http://news.yahoo.com/s/ap/20090126/ap_on_bi_ge/bank_of_america_thain_1
He was actually very honest and straightforward with his answers. The $1.2MM for the remodel is still bad judgement but it looks like Ken Lewis was out looking for a scapegoat. He definitely needs one after his blunder with acquiring Countrywide and then jumping the gun with Merrill.
BTW, anyone see this ugly incident over the weekend?
http://rivals.yahoo.com/ncaa/basketball/blog/the_dagger/post/Please-note-that-Chase-Budinger-s-face-is-not-a-?urn=ncaab,136602
I guess it's easy to get away with this type of behavior when the coach endorses it by saying the referees misinterpreted the incident. Aubrey Coleman issued an apology today through the athletic department but it was just a PR move by the school. I can't see the guy feeling bad about the incident when the video shows him high-fiving his teammate and laughing as he his leaving the court. Someone said it best, even the UFC, involved in full-contact mixed martial arts, does not allow kick or knees to the head when a fighter is down. With the NCAA, it will only cost you a 1-game suspension.
Anyways, back to trading...
FAZ - I scanned some charts while waiting for my delayed flight this morning. I saw a narrow range develop in FAZ and entered when it broke out as the markets gave up the morning gains. I took partial profits at $61 and closed out the rest of the position as I was boarding the plane. I couldn't exit at the top but am more than happy with a $5 move in less than an hour.
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4 comments:
I've enjoyed your blog recently. When you scan stocks looking for a breakout, do you have a basket of stocks you normally scan or do you use some sort of stock screener? What indicators do you prefer? Thanks, Randy
Hey Randy, I have a basket of stocks that are my bread and butter. These have been on my watchlist forever. They're the usual momentum high-flyers (SKF, FAZ, SRS, AAPL, BIDU, CME, RIMM, GS, OIH, POT, etc.). Over time, I do tend to add or delete from this list. I recently added ESI based on commentary from Gio (ibankcoin.com) regarding the education stocks. What has worked for me is to add the stocks to the watchlist and understand its price movement over time (are the price movements jagged or steady, does it correlate with other industries or the overall market, etc.). I've had ESI on the list for a couple weeks but have not traded it yet. The rest have been on my watch list for a long time and they offer decent price movements on a daily basis so I don't see any reason to continually scan for others. Based on my experience, you're better off mastering the price movement of a basket of stocks rather than continuously cycling through hundreds of stocks on a daily basis. That said, on a non-volatile, boring day, I may use Briefing.com to see what stocks have gapped up/down at the open. I'll look for a narrow range and wait for market direction to initiate a daytrade. In terms of indicators, if you look at the charts I've posted, I try to keep it very simple...RSI, MACD, OBV and moving averages (5,10,15 and 20-SMAs).
I appreciate you taking the time to answer my comment. Where did you develop your trading style? Any suggestions on how I could accelerate my learning process is appreciated. Did your ever follow Lenny Dykstra column on the street.com in reference to DITM options?
I developed my trading style through the markets. Your PnL will tell you if you are learning or not. I've also learned a lot through a few of the fellow bloggers that I have linked on this site. I don't know if you can accelerate your learning curve in this market environment but try going through a few of the blogs in detail. I never followed any of Dykstra's columns but have read one or two articles. He trades DITM options for the same reason I do but I focus more on momentum stocks and my timeframes are much shorter.
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