nice continuation candle with another small move up. This served as confirmation for me to think a buy was a good percentage play. I put in my order last night and it was filled this morning at $14.18. FURX closed today at $15.14 for a solid 6% move up. Here is my annotated chart for FURX (click for larger view):

Sometimes things work out. I probably should have sold to lock in a nice win, but this could have some more room to run, maybe to $15.50. We shall see.

Hockey Time?
I am not really into Hockey, but the Boston Bruins are a game away from going to the Big Show. Last night goaltender Tim Thomas made a save that was spectacular (hat tip Kid Dynamite):

WOW!

The last time I watched hockey it was for Mark Messier's Rangers beating Pavel Bure's Canucks in 7 games for the Cup way back in the day (1994). Good luck Bruins!

Have a good night.

Steak Tips and Harvick Wins Again

My pulled/tore muscle is getting old! It only hurts when I breathe or move, so no real problem. In any case, I wanted some real food tonight, so it was Big Steel Keg time! I just taped up my side tight to minimize the pain. A few beers will also help.

Steak Tips
I went with some steak tips for today's dinner. One set I marinaded for a few hours in Stubb's Beef marinade. This stuff adds some serious kick, so be careful is you use it! Here are the ingredients all ready:

The darker steak tips are the marinaded ones. I also cut up some peppers and onions and also had some whole mushrooms. I oven baked some small potatoes as well. I went all out.

Using skewers can make handling a bunch of small things easier on the grill. Here are the assembled sticks:


Letting the Steel Keg heat up:


I cooked them around 600 degrees for 10 minutes total. Almost done:


Dinner is served!:

It was really good.

Kevin Harvick Wins at Martinsville
I almost hurt myself even more watching #29 Kevin Harvick run down the leaders at the end of the race at Martinsville:

And he did not even wait until the last lap, he took the final lead with 3 laps to go! Sorry Dale Earnhardt Jr fans, Kevin was going for the kill! This is fun stuff.

If you win at Martinsville, you get a monster Grandfather Clock along with the trophy! This is so cool:


Homework
I need to run some screens tonight and see what I may do next week market wise. I am 100% in cash after the great past couple of weeks of trading. I will update later if I see anything good.

Added:
Final review in NCT, SA, CEF, KBX. Have to work some charts.

Have a good night.

Sunday Boxing Clips

I am doing my market homework tonight and running screens but with all the headline risk out there I am not buying anything right now.

I have some free time and seeing that there seems to be a a ton of boxing fans out there, here are some clips for review.

Boxing Clips
Enjoy!

There was a rule enacted after Arturo Gatti stopped Joey Gamache in this fight that barred a fighter from pigging out after the weigh in and gaining over 10 pounds! Go to the 0:50 second mark for a brutal KO, so don't watch is you are squeamish:

Lights out.

Over at iBankCoin there was a thread that got all into boxing and some punk said that Roberto Duran had a glass jaw! Not wanting to start trouble, I let it go. Duran was KO'd one time (By Thomas Hearns) and it was a fight he was not prepared for. Hands of Stone was one of the best fighters of all time. Go to the 2:16 mark of this clip and ask Davey Moore:

A great book I read was "Hands of Stone" by Christian Giudice. Grab it!

When Ray "Boom Boom" Mancini got his first shot at the lightweight title, he ran into my hero, Alexis Arguello. After a valiant effort Mancini gets beaten by one of the greatest fighters of all time. Scroll to 1:05 mark:

Master defeats the apprentice.

The 1984 fight between Juan Meza and Jaime Garza featured two fighters with the highest knockout percentages in history. So what happens? A first round knockout of course! But not without drama. Round 1 starts at the 2:00 minute mark:

WOW!

One of the sickest punchers of all time was Julian Jackson. Spool up most any win of his and it was a crazy knockout (Terry Norris comes to mind). It is lights out time for Herol Graham in 1990 here:

Ouch.

In one of the more brutal fights in living memory, Chris Eubanks and Michael Watson put on a show in their second fight (in 1991) that was amazing yet terrible. Watson has the fight in hand and almost stops Eubanks in the 11th round, but walks into a shot so severe it had terrible consequences (go to 1:00 mark):

Watson suffered a brain blood clot and brain damage after this fight. Very sad, and shame on his corner for letting him come out for the 12th round.

While a quick knockout is fine, there is no more fierce a display in boxing as total domination. Julio Cesar Chavez finished the careers of quite a few fighters during his unbeaten streak and some (Meldrick Taylor, Roger Mayweather, Greg Haugen, Sammy Fuentes) were effectively finished as top flight fighter after Chavez drained them. Edwin Rosario never was the same after his loss to Chavez, watch the whole clip to the end of round 11 when Rosario's corner thankfully throws in the towel:

Brutal.

Ok, last clip!

In 1988 Thomas "The Hit Man" Hearns had a mandatory title defense against Iran "The Blade" Barkley. It was a total mismatch but I got it on Pay-Per-View anyway. Hearns was killing Barkley and the fight was sure to end in the 3rd round, but a wild right hand out of no where wins the fight for The Blade in a shocking ending (watch from 6:00 min mark on):

Shocker!

I hope you liked the clips and feel free to suggest fight clips or ask boxing history questions!

Have a good night.

Must See Video

Must See Video
I am working on some screens and position reviews but I wanted to put this out for all to see. Some lucky buggers got to see a Space Shuttle launch from their passenger airplane! This is so cool I just don't even know what to say:

WOW!

I will update later with Oscar news and some stocks I may be going with this week. If anyone is around.

Update:
Melissa Leo has won for best supporting actress (The Fighter), and yes Christian Bale WON!!! Sometimes things do go right! I am very pleased.

Stocks on final review:
COCO
BUD
MFB
AIXG
TBBK

I am in on:
BUD
COCO
MFB
small gamble on AIXG

Have a good night.

Technical Analysis: The Projectile Vomit Pattern

Today was a busy day. The garage was the culprit. First the light bulb blew out on the garage door opener so that had to be switched out. Then as I went back into the house, the door knob on the garage door just came off! Quality stuff. I went to Lowes for a new one and I have already installed the replacement.

On Risk Management
Silver is blowing up. Libya is falling apart but not before firing on protest marchers. Bahrain is in serious flux. Egypt is in turmoil. Oil is flying over $100 a barrel. Iran must be sick of being ignored by now. South Korean banks are having issues. Euro debt problems continue coming back like an annoying family member. In short, it may be a good time to check your own risk management profile. While none of this matters at some point it might. Don't get caught sleeping.

Technical Analysis: The Projectile Vomit Pattern
It is Monday night so I will be off to run screens and find some new ideas for the coming week trades. In light of how nuts things are right now, I will probably stay with what I have as of now and not buy new spots until I get a feel for how the week may go.

I wanted to show a technical analysis pattern I like to play when I find it; the projectile vomit pattern (the PVP). In the never ending melt up Bernank market this one is usually good for a nice pop. For an example I will use a stock I am currently long, PRSP (Prosperity Bancshares).

The PVP is noticed when a stock runs down to it's 50 day moving average and basically pukes forcefully and propels itself away from that level. The next time the 50 MDA is approached, an entry point is available for a trade. By definition you will be playing the second (or third, fourth) time this happens. The original move may be huge or medium (I don't bother with small moves) and subsequent replays of this pattern will usually be smaller in size. I am sure there are really cool names for this stuff and that it is a well known thing, but this is how I refer to it. On to the example.

Here is a Finviz Chart for PRSP. It is a daily chart going back to June 2010 (click any image for larger view):

Note that in November 2010 the 50 MDA was hit and the stock took off angry at that point. Without the lines, it is a bit more pronounced:

A Yahoo chart with just the 50 MDA plotted:

So we are looking for a stock that has shown the reaction to the 50 MDA as such:

PRSP came up on a screen of mine back around February 13 on an institutional volume screen. Looking over the chart, I saw the PVP occur back in November. What you need to have happen then is for a stock to actually go DOWN in this market to make another run at the 50 MDA. It is pretty rare these days. PRSP made the grade, just a little above the 50 MDA but close enough for a shot.

I bought in at $40.20 on February 14. The stock now has shown an echo of the November PVP and is now at $42.20 (+5%). This could still run higher and now this little ticker has the added fun of looking at a big double top at about $42! Should the PVP hold and a break of that double top holds, this thing could run. Of course it may well be turned back and go lower. That's life but this position has my interest.

I will be back later if I find anything worthwhile in my screens.

Have a good night.

Homework Night

It was negative two degrees here this morning (-2)! That's all I have to say.

Homework Night
Seeing that I did no work all weekend I am going to do some screening tonight and look for some new trading ideas. I will be using the iBankCoin PPT as well as their secondary offering the 12631. I will update later if I come across something I am putting to work.

For a couple of great philosophical missives here are two I really liked this wee:

Jesse opines on rampant fraud and corruption in things economic.

Ilargi talks about unemployment and another FED trick to hide losses for all time.

Update
I sold EW tonight for a 6% gain. I still like the chart but this company seems hell bent on buying something soon so I will sidestep that drop for now.

Update again
Screening for two hours now. Not much standing out to me. Going to review TRCR, ABCO, and PBTH. I like TRCR the most but no hurry as the setup may take a bit.

TRCR, do you see what I see?:


Have a good night.

Running Screens on Monday

It was frigid here today! 7 degrees in the morning, yikes! Of course it was going to be cold any way you look at it after the Patriots got destroyed yesterday.

Running Screens on Monday
Not much to write about on a holiday Monday. I am running screens over at the PPT tonight looking for new ideas. When is it a good time to run screens? Mondays, and when you are faced with press coverage and a zoned middle of the field. Maybe the Patsies could have tried that? No, I guess not.

Anyways, looking for ideas for trades so don't be shy and let me know what you are thinking so I can steal your ideas.

Star Wars Galaxy Map
Could not help it, here is a great Star Wars map of the Galaxy:
The Galaxy
Now find Dagobah!

Have a good night.